Banking: First National's Full House
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Some Penalties. Eagerness to expand and willingness to risk have brought some penalties. Citibank lost $2,500,000 on bad loans to Wall Street's Ira Haupt & Co., which failed after the Tino De Angelis salad-oil scandal (the bank had turned down a loan request by De Angelis), and it dropped $7,800,000 when a member of the Brussels branch speculated in British pounds. Even so, Citibank expects this year to exceed 1964's record earnings of $87 million. President Moore's philosophy: "Banking has to be an uninhibited and unrestricted business if it is going to find its way in the modern world."
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