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6 a waiver or abridgment of the foregoing rights." If the applicants want a copy of that letter, they'll be free to get it after the proceeding.

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Is there anything further that has to be added, Mr. Rodriguez? Is there anything further

MR. MANNION: Okay.
Joining us now is the
representative from Maryland, Mr. Charles Georgius,

Deputy Bank Commissioner of the state of Maryland.
Maryland has indicated that they want to have an

observer at the meeting. They will not be participating

directly.

Virginia has indicated that they would like

to have an observer as well as participate, and Com-
mission Sidney A. Bailey, Commissioner of Financial
Institutions, is here. Mr. Bailey is sitting there.
And Mr. William Schutt, Associate General Council
of the State Corporation Commission is here. Mr.

Schutt.

Finally, the Comptroller of the Currency

has indicated that they did not want to participate directly in the meeting, but they have sent observers.

Mr. Robert R. Bench, Assistance Chief, National Bank

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Examiner, Multinational Banking is here. And Mr.
Darrell Duchow, Deputy Director, Bank Organization

and Structure is also here.

Sitting with me at the head table are representatives from the Board of Governors. To my left is

Mr. Jim Keller, senior attorney in the Board's legal

To his left is Mr. Lloyd Bostian from

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the Federal Reserve Bank of Richmond.

Further to

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his left is Mr. William Martin, the general counsel

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of the Federal Reserve Bank of Richmond.

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To my immediate right is Mr. John Ryan, Director of the Division of Banking Supervision and Regulation.

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To his right is Mr. James Huffman, Supervisory Financial
Analyst, Division of Supervision and Regulation..

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And to his immediate right is Mr. Don Kline, Assistant
Director, Division of Banking Supervision and Regulation.
Now, in addition, there are two other members

from the Federal Reserve Bank of Richmond who are

Examiner, in the corner over there, and then Mr.

Donald L. Welker, Associate Economist of the Research

the applicants, and then we will proceed with the

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Adham of Saudi Arabia. On his right is Mr. Faisal

Saud al Fulaij of Kuwait. On his right is Mr. Abdul·

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Raouf Khalil, Saudi Arabia. And on his right at

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the end of the row is Mr. Sayed El Gohary of Saudi

Arabia.

The lawyers here are my partner, Mr. Robert
Altman. He and I are from the law firm Clifford

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and Warnke. And on his left is Mr. Baldwin Tuttle,
with whom we have associated in this matter. He

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is with Kutak, Rock and Huie. And on his left from

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New York is Mr. James Fogelson.

He is with the firm

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Wachtell, Lipton, Rosen and Katz.

There are two representatives of Financial

General Bank Shares here. They are Mr. Jack Beddow
He is Secretary and Executive Vice Presi-
dent of Financial General. And with him, Mr. George

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firm of Shaw, Pittman, Potts and Trowbridge.

Those are the individuals appearing on behalf

of the applicant.

MR. MANNION: Thank you very much, Mr. Clifford.

As indicated in the Board's letter of April 8 to

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counsel for applicants, this is going to be an informal meeting but we have a very general structure that

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will be followed.

To begin with, all of the supervisory agencies

were given the opportunity to raise specific questions. for consideration at this meeting. Only the state

of Virginia availed itself specifically of that privi

lege.

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There was an earlier letter of comment that

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was filed by the Comptroller of the Currency. I
believe the date is March 12, 1981, wherein the Comptrol+

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ler's office raised certain questions, but in response

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to the Board's invitation, only the state of Virginia
submitted questions in a letter of April 14, 1981,

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a copy of which I believe has been distributed at
this meeting and was previously made available to
the applicants.

In accordance with the procedures that were outlined in our letter, the first step at the meeting

will be to hear from Commissioner Bailey from the

state of Virginia who is given the opportunity to

make an opening statement and amplify on his questions

to the extent that he deems appropriate.

Commissioner Bailey, we are delighted that

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you joined us, and we look forward to hearing from

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general in nature, and can be accepted, of course,

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me back there, Bob? If you can, everybody can.
My statement is this. At the invitation

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of the Board of Governors, the Bureau of Financial Institutions has previously submitted several questions

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to the Board in writing with the understanding that
those questions are to be addressed by the applicant.
Those questions are fairly specific and generally
either concern statements made in the application

or ask for elaboration upon other points of interest.
The concerns sought to be addressed by means of those
questions are of a supervisory nature. They include,
although not necessarily in order of importance,

one, whether United States laws and regulatory policies

can be applied and enforced effectively with respect

to the applicants and their principals; two, whether

the resulting organizations controlling or policy

making interests can be determined and will be accessible

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through the several layers of management which would

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