Word: citibank
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DERIVATIVES, THOSE HOT "BASKETS" OF FINANCIAL products that balance risky but potentially lucrative investments with conservative ones, are at your corner bank. For people rolling over IRA and Keogh money, Citibank offers a five-year deposit account with income tied to Standard & Poor's 500 stock index. Put in $10,000 now when the S&P is 450, and if the index average climbs 150 points by 1998, Citibank will return $6,660 along with the principal. Next to a conventional five-year CD, which would pay $2,613, the stock-linked account looks like a skyscraper. Should the market...
...position taken by U.S. businessmen and investors who believe Washington's vindictiveness is beginning to backfire. Asian and, increasingly, European businesses are rushing to get in on what could be the next Asian economic miracle. Americans, at this point, can only stand by and watch. Says Frank Hawke, Citibank's point man on the country: "Vietnam's culture emphasizing sacrifice, education and hard work is similar to that of the other economic success stories in East Asia. And unlike Taiwan, Hong Kong, Singapore and South Korea, Vietnam will be a net exporter of foodstuffs and energy for the foreseeable future...
...News faced a liquidity crisis caused by the recession, a huge drop in advertising revenues, and Murdoch's reliance on short-term loans at a time when interest rates were rising rapidly. Suddenly $7.6 billion in debt, owed to 146 different institutions, had to be rolled over. An obscure Citibank vice president, Ann Lane, put together a rescue plan code-named Dolphin, and with Murdoch's help wheedled all the lenders into buying it. Thanks largely to Lane, Murdoch was spared the humiliating option of going belly-up into bankruptcy and losing control of his empire...
Paul and Dione Goyette, both 28, decided to open three separate savings funds just after they got married in 1990: one for education, another for buying a house and a third for retirement. He is a financial analyst for Citibank, and she works for United Airlines; together they manage to gross between $50,000 and $70,000 a year. At their current savings rate, Paul doubts they'll ever reach their goals. He moans, "From what I read, it's going to cost a billion dollars a semester to put our kids through college...
...Goyettes have a fallback. Last March they bought a two-bedroom house in Chicago for $145,000, thanks to a $25,000 loan from their parents. "To save up $30,000 in six years out of college is damn near impossible, especially if you're just Joe-average Citibank employee like me," says Paul. With a baby due in May, they're bracing for a pay cut. "Fortunately, all the baby stuff will come from our parents, since this is the first grandchild," says Paul. Even so, he's not entirely comfortable with the arrangement. He says, "If we depend...