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The following i s a statement given t o the press by Governor M. S. Iccles on Wednesday, December 1, 1948, at 7*40 p.m.: I was informed t h i s afternoon that a formal motion was f i l e d by Transamerica, i n the proceeding which the Federal Reserve Board has i n s t i t u t e d tinder the Clayton *ct, to disqualify me from participating i n the Board1 s deliberations thereon* I should l i k e t o make i t clear that the Board has understood f o r sometime that I have d i s q u a l i f i e d myself from the proceeding f o r the reason that I am going t o be a witness i n the case. Ever since t h i s proceeding was instituted, Transamerica has from time t o time charged i n the press that the proceeding i t s e l f came about as a result of my personal bias against A. P* Giannini and his associates i n Transamerica. One of the reasons I agreed t o the request of Counsel f o r the Board t o appear as a witness i n the case was i n order t o dispel once and for a l l the idea that there could be any truth i n these charges* I am informed that upon taking the witness stand 1 subject myself t o such examination as Counsel f o r Transamerica may see f i t t o conduct* Therefore, i f there i s any truth i n these charges, Transamerica w i l l have every opportunity t o v e r i f y them*
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