Word: bank
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Dates: during 1960-1969
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...original rebel band in the Sierra Maestra mountains in 1956, the man who mapped Castro's guerrilla tactics against Dictator Fulgencio Batista and became world-famous for his handbook of dirty tricks, La Guerra de Guerrillas. He was Cuba's first economic czar, running the national bank, then the Ministry of Industries, all the while plotting to extend Castro's revolution throughout Latin America with "wars of national liberation." Always he spouted hatred for the U.S., contempt for the "soft" Moscow line, and admiration for the warlike cries coming from the Chinese Communists...
...Citibank's success are Chairman James Stillman Rockefeller-grand-nephew of John D. Rockefeller Sr., third cousin to Chase Manhattan President David Rockefeller-and President George S. Moore. Chief Executive Rockefeller, 63, theoretically presides over high policy, while Moore, 60, runs day-to-day operations such as the bank's highly respected monthly Economic Review (circ.: 350,000). In fact, both men take turns running the bank-and supervising its 184 vice presidents-because each of them spends about half of his time on business trips. Between them, Moore and Rockefeller log up to 300,000 miles...
...most active U.S. bank overseas, Citibank this week will open its 127th foreign outpost in Colombia's port city of Cartagena. This year it has sprouted eight other foreign branches from West Berlin to Kuala Lumpur. At home, it has blanketed New York City and suburbs with 151 branches, fully exploiting its status as the city's only nationally chartered bank, thus being exempt from New York State's strict limits on branching. Hoping to catch up with Citibank, stockholders of Chase Manhattan last week voted to switch to a national charter...
From European banks, such companies as Celanese, General Motors and Caterpillar Tractor have borrowed tens of millions of dollars. The costs are steep -even for prime borrowers, little money is available in Europe for less than 7%, v. about 5% in the U.S. These premiums stand to cut the U.S. companies' foreign earnings, which have been growing faster than domestic earnings. To make borrowing easier, Dow Chemical has bought an interest in an Amsterdam bank, soon will open a wholly-owned bank in Zurich...
Instead of curtailing their foreign investments as a result of President Johnson's call for a "voluntary" downhold on dollar outflow, American business men are expanding faster than ever overseas. They have indeed improved the nation's balance of payments by cutting back U.S. bank loans to foreigners and repatriating more profits from ventures abroad. But they will in crease their foreign investments by 20% this year, spending a record $7.4 billion, about half of it in highly developed and competitive Western Europe. The bulk of these investments will not damage the U.S. balance of payments. Reason...