Kaiser's children appeared to need the money
more than he did, especially as we found in the computer about four
brokerage accounts in his name with substantial stock holdings in them,
but the AE kept paying Kaiser all the income, and Abbes and Hitchcock
kept letting him, although I kept putting memos in the file saying that
was wrong, and the bank examiners kept saying in their audit reports it
was wrong. In February 1986 one of Kaiser's children wrote to Hutton
Group's then-CEO threatening to sue for the mishandling of the trust,
but I never heard how that came out, either.
3: Paragraph 42 Those three situations -- involving trusts worth
more than a million dollars and trustees' fees of tens of thousands --
are just the kind of problems any rational person would expect from not
having any mechanism for Hutton Trust to track trust assets or supervise
investments or distributions, but Hutton still shrugs them off as
"typical back-office problems in a new venture" according to Shapiro's
testimony on 1 October 1991.
3: Paragraph 43 Besides the comic relief, Hutton also provided some
romantic interest: One of the CSD units was Hutton Portfolio
Management, and it was headed by Greg Phipps, whom I found very
attractive, but when I not too subtly let him know I was interested, he
rather more subtly let me know he wasn't, so I didn't embarrass either
one of us by pushing it.
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