Word: citibanker
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...commercial banks and 5.25% in savings institutions, which is less than half the current rate of inflation-and much less than a higher-roller gets for investing $ 1,000 or more in a money market mutual fund. The small saver's squeeze is summed up in a Citibank anti-ceiling advertisement: "Deposit $500 with us today and we'll give you back $475 next year...
Other studies, out last week, suggest that those gains are exaggerated. An N.A.M. analysis of the Commerce figures concluded that after-tax earnings, adjusted for the effect of inflation on depreciation and inventories, rose only 10.9% from the fourth quarter of '78. Meanwhile, New York City's Citibank separately calculated that real earnings from operations over the whole year rose only 2½%. Said the bank's Monthly Economic Letter: "Despite glowing earnings reports, many U.S. corporations are scrambling desperately to hold even against the inroads of inflation...
...dollars. This unique dominance has enabled U S banks to lend out so many billions of dollars that the world is awash with them, and their value has been tumbling. Nobody knows how Turkey Zaire, Peru and many other impecunious countries will ever pay back their loans to Citibank, Chase or the rest of the big U.S. lenders. The debtor countries, pleading poverty, could indefinitely defer repayment. Then the Federal Reserve Board would have to cover those bad debts, meaning that the U.S. taxpayer would finance the bailout. Says Zombanakis: "We have created a system in which almost the entire...
...Iran itself. Reports that Abol-Hassan Banisadr - said to be a leading candidate for Finance Minister in the regime that Ayatullah Khomeini wants to establish - plans to write off an undisclosed portion of Iran's foreign debt if cho sen for the post, were hardly reassuring. Said a Citibank vice president bravely: "Whatever comes out of this will be a sensible decision. Someone will be there with a level head to deal with the debt situation." If so, he had better turn up soon...
...banks must provide even more of their own security. In some branches, New York's Citibank has been installing floor-to-ceiling Plexiglas "bandit barriers" between tellers and customers. Banks are also using sophisticated detector devices to increase the robber's risk of being caught. Among them: scented capsules wrapped inside rolls of bills, which, when squeezed, release the strong identifying odor of rotten eggs, and dye packs inserted in stacks of bills, which spew out smoke that stains everything it touches bright crimson. A few bankers' groups offer rewards for tips leading to the arrest...