Word: banke
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Dates: during 1960-1969
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...convict lecturers are from the maximum-security section of the penitentiary, and a few are bank rob bers and murderers. Yet nobody has tried to escape so far. The men realize that one escape would doom the whole program, and they themselves choose the five four-man teams who go - with the approval of prison authorities. So far, the teams have traveled a total of more than 200,000 miles across the state and have spoken to some 750,000 Coloradans. Their message usually goes like this: "I'm on the road to nowhere...
...Chase Manhattan Bank, which loves to portray itself as the friend of borrowers big and little, last week played that role to the hilt. The bank, the nation's third largest, cut its prime rate-the interest charge to its best business customers for loans - from 61% to 6%. The repercussions were plentiful, and in part acrimonious...
Choosing Sides. Yet that rally faded quickly. Next day dozens of other big lenders, led by Chase's archrival, Manhattan's First National City Bank, pointedly cut their prime rates by only half as much, to 61%. Only a handful went along with Chase. By such action, commercial banks took sides for a most un-bankerlike battle over the cost of business borrowing. The struggle confronted Wall Street with renewed uncertainties. When the exchanges reopened after a regular Wednesday trading holiday stock prices went down, only to come back a bit at week...
...split over prime rates amounts to a replay of a 1967 battle between the same two banks. In January of that year, Chase cut its prime rate by a full ½% (to 5½%) and firmly held its ground despite outraged cries from other bankers and a counterpunch by Citibank, which reduced its rate only ¼%. Still, almost everybody finally fell in line with Chase-a victory that earned the bank considerable prestige for sound and shrewd judgment. As to why other banks failed to follow the lead again last week, Chase Vice President and Economist William Butler says: "They...
Since Robert S. McNamara left the Pentagon six months ago to become president of the World Bank, he has obeyed a self-imposed rule of silence on matters concerning the bank.* He refused all on-the-record interviews, turned down scores of invitations to make public speeches. Instead, McNamara quietly set about learning the ins and outs of his new job, studying the role of the World Bank and planning new ways of enhancing its importance. First off, he appointed task forces of bank specialists to survey present international economic problems and future possibilities. While the task forces worked, McNamara...