Word: banke
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Dates: during 1960-1969
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...Despite perennial corruption, the Philippines has established itself as a vigorous and functioning democracy, sufficiently secure to be increasingly assertive in its relations with the U.S., and to become a leader in organizing such inter-Asian regional enterprises as the Asian and Pacific Council (ASPAC) and the Asian Development Bank. Taiwan, once cited as the supreme example of an economy artificially supported by outside (U.S.) aid, cut loose from all U.S. economic aid more than a year ago and is now sending technicians out on its own aid programs, notably to Africa. South Korea, with some 50,000 U.S. troops...
With a sigh of relief, moneymen from Wall Street to Main Street heard last week that President Johnson had appointed William McChesney Martin, 60, to his fifth four-year term as chairman of the Federal Reserve Board. "This bank is delighted," said a Chase Manhattan senior vice president. So was First National City, whose president, George S. Moore, said of Martin: "This is a time when his experience is needed." No less enthusiastic were foreign bankers, who also see Martin as a staunch defender of the sound dollar that is so necessary to their economic wellbeing...
...business customers from 5¾% to 5½%. Coming almost two months to the clay since the Chase Manhattan set off a controversy by cutting its prime rate to the same level, Morgan's action is expected to be followed by most of the country's commercial banks. Their action, it is hoped, will accelerate the drop in home-mortgage interest rates and give homebuilding a boost. In another development that should have much the same effect, California's Bank of America, the nation's largest, announced an across the board reduction of interest charges...
...Little Shove. The high mortgage rates of savings and loan associations have continued to nag the Administration. As Home Loan Bank Board Chairman John Horne testified recently, the Government may give the associations and banks a little shove unless the rates drop to a lower level...
...only a matter of a few years." Floirat has taken advantage of the change: buying and selling businesses ("Anybody can buy; knowing when to sell is another story"), he now owns 94 companies and a personal fortune of at least $100 million. And they know him at the bank. "There are only three of us on the Champs Elysées," Floirat says expansively, "who can sign a check at a minute's notice for $2,000,000. Dassault, the airplane maker, the Rothschilds...