(3 of 3)
Partner Kahn asserted that his firm never actively sought new business, but waited, as befitted the banking house second only to J. P. Morgan & Co., for clients to come to it. Denouncing cut throat competition for bond issues, he declared that once "in those mad years [1926-28]'' 15 U. S. bankers were in Belgrade. Jugoslavia, participating in "an undignified scramble'' for an issue. "There were times," he said, "when a dozen were in Central . . . and Latin American states outbidding each other in a foolish, reckless search for business." "Was your bank represented at Belgrade?" asked Senator Costigan. "It was not," snapped Partner Kahn. Asked to criticize unethical bankers, he philosophized, "Let him who is without sin first cast a stone."
*Three months ago in Washington he told a committee of the House of Representatives that the then-proposed truth-in-Securities bill was not half strict enough.