DEFAULT IGNORED
BANKERS ARRAIGNED. . , : ‘ ‘ SCANDALOUS ' CHAPTERS < (Received The Senate ’Banking and 'Currency - Committee,' in a sharply worded report, tonight attacked American • in-, vestment bankers as. ‘‘incompetent; ,> The record of. the activities of these bankers in flotation of foreign seen- , rities is one of the most scandalous chapters in .the history of American investment banking, the report-stated. The committee- --stated that on March 1, 1934, the . public, held approximately 7,080,000,000 dollars of ■ v foreign securities, of which approxxmately 2,900,000,000' ‘ dollars ' were in ■ default also 3,220j000-,000 dollars .in , securities, of foreign’ corporationHj uf which 1,394,000,000 dollars r in}: default. ' \ . Last March, the report charged; in'’ haste to market foreign papers; - ‘the bankers ignored the bad debt records, and bad moral risks, and “■generally indulged in practices of doubtftil' prjO* , priety tin the promotion .of foreign loans and in the sale of foreign securities. to the American public. ’ ’ ‘ . ’
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Northern Advocate, 7 August 1934, Page 5
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145DEFAULT IGNORED Northern Advocate, 7 August 1934, Page 5
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