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I am shocked, by the a c t i o n of the Comptroller's
O f f i c e i n a u t h o r i z i n g Bank o f America t o a s s i m i l a t e various
banks previously owned by Transamerica Corporation. These
banks are a l l named i n the Board f s present complaint against
Transamerica under the Clayton Act. I f the a l l e g a t i o n s o f
the Board's complaint i n t h a t a c t i o n are sustained by the
Board, Transamerica could have been required t o d i v e s t i t s e l f of the stocks o f these banks by r e t u r n i n g the management
of the banks t o the l o c a l communities. The Comptroller's
O f f i c e was o f f i c i a l l y advised both before the Board i n s t i t u t e d t h i s a c t i o n and a t t h e time the proceedings were commenced. At t h a t time he was requested fcy the Board not t o
take any a c t i o n upon these a p p l i c a t i o n s u n t i l the Clayton
Act proceeding had been completed. He then agreed not t o
do so. Since t h a t time the Board has spent many thousands
o f d o l l a r s i n conducting these proceedings both i n Washington
and on the West Coast. Yet the e f f e c t of the Comptroller's
present a c t i o n i s t o n u l l i f y the proceeding so f a r as these
banks are concerned. I have never known one agency of the
Government t o act i n such an uncooperative fashion w i t h
another agency. The Comptroller's a c t i o n , i n sy judgment,
i s ample proof of the k i n d e f influence which the Giannini
organizations are capable of e x e r t i n g .