B OF A DENIES ANY TIES WITH THE CIA

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80-01601R000900170001-7
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 1
• Document Creation Date: December 9, 2016
• Document Release Date: January 11, 2001
• Sequence Number: 1
• Publication Date: March 17, 1971
• Content Type: NSPR

Approved For Release 2001/03/04: CIA-RDP80-
SAN FRANCISCO, CAL. STATINTL
EXAMINER
E - 204,749
EXAMINER & CHRONICLE
-I
r I
By Lindsay Arthur
Customers and stockholcl- engage, in black marketing
l Viers today have the assur-
ances of A.W. Clausen, presi-
dent, and Louis B. Lundborg,
chairman, that Bank of
America has no ties with the
Central Intelligence Agency.
They have A'ss`urances,
also, that the largest bank
would not engage deliberate-
ly in black marketing of for-
eign currencies.
These two points mirror
LOU13 3. LU lDgO.".
Answers critics
the fact that d i s c u s s i o n also of Los Angeles. They, rnulative voting failed. Cu-'
ranged far beyond the agen represented the Center for mulative. voting permits
da at an annual meeting yes- Corporate Priorities.
terday of the bank's parent Then there was the prob-
BankAmerica Corp. in Ma- em of minority employment
ionic Memorial Auditorium. 1 and advancem nt.
stockholder to vote all of hi;
shares for one, two or more
board candidates instead of
an entire slate.
The questions came from ~ Supports ,lacks Right Vote
,young men opposed to U.S. Carlton 13. Goodlett, black Philip Adams, San Fran
involvement in Indochina and physician-publisher, failed in Cisco attorney, offered the
critical , of some foreign fi an effort to have Assembly- Clmuiaive voting propo :
Dancing. man Willie L. Brown and on behalf of Lewis D. an i
One of the critics.-Ray 10 'ss Aileen Hernandez, both John J. Gilbert, New Yor.
Henderson of Los Angeles, black, elected BankAmerica management critics.
wanted to know if the bank directors. Miss Hernandez is Adams said the stockhold-
,vas aware that the Asian president of the National Or- ers lost this right two years
.-Foundation supports the CIA. ganiza`ion for Women. There ago when the bank formed
Promote Trace were S13 shares voted for the holding company. Ban'.:-'
Lundberg said the bank Brown and 6=31 for .Miss Her- America Corp.
works with the Asian Foun- nandez. -Replying for management,
Nation in promoting trade Clausen said the bank's mi- Samuel B. Stewart Jr., vice
and understanding. Clausen nority employment has dou- chairman, said the right was
added: bled to 7900 in six years. He not used when available.
"The bank makes develop- added: `Bank of America "The board of directors
anent investments all over with its heart believes that it should be an integral part of
the world. It has no associa- is wrong to discriminate. We the man a a e m e n t team,"
tion with the CIA." are not perfect, but we are Stewart said, "A director'
The issue of black market- striving." who could not be trusted
ng was raised in discussion During the do hour and 10 might leak important infor-
about a European bank in minute session, attended by mation."
vhich Bank of America owns more than 300 persons, the Following adjournment,
n interest that is going busi- stockholders elected manage- Walter E. H o a d l e y, the
ness in the Congo. ment's slate' of 17 directors bank's executive vice presi-
Clausen said the case is in I and retained Ernst and Ernst dent and chief economist, en-
the courts. He observed: as independent auditors. gaged t:hc young critics in a
"Bank of America does not - An effort to provide for Cu- "rap" session.
deliberately."
Others among the young
c r i t i c s questioned -: hether
the bank: is profiting from fi-
nancing shipments to Indo-
china.
Clausen insisted the deci-
s i o n as to disengagement
there is one for the govern-
ment, not the bank. This is-
sile was raised by Edward
Scanlon and in hies Lo; ery,
Approved For Release 2001/03/04: CIA-RDP80-01601 R000900170001-7