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Foreign News: Question of Honor

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Back in 1934 when Dr. Hjalmar Schacht was Hitler’s financial boss, he had a law put on the statutes which ruled out of the banking profession anyone whose financial expertness or solvency was questionable, or who had “insufficient honor.” The law helped the Nazis take over Germany’s banking system. A month ago, Schacht, now a persimmon-faced 75, survivor of the Nürnberg war criminal trials and of denazification courts, asked the Hamburg Central State Bank for a license to establish an import-export bank under the name Hjalmar Schacht & Co. (capital: 1,000,000 Deutsche marks). Last week the decision was in. The Hamburg senate had refused Schacht his license, under the old 1934 law. Grounds: “insufficient honor.”

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