Word: bailouts
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...million in interest on its $43.6 billion debt by June 30, U.S. banks will have to subtract the missing payments from second-quarter profits. Faced with a similar dilemma in March, the banks got their money when the U.S. Treasury helped put together a $400 million bailout plan for Argentina. Unless another rescue materializes this time, such banks as Manufacturers Hanover Trust, Citicorp and Chase Manhattan could suffer painful losses...
...suggestions that her age might be a handicap. "You could say the same thing about Ronald Reagan in 1980," she says. There are more serious minuses: as a Midwesterner, she would offer no geographic diversity to Minnesotan Walter Mondale; she has also criticized Gary Hart on the Chrysler bailout. But if she were tapped, says her husband of 50 years, Hicks, "I would congratulate the whole country on its selection." > Kathy Whitmire, 37. Five months into her second term as mayor of Houston, the primly coiffed and bespectacled Whitmire is no longer called "Tootsie," an unflattering reference to her resemblance...
...opposite position is being taken by William Isaac, chairman of the Federal Deposit Insurance Corp., which was a major participant in the Continental bailout. He argued that the bank's problems proved that still more banking restrictions should be lifted. Said he: "To me, this episode is evidence that we must proceed with deregulation." Isaac blamed the bank's troubles partly on a web of entangling state and federal laws. Continental is unable to open offices to seek consumer deposits outside Chicago, for example, because Illinois statutes prohibit branch banking. That has helped make Charts Continental dependent...
Preparations for the federal bailout, the swiftest and most complete on record, began shortly after rumors started circulating about Continental on May 10. Details were hashed out in meetings and phone calls between Federal Reserve Chairman Paul Volcker, FDIC Chairman William Isaac and Comptroller of the Currency C. Todd Conover. "This is a very historic thing," said one New York banker. "This is the first time the Fed has been party to any kind of statement that 'nobody is going to lose...
...next big test for a Latin debtor will come in June, when Argentina faces $1.6 billion in payments. Only a complex bailout by the U.S. and Argentina's neighbors kept the country from missing a deadline last March and forcing the banks to cut their earnings. Before more funds can be released, however, Argentina and the International Monetary Fund must reach agreement on what promises to be a painful austerity program for that country. Predicts an American banker in Buenos Aires: "It's going to be a very close race to get together with the IMF by June...