Word: bankes
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Dates: during 1970-1979
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...Lance's problem is his ownership of 200,767 shares in the National Bank of Georgia, where he presided before going to OMB. Lance...
Carter's request, promised the President and the Senate that he would divest himself of his shares in the bank before Dec. 31. (Treasury Secretary Michael Blumenthal made a similar pledge to divest himself of Bendix Corp. stock...
Lance's shares, bought largely at a premium price, cost him more than $3.3 million in borrowed money. At one point last week their value had sunk to $1.7 million. One reason for the steep decline was that National Bank of Georgia officers decided earlier this month to write off $2.3 million in loan losses for the first half of 1977. Another was the prospect of Lance's promised divestiture. Since his shares amount to roughly 16% of the bank's stock, the anticipated sale has had an understandably dampening effect on the market value...
Warning signals about the Swiss system have been flashing on and off for several years. In 1970 the Basel branch of the United California Bank went broke after losing $50 million in cocoa futures trading. Around the same time came the collapse of Bernard Cornfeld's Geneva-based Investors Overseas Services empire, built with the assistance of Switzerland's loose banking laws -and in part with that of the banks themselves. In 1974 the Union Bank of Switzerland lost $56 million in foreign-exchange speculations, and the Lugano branch of Britain's Lloyd's Bank dropped...
...country's largest party, the Social Democrats, has promised to draft an "initiative" on banking control to be placed before Swiss voters within three years. Among the possible proposals: putting government representatives on bank boards of directors and making tax evasion a criminal offense, which would remove a big attraction for tax cheaters. There is no guarantee that the Social Democrats' ideas will become law, but the debate means that the bankers -and their customers around the world -will be able to take far less for granted in Switzerland than ever before...