This Date in Wells Fargo History This Date in Wells Fargo History. en Copyright 2016, Wells Fargo. All rights reserved. NMLSR ID 399801 Wed, 24 Aug 2016 history 360 Wed, 24 Aug 2016

August 24, 1962. "Don, stop 'Salt Laking' the books! Let's go." The dignified auditor DeCoss slowly rose and replied, "Bob, do you have the faintest idea what 'Salt Laking' means?" "No. Time to party." Laying the hand that shook the hand of Frederick L. Lipman on Bob's shoulder, Don explained. Sixty years ago, Lipman, designated by one historian as "a scrupulously honest man, who made several trips around the West disinterring cases of defalcation on the part of Wells Fargo employees," arrived in Salt Lake City to inspect Wells Fargo's branch bank. Being a noted Wells Fargo financial institution, of course the cash in the vault equaled that shown on the books. However, what Lipman did not know was that the manager had arranged for a lightning-fast loan of 450 $20 gold coins--whose time in the Wells Fargo vault matched the number of minutes in the inspection! Ultimately, Wells Fargo sold the Salt Lake branch to Walker Brothers Bank; Lipman became president of Wells Fargo--thoroughly "vaccinated" against branch banking; and the Auditing Department never, never relaxed vigilance against "Salt Laked" books.

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