Public Policy: Up & Down with Antitrust

On the charge that great banking power is being concentrated in a few hands to the detriment of business and the public, the Justice Department has been particularly eager to prevent several proposed bank mergers. In Chicago and New York City, Bobby Kennedy's trustbusters have puffed into courts in last-minute and futile attempts to block such mergers. Despite their defeats, trustbusters had high hopes of winning a meticulously prepared suit against a Philadelphia bank merger. That merger would create the city's biggest bank, linking the Philadelphia National (now second largest with assets of $1.2 billion) and the third-ranking Girard...

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