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Correspondence Between Benjamin Rosenthal and Sam Zolotow, Continued

Files

Title

Correspondence Between Benjamin Rosenthal and Sam Zolotow, Continued

Description

Congressman Ben Rosenthal writes Sam Zolotow with his interpretations of Mr. Zolotow's claims.

Subject

Rosenthal, Benjamin S.
Interest rates

Creator

Rosenthal, Benjamin S.

Source

Benjamin Rosenthal Collection

Publisher

Queens College Department of Special Collections and Archives (New York, N.Y.)

Date

1980-10-31

Rights

This material may be protected by the U.S. Copyright Law (Title 17, U.S.C.). We welcome you to make fair use of the content accessible on this website as defined by copyright law. Please note that you are responsible for determining whether your use is fair and for responding to any claims that may arise from your use.

Format

Image
JPEG
78201 bytes

Language

English

Type

Text

Coverage

Washington (D.C.)

Text

NINETY-SIXTH CONGRESS
Congress of the United States
House of Representatives
COMMERCE, CONSUMER, AND MONETARY AFFARS SUBCOMMITTEE
OF THE
COMMITTEE ON GOVERNMENT OPERATIONS
RAYBURN HOUSE OFFICE BUILDING, ROOM B-377
WASHINGTON, D.C. 20515

BENJAMIN S. ROSENTHAL, N.Y., CHAIRMAN
ROBERT T. MATSUI, CALIF.
EUGENE V. ATKINSON, PA.
FERNAND J. ST GERMAIN, R.I.
JOHN CONYERS, JR., MICH.
ELLIOTT N. LEVITAS, GA.
LYLE WILLIAMS, OHIO
JIM JEFFRIES, KANS.
JOEL DECKARD, IND.
---
MAJORITY - (202) 225-4407

October 23, 1980

Mr. Sam Zolotow
1115 - 5th Street.
Santa Monica, CA. 90403

Dear Mr. Zolotow:

I don't believe the banks are cheating anybody on "shaving" of interest, unless they are giving people less than they advertise.

You say that a 12% two and one half year savings certificate should have a 12.94% annual yield if the interest is not withdrawn. I believe your 12.94% figure may be too high, but according to my calculations a depositor should get 12.75% if they compound interest daily. If they compound interest every six months or once per year, however, the total yield figure is lower. Daily interest compounding is certainly not required, and perhaps that is where your objection lies.

The real question is whether they pay less than what they advertise. Have you seen that?

Sincerely,

Benjamin S. Rosenthal
Chairman

BSR:tv

RECEIVED
Nov 3 1980
Benjamin S. Rosenthal, M.G.

Original Format

Paper
Correspondence
8.5 x 11 inches (216 x 279 mm)

Citation

Rosenthal, Benjamin S., “Correspondence Between Benjamin Rosenthal and Sam Zolotow, Continued,” Queens College Archives and Special Collections, accessed November 24, 2017, http://archives.qc.cuny.edu/queenscollege/items/show/434.