Instead,
once an account executive from the brokerage firm would sign a trust
client up with the Trust Company, the Trust Company would make whatever
investments and distributions that AE told it to: That violated the
laws requiring a trustee to exercise responsibility for the trust and
also the laws against self-dealing.
3: Paragraph 23 Hutton had picked Hitchcock thinking he was too
wimpy to give Lockwood any back-talk but experienced enough to run the
operation -- they were only half right: Hitchcock lacked the intestinal
fortitude to do anything but follow orders, and without experienced
bankers making the management decisions, he was useless. Lockwood
lacked the banking experience to know what bank operations were supposed
to look like, so he couldn't direct Hitchcock in enough detail, and then
Lockwood suddenly fell sick -- I think it was a heart attack, but then
he had prostate trouble, and he was incapacitated for many, many months
-- and nearly died; when it was feared he would die, or at least never
be able to work again, it was necessary to put someone else in charge of
the Trust Company.
3: Paragraph 24 So Hutton promoted Abbes, who had been on the board
since the beginning; he replaced Lockwood as vice-chairman and CEO on 12
October 1983, Hitchcock remained president and COO, and Thomas P.
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