4: Paragraph 11 In one of our discussions in his office, Abbes asked
me what I thought was going to happen if we didn't set up some formal
procedures, and I said the worst-case scenario was that the state bank
commissioner would cancel our license to do trust business. He said I
was supposed to keep it from coming to that, but if it did, we'd tie the
commissioner up in litigation for at least three years, probably longer,
and during that time we'd still be making money hand over fist, and when
we got thrown out of Delaware we'd move to another state and keep going.
That was the first time I was really scared at what I'd gotten myself
into, and that's when I vowed not to do anything I could be legally
liable for when it came time to throw some underlings to the wolves to
protect Hutton.
4: Paragraph 12 In May 1985 the bank commissioner issued his annual
audit report on Hutton Trust. Besides describing general problems with
documentation and listing several specific trusts where there were
problems, the cover letter and the text of the report were mostly about
the Vietnamese Orphans' Trust. In the report, which was a confidential
document not available to anyone except Hutton Trust's management, the
commissioner said:
4: Paragraph 13 "Mr. Work is apparently delegating and carrying out
his duties as co-trustee in direct violation of the above captioned
agreement .
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