Word: bankes
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Dates: during 1970-1979
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Members of TIME'S Board of Economists predict that the Federal Reserve soon will ease its Regulation Q and allow commercial banks to pay higher interest on passbook savings, which can be withdrawn at any time. Regulation Q now sets a ceiling of 5% on them. If that is raised, the Federal Home Loan Bank Board also would have to permit savings and loans to pay more than their present 5½% maximum. Otherwise, savers would be tempted to pull out their money and invest it in Treasury bills and other paper that yield...
Last week Lance got into a new battle. He had been dealing to buy control of Financial General Bankshares Inc., the second largest bank holding company in Washington, D.C.; with assets of $2.2 billion, it controls the Union First National Bank of Washington and close to a dozen other banks in Maryland and Virginia. At a meeting set up by Armand Hammer, who is chairman of Occidental Petroleum and a Financial General board member, Lance told the bank's senior officers he was acting for the London-based Bank of Credit & Commerce International, which specializes in managing Arab funds...
...fastest growing banks in Britain, BCCI has assets of more than $2 billion, much of it from Kuwait, Abu Dhabi and Dubai. The bank was founded in 1972 by innovative, hard-driving Agha Hasan Abedi, who left his native Pakistan five years ago, when the government nationalized banking. It was Abedi who got Lance together with Ghaith...
Pharaon, a Saudi Arabian entrepreneur, on a deal for Pharaon to buy 120,000 of Lance's 200,000-odd shares in the National Bank of Georgia for $2.4 million. That bailed out Bert and enabled him to pay off some of his daunting loans...
...uncertain whether Lance may also hold an executive position with Financial General if it is taken over by BCCI. The Securities and Exchange Commission is still examining Lance's management of the National Bank of Georgia and the Calhoun National Bank; among other things, he and his family ran up large and persistent overdrafts while he was the boss of Calhoun. Lance shrugs off rumors that the SEC is debating whether to bar him at least temporarily from holding a management post with a U.S. bank...