Word: citibank
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Dates: during 1970-1979
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Citicorp, an international financial force with assets of $73 billion and offices in 93 countries, is the parent of Citibank-formerly First National City Bank -New York City's biggest bank, second largest in the nation and the world (after Bank of America). It is not, obviously, your friendly, flexible Bert Lance lending and saving shop. It is a hard-nosed company that will as swiftly foreclose a multimillion-dollar high-rise as a mom-and-pop delicatessen if the mortgage payments lag. Considering the cost of Manhattan real estate and the sensitivities of its stockholders, Citicorp might well...
...bank set up 14 dummy corporations to acquire the 30 separate parcels involved. So closely was the secret held that when one of the dummy companies set up by the bank's top brass sought a loan to buy a parcel of the block, a lower-level Citibank officer turned it down. Chuckles Wriston: "He didn't know who he was saying...
...Chase Manhattan, Barclays Ltd and Mitsubishi. The street corners outside are given over to smaller entrepreneurs with just as much Phoenician zest for commerce. They hawk everything from quarts of Johnnie Walker scotch to Barbie dolls; a good part of the merchandise comes from inventories assembled by looting. Says Citibank Manager John Bernson: "We're beginning to see unmistakable signs of that old Beiruti personality coming to the surface again...
...computer, and out whirs the answer: 113. Then he touches another key, and the computer spits the names of those 113 paying customers. Among them are the departments of State, Treasury, Commerce and Justice and two dozen other federal agencies. Then there are Morgan Guaranty, Bank of America, Citibank and a score more banks, and American Can, Dow Chemical, Exxon, Shell, among many other industrial giants...
...account reached a high of $1.1 million in 1976-a sum conceded to be "somewhat excessive" by one of the Georgia bank's officials in a letter to the comptroller. Yet NBG officials also noted that their bank's earlier correspondent relationship with New York's Citibank had been unsatisfactory. According to one memo, "Manufacturers Hanover was much more responsive to the needs of Southern correspondents...