"Window Dressing" in Bank Reports: Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, Eighty-eighth Congress, First Session. October 2, 1963Reviews Federal bank supervision practices and allegations of deceptive reporting practices by national banks. |
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Page 6
... efforts succeed , they result in deceiving the public . And , to the degree they are recognized and discounted , they result in raising doubts as to the reliability of bank statements and of bankers ' statements . I must apologize for ...
... efforts succeed , they result in deceiving the public . And , to the degree they are recognized and discounted , they result in raising doubts as to the reliability of bank statements and of bankers ' statements . I must apologize for ...
Page 7
... effort would certainly fail unless it was based on complete cooperation and coordination , most careful preparation , and determined face - to - face discussion with the bankers , State or National , in every city where the practice ...
... effort would certainly fail unless it was based on complete cooperation and coordination , most careful preparation , and determined face - to - face discussion with the bankers , State or National , in every city where the practice ...
Page 12
... efforts as far as picking the date . I would think they ought to be able to get to- gether to coordinate a program . I have one other question . I understand your objection to window dressing that it may distort the bank's statistics ...
... efforts as far as picking the date . I would think they ought to be able to get to- gether to coordinate a program . I have one other question . I understand your objection to window dressing that it may distort the bank's statistics ...
Page 14
... and allowances , and you do ; but since no one has been seriously in- jured , there has been no all - out effort to try to weed out those that are puffed . Mr. MACDONALD . Is it your opinion - I am 14 " WINDOW DRESSING " IN BANK REPORTS.
... and allowances , and you do ; but since no one has been seriously in- jured , there has been no all - out effort to try to weed out those that are puffed . Mr. MACDONALD . Is it your opinion - I am 14 " WINDOW DRESSING " IN BANK REPORTS.
Page 15
... effort by calling in the bankers engaging in this process , showing to them this is not the thing to do ; that it is not worth the candle ; that they ought to stop it ; and I think they would stop it . The trouble has been that we have ...
... effort by calling in the bankers engaging in this process , showing to them this is not the thing to do ; that it is not worth the candle ; that they ought to stop it ; and I think they would stop it . The trouble has been that we have ...
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Common terms and phrases
actual advertise ALLEN amendment ANDERSON assessment bank examination bank reports bank supervisory agencies bankers banking industry banking practice banking public believe BLOOM call dates certificate Chairman Comp Comptroller Comptroller's Congress CONKLING coordination CORNELIUS E Counsel Currency day of June December 28 December 31 deceptive Deposit Insurance Corporation depositors Director Wolcott effort engage fact FASCELL FDIC Federal Deposit Insurance Federal Reserve System financial institution FISHER going GOVERNMENT OPERATIONS HENGREN inflated insured banks June 30 LANKFORD largest bank last business day loan MACDONALD MATAN McCLORY ment moral suasion national banks Office official condition reports practice of window problem of window published statement purpose question regulation report dates reports of condition Robert Bloom ROBERT MCCLORY ROBERTSON staff statement date statistics statute stop subcommittee supervisory authorities surprise basis surprise calls surprise dates Thank thing tion total deposits transactions troller WATSON window dressing
Popular passages
Page 6 - Now, here, you see, it takes all the running you can do, to keep in the same place.
Page 34 - Institutions and trust companies subject to regulation and examination by the Comptroller of the Currency or the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation.
Page 8 - We will be happy to answer any questions that you or the members of the committee might have about our individual programs.
Page 4 - Report of Condition of XYZ State Bank * * *" published in accordance with call made by whomever it would be; instead, they relax calmly in the shelter of Federal deposit insurance. Those who are interested in the condition of a bank — such as the treasurers of corporations with millions on deposit — are seldom misled by window dressing. They know it exists and make necessary allowances, checking against the surprise reports, and often they can directly ask banks for the information they want....
Page 21 - We recently began a series of meetings with representatives of the Federal Reserve System and the Federal Deposit Insurance Corporation to discuss revisions in the call report. We are hopeful that by the June 1964 call a uniform report will be devised which will provide the necessar...
Page 5 - This was demonstrated in 1962. Reports of condition were called for as of Friday, December 28, which, for most banks, was just 1 business day before the end of the year. It can be assumed that since banks are accustomed to December 31 calls, the December 28 figures were not appreciably inflated by window dressing. Most banks, particularly large banks, published not only their call reports as of December 28, 1962, as required by law. but also voluntary reports as of December 31, and the latter were...
Page 1 - DRESSING" IN BANK REPORTS WEDNESDAY, OCTOBEE 2, 1963 HOUSE OF REPRESENTATIVES, LEGAL AND MONETARY AFFAIRS SUBCOMMITTEE OF THE COMMITTEE ON GOVERNMENT OPERATIONS, Washington. DC The subcommittee met, pursuant to notice, at 9:45 am in room 100-B George Washington Inn, Hon.
Page 7 - This might also be helpful from the statistical viewpoint, although it would add to the reporting burdens of banks — including the majority which do not window dress — and it would not, by itself, prevent window dressing in the yearend balance sheet, and that is where it is principally used. I should like to summarize my ideas on this subject. Window dressing is an undesirable practice. Every reasonable effort should lie made to eliminate it.
Page 3 - Fifty or a hundred years ago commercial banks' customers were almost exclusively people of substance, to use a phrase of the time. Wage earners and white-collar workers rarely had accounts. Typical customers were manufacturers, wellto-do farmers, and wholesale and retail merchants. This was long before the days when 49 of every 50 bank depositors were completely covered by deposit insurance. In that era, the majority of bank customers could and probably did read reports of condition, to decide whether...