Newspaper Page Text
Page 4
— Griffin Daily News Wednesday, January 12,1977
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Shoe fits
STREATOR, Di.—A two-week-old boxer is small enough
to fit into the boot of her owner, Larry Gillman of Streator,
DI. The youngster is one of eight in a litter. (AP)
Regulators are baffled
by money professionals
By JOHN CUNNIFF
AP Business Analyst
NEW YORK (AP) - Every so
often those people who seek to
encourage you to invest your
funds in away that will provide
them a commission — the
bankers, brokers and insurance
men especially — violate each
other’s turf.
The savings banks obtain
checking account privileges
once reserved for commercial
banks, the commercial banks
sell stocks, the brokers sell in
surance, the insurers depart
from their guaranteed, fixed
return philosophy and offer
variable payouts, based on
stock market performance.
It’s happening again. Brokers
have been sizing up the possi
bilities in the game commercial
bankers play. And while the
brokers are so occupied, bank
ers have been moving into the
brokers’ game.
Regulatory officials eventual
ly will clear the fields, but until
they do it’s possible the games
might become quite confusing,
because:
1. Securities firms are seek
ing to become fiduciaries of
trust accounts for individuals
and corporations in the same
way as commercial banks now
handle such business.
Brokers already act as ad
visers of such accounts, but
they do not take title to them as
trustees having an obligation to
manage portfolios for benefi
ciaries. The difference is one of
degree — but an important one.
2. Commercial banks increas
ingly have moved into the busi
ness of raising money for cor
porations by putting them in
touch with large institutional
investors, a middleman’s job
now considered the province of
investment bankers and bro
kers.
For regulators, this type of
activity makes them earn their
pay. If a bank lends money to a
company and then helps ar
range for the sale of shares in
the company, is there a conflict
Il I *
F
■fl k I «
IX
Future head?
HOUSTON, Texas—James A. Baker 111, Houston at
torney, pours himself a last cup of coffee before leaving
his law offices. Baker is backed by President Gerald Ford
for the Republican national chairmanship. Baker, «,
directed Ford’s recent presidential campaign. (AP)
of interest? Could be.
For the public, however, the
big concern is whether or not
such competition results in bet
ter service to them. In the past
it sometimes has.
Fearing that they were losing
business to commercial banks,
savings institutions in some
states pressed for the right to
offer checking accounts. They
succeeded, and because of the
competition some commercial
banks were forced to lower their
charges on such accounts.
Not to be outmaneuvered,
some commercial banks now
would like to see an end to
Regulation Q of the Federal
Reserve, which limits the inter
est they can pay on savings to
one-quarter point less than the
savings banks.
But competition among sav
ings banks and commercial
banks can be counter-produc
tive too. Past competition has
had negative effects on housing,
1 for example, and has even
i endangered the stability of sav
, ings banks.
The touchy job that regu
lators have is to let the various
money institutions compete just
i enough for your dollar without
endangering their own exis
tence and that of the economy
which depends on their in
vestments.
But can it be denied that there
is some social benefit also in
keeping these institutions on
their toes, on guard, a bit un
certain, a little uncomfortable?
That seems to be when the
public benefits.
rqMflfliYAMP
b J TAX TIPS
REPORTING
RETIREES’ INCOME
According to the Georgia CPA
Society, persons under 72 re
ceiving Social Security bene
fits could lose some of those
benefits if other 1976 income
exceeded $2,760. Anyone in
that position must submit an
annual earnings report to the
Social Security Administra
tion by April 15.
the /
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