Word: bankes
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Dates: during 1970-1979
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Morgan Guaranty argued that the attachment orders, which are automatically issued in West Germany in cases of disputed debts, were necessary to cover possible losses from Iran's default on a $500 million loan. It had been made by an eleven-bank syndicate that included Morgan and was headed by Chase Manhattan Bank. In fact, Morgan Guaranty's $40 million share of the loan is more than covered by the estimated $8 billion to $9 billion in Iranian assets that were frozen in U.S. banks by presidential decree...
...attachment order must be followed by court trial in which Morgan Guaranty is expected to argue that it needs to hold onto the shares until Tehran guarantees that its loans will be repaid. Meanwhile, more asset seizures seem likely. Asserted an officer of a New York City multinational bank: "We are going to grab every Iranian asset in sight. There is already a line of banks halfway down the block in West Germany waiting to do the same thing...
...community of 550,000. Nearly 60% of the people are not of English-speaking origin, and despite the presence of some 60,000 Americans in the area, the largest ethnic group is German. This is Canada's fastest growing large city. In the past five years, 20 foreign banks have opened offices in Calgary, and last June the Bank of Montreal became the first major Canadian bank to move its chairman, Fred H. McNeil, to Alberta. Says he in his Calgary office: "The time of the West has come...
...Boston Harbor rally Saturday legislators, representatives of environmental groups, and the fishing industry called on the government to postpone its sale of offshore oil drilling rights on George's Bank until it can provide adequate oil spill safeguards to protect the area's fisheries...
Robert Howard, a biologist at the Marine Biological Labs at Woods Hole, said the Department of the Interior doesn't understand that the fisheries are worth far more than the oil under George's Bank. "If developed and drilled all at one time, the oil from the bank would support the U.S. for only five to eight days," he said...