Word: aba
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...weeks the American Bankers Association in Washington has been swamped with irate letters and phone calls from members. Their gripe: Bert Lance's flamboyant ways have given the business a black eye, and could subject it to far more intense Government scrutiny than now exists. Said ABA Spokesman Edward Smith: "The practices Lance is supposed to have followed cannot be considered normal or widespread. They just aren't tolerated in most banks...
...wrong to seek personal loans from correspondent banks, which provided services for the banks he ran in exchange for interest-free accounts. Said one Florida banker: "He's going to go to a bank where he does business. It's as simple as that." In fact, an ABA 1976 survey found that about 93% of the bankers replying routinely offered personal loans to corresponding banking partners like Lance...
...such abuses, Congressman St Germain would make it illegal for a banker to borrow from a correspondent bank under any circumstances. Bankers disagree vehemently on this point. Complained the ABA's Smith: "That may look good on the page of an economics textbook. But it would be disastrous for good, competitive banking. After all, bankers need full and speedy access to credit...
...think this Harvard program is like a fledging ABA franchise," says Hill. "Next year we'll be laying the foundation. We've never been built up before so we're certainly not rebuilding...
Last year I was at a Celtics game and Red Auerbach was sitting behind me. At halftime I got up enough nerve to ask him if he missed not having Don Chaney, a starting guard who he let leave for the ABA because he wanted more money. Red nodded...