Word: bankhaus
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Dates: during 1970-1979
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More Failures. So far this year, New York's Franklin National Bank has reported losses of $83 million, resulting largely from currency trading. In Germany, the big Bankhaus I.D. Herstatt dropped so much cash that it went under; it was followed in quick succession by four smaller banks. Even the staid Union Bank of Switzerland has reportedly had to cover shortages of $50 million lost playing currency roulette...
...Atlantic have gotten burned speculating in foreign currencies, the losses have been much worse in Europe. In the U.S., Franklin National Bank lost $63.6 million in the first five months of this year, largely because of currency trading; in Germany, Westdeutsche Landesbank Girozentrale dropped more than $100 million, and Bankhaus I.D. Herstatt lost so much that it folded in late June (TIME, July 8). U.S. banking authorities expect no more Franklin National cases, but European financiers are nervously awaiting more collapses of the Herstatt type...
Like many another middle-income West German, Klaus Gördel sought to put his savings in a bank that would pay the most interest. So several months ago the 45-year-old government official switched his life savings of $12,000 from a government-owned bank to Bankhaus I.D. Herstatt KGaA, one of the country's largest private banks, with 31 branches chiefly in the Rhineland city of Cologne. Last week Gördel and thousands of other Herstatt depositors had their dreams, and quite possibly their savings, wiped out in the most disastrous German banking collapse since...
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