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Savings Assoc. Collapse #461344

NBC Evening News for Sunday, Nov 12, 1972
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(Studio) In Illinois, state legislators being asked to consider bills to repay depositors of a bankrupt financial risk. People involved claim savings and loan associate in Chicago had been allowed to operate without proper state supervision.
REPORTER: Garrick Utley

(Chicago, Illinois) City Saving's Assoc. closed. Takes $28 million of peoples' savings down with it. Found that deposits there never insured by fed. government C. Oran Mensik, former president of City Savings, is now in Switzerland with millions from institution Yr. ago he escaped from prison farm in Pennsylvania where he was serving time for another swindle. Depositors have held meetings and demonstrations. Money they had in savings was lifetime savings. Most are from E. Europe, and are laborers and scub women. Case has been dragging on for 8 years Some depositors are supposed to be paid .$20/dollar, by order of federal court within month Other suits pending. Illinois legislators may do something.
REPORTER: Peter Nolan

Reporter(s):
Nolan, Peter;
Utley, Garrick
Duration:
00:03:00

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