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Lance Hearing #254148

CBS Evening News for Thursday, Sep 15, 1977
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(Studio) Bert Lance has day in court Lance aggressively rebuts charges.
REPORTER: Walter Cronkite

(DC) [Audio from two microphones heard during opening remarks.] Lance remarks summarized. [LANCE - reads statement with regard to purposes of fight. Alleges false charges, half truths, etc.] Lance contradicts reports he might have been involved in bank embezzlement; said he had fully reported matters at time of confirmation hearing; had not used bank relationships for favorable loans; denied back-dating checks for tax purposes; spoke of overdrafts; denied seeking to have federal restrictions on his bank removed; explained use of bank plane. [LANCE - reads further from statement.] Applause at conclusion of statement noted. Senators Abraham Ribicoff and Charles Percy claim efforts to keep confidences and prevent leaks. Say White House responsible for Labor Day press conference [PERCY - requests IRS (Internal Revenue Service) and comptroller's office check Lance statements.] Committee squabble sparked. [Senator Sam NUNN - asks that checkers also be checked by Justice Department, especially with regard to leaks from comptroller's office and comptroller himself.] Ribicoff agrees to both requests. Percy pursues matter of bank stock allegedly used as collateral for 2 loans. Lance response quoted. Committee squabbles with regard to procedure. [Senator Henry JACKSON - questions Lance with regard to overdrafts and Lance ability to be OMB director] [LANCE - speaks of overdrafts. Says bank loss on overdraft policy was minimal.] Further questioning to continue tomorrow and maybe also Saturday Committee expected to be thorough.
REPORTER: Barry Serafin

(Studio) Stock as collateral discussed. Securities and Exchange Commission document, filed by Lance's Atlanta bank, seems to contradict Lance testimony.
REPORTER: Walter Cronkite

(DC) Lance said he had pledged only part of stock as collateral for loan from Manufacturers' Hanover Trust Company Document shows more pledged than Lance acknowledged. Document suggests Lance did pledge same stock on 2 loans.
REPORTER: Robert Schakne

(Studio) Special broadcast on Lance hearings announced.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
Serafin, Barry;
Schakne, Robert
Duration:
00:06:40

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