Word: bank
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Dates: during 1960-1969
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...which this economic power ought to be used as a moral lever in society. One kind of answer was recently suggested by the Protestant biweekly Christianity and Crisis. The magazine withdrew its deposit fund of slightly more than $10,000 from Manhattan's First National City Bank. The gesture of protest was taken because First National City is one of ten U.S. banks in a consortium that provides a $40 million revolving fund to the government of South Africa. In announcing the withdrawal, the editors conceded that it may not be the business of banks "to make foreign policy...
...Walk Away Renee--Left Bank...
...late 1965 to 6% in mid-1966 - equal to an increase of 33% in twelve months. A wave of hedge-borrowing and money hoarding swept the country. Figuring that money would become steadily scarcer and costlier, corporate treasurers borrowed more than they needed. In June, the Chase Manhattan Bank raised interest rates on most consumer loans for the first time since 1959, to 5½% "discounted" (in effect 10½%), and other banks quickly followed. Bargain-hunting consumers rushed to borrow at 5% on their insurance policies, and insurance executives appealed to banks for new reserves - putting more pressure...
Crisis loomed over one big segment of the money market: the savings and loan associations. Tempted by higher yields elsewhere, depositors withdrew $1.5 billion from the S & Ls in July. Government money managers were so worried that dangerously nonliquid S & Ls would go under that the Federal Home Loan Bank Board, which regulates the associations, arranged a $4 billion stand-by loan with the Treasury and hoped to get $5 billion more from the Federal Reserve - if needed. Says one high U.S. Treasury official: "The withdrawals scared the hell out of us. The savings and loan people were hysterical...
...Precipice. August saw the worst banking squeeze since Franklin Roosevelt's bank holiday of 1933. Though the supply of available money had fallen about $2 billion from the end of June to the end of July, a record high $3.7 billion in new issues of bonds and stocks hit the money market in August. Meanwhile, the U.S. Treasury was corning to the banks for billions more to finance the budget deficit. Under longstanding moral and legal commitments that they could not ignore, the banks were also shelling out corporate loans faster than they were taking in deposits...