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CONTROL OF U.S. BANKS
SUBCOMMITTEE OF THE
SEPTEMBER 30, 1982
Printed for the use of the Committee on Government Operations
COMMITTEE ON GOVERNMENT OPERATIONS
JACK BROOKS, Texas, Chairman L. H. FOUNTAIN, North Carolina
FRANK HORTON, New York DANTE B. FASCELL, Florida
JOHN N. ERLENBORN, Ilinois BENJAMIN S. ROSENTHAL, New York CLARENCE J. BROWN, Ohio DON FUQUA, Florida
PAUL N. MCCLOSKEY, JR., California JOHN CONYERS, JR., Michigan
THOMAS N. KINDNESS, Ohio CARDISS COLLINS, Illinois
ROBERT S. WALKER, Pennsylvania JOHN L. BURTON, California
M. CALDWELL BUTLER, Virginia GLENN ENGLISH, Oklahoma
LYLE WILLIAMS, Ohio ELLIOTT H. LEVITAS, Georgia
JOEL DECKARD, Indiana DAVID W. EVANS, Indiana
WILLIAM F. CLINGER, JR., Pennsylvania TOBY MOFFETT, Connecticut
RAYMOND J. MCGRATH, New York HENRY A. WAXMAN, California
HAL DAUB, Nebraska FLOYD J. FITHIAN, Indiana
JOHN HILER, Indiana TED WEISS, New York
WENDELL BAILEY, Missouri MIKE SYNAR, Oklahoma
LAWRENCE J. DENARDIS, Connecticut EUGENE V. ATKINSON, Pennsylvania JUDD GREGG, New Hampshire STEPHEN L. NEAL, North Carolina
MICHAEL G. OXLEY, Ohio
WILLIAM M. JONES, General Counsel
JOHN E. MOORE, Staff Administrator
COMMERCE, CONSUMER, AND MONETARY AFFAIRS SUBCOMMITTEE
BENJAMIN S. ROSENTHAL, New York, Chairman JOHN CONYERS, JR., Michigan
LYLE WILLIAMS, Ohio EUGENE V. ATKINSON, Pennsylvania HAL DAUB, Nebraska STEPHEN L. NEAL, North Carolina
WILLIAM F. CLINGER, JR., Pennsylvania DOUG BARNARD, JR., Georgia
JOHN HILER, Indiana
JACK BROOKS, Texas
FRANK HORTON, New York
STEPHEN R. McSPADDEN, Counsel
Gough, Robert P., Associate Director, Division of Bank Supervision, Fed-
Rosenthal, Hon. Benjamin S., a Representative in Congress from the
State of New York, and chairman, Commerce, Consumer, and Mone-
Arnold, Doyle L., Senior Deputy Comptroller, Office of the Comptroller of
eral Deposit Insurance Corporation: Prepared statement and data on
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Appendix 1.—Materials relating to Financial General Bankshares, Inc-Con-
tion, February 16, 1979.........
tion, August 25, 1981......... Federal Reserve Board letter to subcommittee concerning identity and
financial resources of the investors, acquisition debt, and other matters,
February 1, 1982 .....
tial treatment for the identities of the other Financial General inves
tors, October 25 and November 16, 1982...... Comptroller of the Currency letters to Federal Reserve regarding Finan
cial General applications, December 26, 1978 and March 12, 1981... Manfred Ohrenstein letter to New York Banking Superintendent Siebert
regarding foreign investors' plans to purchase control of Financial General Bankshares, March 11, 1981 .... Virginia Banking Commissioner Bailey's questions to the applicants re
garding proposed acquisition of control of Financial General Bank
shares, April 15, 1981...... Applicants' responses to Commissioner Bailey's questions, May 1, 1981 Clark Clifford letter to Federal Reserve regarding press reports concern
ing Mr. Darwaish, August 16, 1982. Press materials.
"Lance: The Plot Sickens,” by Steven Brill, Esquire, April 25, 1978......
ton Post, April 28, 1978.......
Abedi's Bank,” by Nigel Bance, Euromoney, July 1978..
Knight, Washington Post, January 3, 1979.
Times, January 5, 1979....
January 9, 1979
Times, March 26, 1981
Times, November 20, 1981.....
American Banker, March 3, 1982...
senball, American Metal Market, July 22, 1982..
Washington Post, August 10, 1982.
Federal Reserve Board order approving holding company application of
Banca Comerciale Italiana, June 9, 1982.....
Volcker concerning LITCO application, May 19, 1982..
on whether a foreign government holding company is a "company" for
purposes of the Bank Holding Company Act, November 10, 1982. Federal Reserve legal memorandum: Status of foreign governments and
foreign government-owned corporations under the Bank Holding Com
pany Act, February 8, 1983. Subcommittee letter to the Comptroller of the Currency concerning the
failure to apply certain reporting requirements and internal monitor
ing standards to the Long Island Trust Co., October 6, 1982....... Comptroller of the Currency response concerning the requirements for
reporting and monitoring interaffiliate transactions and their applica-
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