Salt Lake Telegram | 1933-10-17 | Page 1 | Wiggin Voted Huge Annuity

VOTED DIED V HUGE ANNUITY i J Chase National Head Reveals He Was Allowed lowed A Yearly for Life nr D Associated Press WASHINGTON OcL 17 17 Senate Senate Senate-in learned today that the Chase National ai onal bank has voted voted its for for- former former mer ch chairman irman Albert Alhert H H. Wiggin a year for life despite severe losses in recent years This disclosure marked the opening open- open lag ing ng of the long contemplated ted inquiry into nto the bank and md its affiliate the Chase Securities corporation Wiggin a heavy set and deep voiced man mah of 65 said his salary exclusive of bonuses prior to his retirement l last st January was a year a He readily agreed the banks bank's losses in in recent years were very large Ferdinand Pecora committee counsel coun sel sd pointed out to the committee and the he fairly crowded senate caucus room oom that records of the bank showed that hat in n the four yc years rs ending last July it t had set up reserves of over against losses Wiggin named John D. D Rockefeller Ro Jr Fr as the largest sto stockholder of the bank ank but did not mention the amount held He told of over six billion dollars in securities having been handled by bythe bythe the corporation with per jer i cr cent in lri default Speaking in a deep voice he related work by him in connection with flotation flota tion of German loans and said the thelast last time he went abroad abroad it it was in 1933 the 1933 the German debt to all American American Ameri Amen can banks was between and