Word: bankes
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Dates: during 1970-1979
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...imports from Iran amount to a scant 4% of total U.S. consumption. In theory, at least, those purchases could be easily replaced by swapping: oil companies could exchange Iranian crude with other companies that have equal amounts of non-Iranian petroleum. Nor in theory should the freezing of Iranian bank assets prove especially disruptive to money markets or the banking system. The Tehran government's estimated $6 billion in petrodollar holdings is only a fraction of the more than $150 billion that big international banks move back and forth among each other every day. Withdrawing the Iranian funds would...
British authorities seemed willing enough to overlook Washington's apparent transgression of their monetary sovereignty this time around, and Swiss officials left no doubt that they too would cooperate with the U.S. freeze. While stressing that all banks in Switzerland are subject to Swiss law, Swiss National Bank President Fritz Leutwiler declared that Switzerland would not tell its local U.S. banks what to do, implying that if Iran wanted its money, its lawyers could take the matter to court. Said he with a wink: "If American banks in Switzerland holding Iranian dollar accounts follow instructions from headquarters and apply...
Such tales have not been limited to small firms. Chemical Bank, which lost $6 million in post-Volckerism bond dealing, abruptly fired its trading manager. A billion-dollar sure thing- the issuing of IBM bonds last month- turned into a pumpkin for such blue-ribbon investment bankers as Salomon Bros., which had underwritten the deal. Because of difficulties selling the IBM securities, Salomon and other traders had to swallow losses of $10 million. For the once staid bond market, it has been a fitting 50th anniversary of the Great Crash...
...continue with nuclear power, speed the development of synthetics and solar, move to mandatory conservation, and, of course, drill for more domestic oil. Last week, overriding objections of environmentalists, the U.S. Supreme Court refused to halt an Interior Department auction of leases to explore for oil on the Georges Bank off Massachusetts. Environmentalists fear that a spill or blowout could harm the rich fishing waters, but the court decision was yet another sign that the U.S. will have to make difficult compromises to secure energy...
...worse and, the statement added, "within a few years the Holy See will find itself hard-pressed." Said one Cardinal, "The Vatican is certainly not Fort Knox." The meeting urged austerity at all levels. The balance sheet apparently did not cover the international mission office or the Vatican bank, and may exclude sizable investments as well...