Correspondent relations?
Though it may touch their lives in several ways, most Americans had never heard of correspondent banking until the troubles of Budget Boss Bert Lance hit the headlines. One suspicion that was raised about Lance was that he used his position as head of the relatively small National Bank of Georgia to get personal loans from bigger banks with which the NBG had correspondent relationships. Although Comptroller of the Currency John Heimann last week found that Lance had done nothing to warrant criminal prosecution, he added that the whole affair "raises unresolved questions about what constitutes acceptable banking practice" (see...
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