Word: citibanker
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...Many put their cash into money-market funds, which are operated primarily by brokerage houses and financial management firms, and offered interest as high as 17%. The assets of those funds more than doubled during 1981, to $186 billion. Says Walter Wriston, chairman of New York's Citibank: "Americans are not stupid. They have been seeking a better return on their money and getting...
...also doubtful that even the certificates that have been sold are helping banks by bringing in new deposits. Officials at New York City's Citibank, the second largest commercial bank in the nation, estimate that much of the money flowing into their All Savers accounts is coming from Citibank customers converting their high-yielding six-month accounts of $10,000 or more, which currently pay 13.7%, into All Savers accounts. There is no penalty for doing this, and depending on the customer's tax bracket, the return may be higher...
Lifeboat Associates. Based in Manhattan, Lifeboat (projected 1981 sales: $10 million) sells some 200 different software packages through retail stores and catalogues. The company, which publishes only programs written by freelance authors, was founded in 1977 by Anthony Gold, 35, a former Citibank officer. Among its offerings are the spelling corrector MicroSpell and the expense account helpmate T-Maker...
When a bank fouls up, an unhappy customer may yank his money and deposit it across the street. Oil-rich Kuwait has done the same thing, only it took $4 billion with it. New York's Citibank had managed investment funds for Kuwait since 1974, putting nearly $4 billion into stocks of about 350 U.S. companies, including AT&T, Atlantic Richfield and Phillips Petroleum...
...Citibank did not trade the portfolio of stocks heavily on a day-to-day basis, which upset Sheik Salem Abdullah Al-Ahmed Al-Sabah, Kuwait's director of U.S. investments. "If you do not do it our way," he wrote to the bank in December, "we'll transfer the funds. There are lots of good banks who want a chance to help us." The Kuwaiti government became more disturbed with Citibank when some confidential memos and the lists of its holdings were leaked to Financial Writer Dan Dorfman. In retaliation, Kuwait last month transferred the $4 billion stock...