Word: bankamerica
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Abedi made connections with power elites worldwide, from corporations like BankAmerica to officials like former President Jimmy Carter, whose charitable foundations received $10 million in donations. On its darker side, B.C.C.I. provided services for Panamanian leader Manuel Noriega, the Medellin cocaine cartel and terrorist organizations around the world. The most nefarious aspect of B.C.C.I. was its "black network," which engaged in terrorism, intimidation and paramilitary actions...
...said Wall Street's dealmakers have gone the way of the extravagant 1980s takeover wars? Wall Street giants First Boston and Morgan Stanley stand to rake in $10 million apiece for helping put together BankAmerica's $4.4 billion merger with Security Pacific. Rothschild Inc. earned $2.5 million in cash and bonds for representing creditors in the bankruptcy of Donald Trump's Taj Mahal casino in Atlantic City. And Donaldson, Lufkin & Jenrette received $2.5 million last month for co-managing a $200 million junk-bond issue for Dr Pepper. Little by little, deal by deal, Wall Street's investment bankers...
Unlike the overleveraged '80s buyouts, the sobersided new deals are largely free of debt. That is particularly true of mergers in the beleaguered banking industry, where companies are combining to eliminate overlapping branches and services and thereby cut costs. San Francisco's BankAmerica is using a stock swap to acquire Los Angeles rival Security Pacific in a deal that will create the second largest U.S. banking company after Manhattan's Citicorp. In a similar transaction, Chemical Banking is exchanging $2.3 billion of its shares for the stock of New York City neighbor Manufacturers Hanover. "Debt has become a bad four...
...service industries, ranging from airlines to department stores to Wall Street, where layoffs have struck particularly hard. The troubled banking sector alone has lost more than 100,000 jobs as a result of consolidations and closings since 1989; the recent wave of megamergers will only accelerate the trend. BankAmerica's $4.5 billion acquisition of Security Pacific will reportedly eliminate 10,000 white-collar jobs, or 11% of the companies' total work force. "People who get laid off when banks merge don't get rehired," says David Wyss, an economist with the consulting firm Data Resources. "That is a permanent, structural...
...merger could eventually reap savings of $1 billion annually for the two institutions as they combine functions and reduce overhead. This may mean layoffs of up to 10,000 workers, or 11% of the work force, as excess branches and departments are closed. But the merger with the revitalized BankAmerica was a necessary maneuver for CEO Robert Smith's troubled Security Pacific, which has been weakened by bad real estate loans. BankAmerica will now be a force in 10 Western states, and is reportedly considering a bid for New England's Shawmut National as well...