Word: citibanker
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...securities, and have bought the bonds of such corporate giants as AT&T, General Motors and U.S. Steel. SAMA also puts deposits into 23 blue-chip American banks and some top foreign banks, though it limits these deposits so that they never exceed the bank's capital (in Citibank's case, the formula works out to about $2.8 billion). Overall, the Saudis told Blumenthal's delegation last year, their investments have an average maturity of only seven years, and bankers figure they are getting about an average 8% return, vs. the 11% that Kuwait is said...
Leif Olsen, a star economist at Manhattan's Citibank, points out that business borrowing from commercial banks in the first nine months of this year rose at an annual rate of 15.1%, and borrowing by households is also at a record high. Borrowing by Government to finance budget deficits adds to the demand. Alan Greenspan, a member of TIME'S Board of Economists, singles out mortgage credit as "a monster loose in the system," devouring money. People are not only borrowing to build new houses but taking out second mortgages on existing homes to finance spending of various types. During...
...dollar's immediate gains were, the greenback will stabilize in the long run only if Carter and the Fed demonstrate that they will stick to a tight-money policy as long as may be necessary to reduce inflation, which could be several years. Meanwhile, higher interest?New York's Citibank led the parade last week by increasing its prime rate to a numbing 10.75%?will raise the cost of borrowing by businessmen to build factories or buy machinery and by consumers to finance new homes, cars or college educations...
Though banks in most states are still not authorized to offer NOW accounts, they will spread to the New York State market soon, as a result of an amendment that was unexpectedly passed in the hectic last days of the 95th Congress. Consequently, Citibank and Chase Manhattan have scrapped plans to offer PATS in favor of NOWs, and Chemical Bank and Manufacturers Hanover, which introduced PATS last week, plan to switch soon. Says Robert Lipp, head of Chemical Bank's metropolitan division: "NOWS are less confusing and cleaner. They are clearly...
NOWs are easier to understand, but they do not offer any great advantages over PATS. NOW accounts too are advantageous mainly to those who can maintain big balances, though the break-even point may be somewhat lower than with PATS. Under Citibank's plan, for instance, a depositor will earn 5% interest on the money he keeps in a NOW account and if he maintains a total balance of at least $3,000, pay no service fee. But if the combined balance drops below that, he must pay a charge...