When the Federal Reserve Board held that Transamerica Corp. monopolized West Coast banking and ordered it to sell its stock in 47 banks last year (TIME, April 7, 1952), Transamerica's then-President Sam Husbands snapped: "At long last we can now go into court and have a fair hearing." Last week, in court, Transamerica won its case.
In the U.S. court of appeals, Judge Albert Maris ruled that FRB's sweeping charges did not hold up. Said he: "The board paints with an exceedingly broad brush." FRB had shown that Transamerica had grown to gigantic size, dominating 41% of all banking offices,...
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