Word: bankamerica
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...hurt a wide range of industries, from real estate to banking. Last week alone brought several seismic shocks: the bankruptcy filing by LTV, a major steel producer; the failure of First National Bank of Oklahoma City, a large oil-patch bank; and the $640 million loss reported by BankAmerica, which is saddled with numerous bad energy loans (see ECONOMY & BUSINESS). The dislocations caused by plunging oil prices have become a drag on the entire U.S. economy. Since January, the level of industrial production has dropped...
...billion) collapsed from the weight of bad energy loans. It was the second-largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just two days later, BankAmerica (assets: $117 billion), the No. 2 banking company in the U.S. after Citicorp, announced a second-quarter loss of $640 million, the second-biggest on record for a financial institution. That brought the troubled bank's total deficits in the past 15 months to $914 million and raised questions about...
...their specific causes, the disasters last week were all accelerated by the 60% drop in the price of oil since the beginning of the year. By causing energy loans to go sour and depressing the whole Southwest, cheap oil pushed the Oklahoma City bank over the brink and aggravated BankAmerica's huge losses. The petroleum slide helped drag down LTV too, because the company is a major supplier of oil-drilling and pumping gear, which almost no one wants to buy right now. Last week the number of oil rigs operating in the U.S. reached a postwar record...
Under Conable's predecessor, A.W. Clausen, policy lending had started to become a substantial part of World Bank activity. In the past year Clausen, a former BankAmerica chairman, oversaw a 47% increase in the bank's lending to the ten most highly indebted countries in the world. By contrast, overall World Bank loans for the same period rose by only 16%. In Latin America, policy loans accounted for about 40% of the $4.8 billion that the World Bank dispensed in the twelve months ending in June. Says David Knox, the World Bank's vice president for Latin America...
Many investors believe that the market is now taking off on another leg of its stampede toward the 2000 mark. Says Thomas Kelley, chairman of BankAmerica's investment-management subsidiary, which handles about $15 billion: "It was so obvious the market was going to come back." Notes Richard Goforth, a broker for the Los Angeles investment firm Crowell, Weedon: "People feel like we're in a good bull market that's going to last for another year...