Penn Square Bank failure: hearings before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session ....
U.S. Government Printing Office, 1982
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accounts action additional administrative agreement amount approved assets Association audit authority bank's BARNARD basis believe BELLER Bill board of directors borrowers called capital CHAIRMAN changes charged committee Common Stock Company Comptroller Comptroller's concern condition CONOVER consolidated continued copy Corporation correct criticized Currency customers December 31 deposits discussion documentation duly energy examination executive expense fact Federal funds going growth holding income increase indicated individual institutions interest investment issued Jennings July LEACH lending letter liabilities limit liquidity loan losses loans losses March matter meeting million noted Oklahoma City operations participations Penn Square Bank period POOLE possible present President problems procedures question received record Regional Reserve responsibility result reviewed seconded securities shares statement subsidiary unanimously violation
330 ページ - Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate.
469 ページ - If the committee determines that evidence or testimony at an investigative hearing may tend to defame, degrade, or incriminate any person, it shall — (1) receive such evidence or testimony in executive session...
668 ページ - ... company on terms more favorable than those afforded similar borrowers in similar circumstances, and such extension of credit shall not involve more than the normal risk of repayment or present other unfavorable features.
798 ページ - Investments - Investment securities are stated at cost, adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion are computed on the level yield method at rates based upon the lives of the related securities.
735 ページ - We do not, and obviously cannot, comment in terms of our lending to individual, ongoing institutions. But in the case of Penn Square, I think I can tell you there was no borrowing at the discount window in the year prior to the demise of that institution until 3 working days before the actual closure of the bank. We did lend some money on the Wednesday and the Friday before the closing, $20 million one day, and after this loan was paid off on Thursday, the next day — Friday — a little under $6...
330 ページ - The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles.
95 ページ - ... (4) (A) Whenever, In the opinion of the Board, any director or officer of an association has committed any violation of law, rule, or regulation, or of a cease-and-desist order which has become final, or has engaged or participated In any unsafe or unsound practice in connection with the...
309 ページ - We have examined the balance sheet of XYZ Company as of December 31, 19 , and the related statements of income and retained earnings and changes in financial position for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.