AMERICAN BANKING
THE INQUIRY CONTINUED
MR WIGGIN’S EVIDENCE,
WASHINGTON, November 1
At the banking inquiry Mr Wiggin testified that he had “ saved ” 440,000 dollars made through personal corporations in 1929, asserting that the transactions were “ absolutely in accordance with the law.” Mr Wiggin said that the purpose of his selling short a large block of Chase Bank shares through a personal corporation a month before the market crash was to “ postpone ” tax payments. A letter read before the Senate Committee indicated that the Chase Affiliate suggested to clients methods of establishing losses for income tax purposes. Mr Wiggin revealed that he had paid 1,365,000 dollars income tax in the last five years. The grand total for himself and his family was 3,494,000 dollars.
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Otago Daily Times, Issue 22101, 3 November 1933, Page 9
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123AMERICAN BANKING Otago Daily Times, Issue 22101, 3 November 1933, Page 9
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