Jay Rockefeller: “Let me answer the Senator specifically, returning to what he has read. The reference to InterBank was not accurate. Yes…”

“Let me answer the Senator specifically, returning to what he has read. The reference to InterBank was not accurate. Yes; a desist and refrain order was issued against the bank because it was thought that InterBank was selling securities to Americans in California. I hope my colleagues are listening, because this is important, because the Senator is attempting to put me on the defensive, and therefore his amendment, which I strongly oppose, seems to have more weight. But the Senator is wrong in his criticism, because he has read the New York Times with too much faith. The issue began from an ad in fact that InterBank ran in a Japanese language magazine. This magazine was translated into English and had some circulation in California which is understandable. Although the InterBank program is only available to foreign nationals California's Commissioner of Corporations was unaware of the program and assumed that the ad was an offer for the sale of securities in California to Americans. Since that time the matter has been completely settled, and InterBank is seeking to have the order lifted.”