Word: butchering
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Dates: during 1980-1989
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...banks hit by the Penn Square failure were looking for culprits last week. Chase Manhattan cleaned out its institutional banking division, where the Penn Square deals were approved. Chairman Willard Butcher fired one executive vice president and one senior vice president, demoted another executive vice president, and let go seven lower ranking officials. Chairman William Jenkins of Seafirst dismissed a senior vice president and the bank's chief lending officer. Continental Illinois has not yet taken any disciplinary action...
...which went into effect last February, have brought a semblance of order to an economy that had been distorted by subsidies, hoarding and black-market speculation. But the price hikes have helped to raise the cost of living 108% over the past year. All-night queues in front of butcher shops have largely disap peared, because many people cannot afford to buy meat at the new prices. Virtu ally all necessities are rationed: one bar of soap, a half-liter of vodka and 3 lbs. of sugar per person per month. This fall, pre schoolers will be allotted one pencil...
Chase Manhattan Chairman Willard Butcher then called together the heads of seven of the brokerage firms from which it had obtained the securities. Butcher told the moneymen that his bank would not be making the interest payments that were supposed to be due to them that day because Drysdale Government Securities had not paid Chase. The banker said that Chase could not be considered legally responsible for the money owed by Drysdale, but was willing to go ahead anyway and and put put $90 million into a $250 million pool until the situation was cleared up. Included among the astonished...
...executives were furious when they heard Butcher argue that Chase had no obligation because the bank had been merely a transfer agent between the brokerage houses and Drysdale. Their arrangement had been with Chase, the brokerage houses argued, not with Drys dale. Chase seemed to be breaking the most fundamental rule of Wall Street: a dealer stands behind his deal. Said one an gry brokerage house executive: "We had taken a negative view of Drysdale's opera tions from the start, and we never had any direct dealings with them at all. We did not know for whom Chase...
...movies. He enrolled in a Boy Scout photography program, where his success made him at 13 one of the youngest Eagle Scouts ever. ("If I hadn't been a Scout," Spielberg cheerfully admits today, "I'd probably have ended up as an ax murderer or a butcher in a Jewish deli.") One high school jock who used to taunt Steven was won over when the young director cast him in an 8-mm movie called Battle Squad. At Phoenix's Arcadia High School, Spielberg found fellow spirits in the theater-arts program-"my leper colony. That...