4 trading account reflect that it started to cost Manufacturers 5 money for the services they were provided on the costed ser 8 MR. SERINO: If you look in the third column. 9 MR. HEIMANN: I think the way to look at this - 10 11 12 13 14 THE WITNESS: Not in January, February and March, they didn't. That was still profitable. MR. HEIMANN: Let me quote the numbers. I just added them up. If you take the available for loans, and other ser 15 vices, that net column, and what you have if you add up these, 16 from both categories, you have, during this period of time 17 well, it starts to go down for the period of January and February, while the trading account is in operation, right? MR. HEIMANN: March it started to trail off, and by April of 1977 you were in a deficit position in terms of all this, by the terms of your calculations. If you take this which is available to services, and add it to the same column over here, okay? THE WITNESS: Yes. 98-440 - 77 - pt. 2 - 57 2 3 4 5 6 7 8 9 10 11 122 133 14 15 16 17 18 what you have, is in January when this trading account starts, it continues through February, and it starts to go down, so that by April of 1977 you are in a net deficit balance posi tion for services of $141,000, putting the two together. THE WITNESS: My point was, for those three months, January, February and March, we were most certainly not in a deficit position, at least for the first two months, January and February, we were in roughly the same position that we relationship that I have here, balance-wise, that is here in the bank, that is money in our bank. MR. SERINO: I don't have any further questions. MR. HEIMANN: I have none. MR. SERINO: Thank you, Mr. Brougham. I appreciate your coming. (Whereupon, at 4:45 p.m., the taking of the depo sition was concluded.) 24 55 I, Joseph Rogers, the officer belare when the foregoing deposition was tellen, do hereby certify that the witness whose testimony appears in the foregoing deposition was duly swim by ho; l at the testimony of said wi mess was taken by me stenographically and thereafter reduced to typewriting under my direction; that said deposition is a true record of the testimony given by said witness; that I am neither counsel for, related to, nor employed by any of the parties to the action in which this deposition was taken; and, further, that I en not a relative or employee of any attorney or counsel employed by the parties hereto, nor financially or otherwise interested in the cutcome of the action. Joseph Nota Public infor My term expires March 30, 1979. New York, New York, Monday, August 8, 1977 Investigatory deposition of THOMAS GERWIN, taken at the offices of Robert McKean, Jr., 350 Park Avenue, Conference Room, 20th Floor, New York, New York, pursuant to notice, beginning at 5:15 p.m., before Joseph Rogers, a notary public in and for the State of New York, when we re present on behalf of the respective parties: On behalf of the Deponent: GEORGE R. BALAMUT, ESQ., New York, New York 10022 On behalf of the Comptroller of the Currency: JOHN HEIMANN, Comptroller of the Currency ROBERT B. SERINO, Director, Enforcement and Compliance Division, Administrator of National Banks |