Word: citibankers
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Dates: during 1970-1979
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...total of $2 billion in city and Big Mac debt. According to an estimate by Wall Street analysts, Chairman David Rockefeller's Chase Manhattan is worst off, holding $400 million in city and Big Mac paper because of its commitment to helping New York. Wriston's Citibank reportedly has $340 million worth, the Chemical Bank $280 million, Manufacturers Hanover Trust $240 million, Morgan Guaranty Trust $210 million, and Bankers Trust Co. $160 million...
...President Ford's decision not to aid financially pressed New York City; the Dow Jones industrial index slumped to 836.04, down 4.48 for the week. At week's end First National City Bank lowered its prime rate from 7¾% to 71/2%, the lowest since August 7. Citibank's cut signified that cheaper money would soon be available to fuel the recovery in autos and in other industries...
...wrinkle called "the profits depression," to explain the imminence of a capital crisis. There are three ways in which businesses acquire capital for plant and equipment expansion: they retain earnings or profits, they sell stocks, or they sell bonds. Over the past ten years, according to Citibank's Wriston, business has gone increasingly into debt (sold bonds) to finance its expansion; and the capacity of the bond markets is narrowing. Thus companies will have to look more and more to the stock market and to retained profits for capital sources. This, of course, puts a premium on profits...
...loan contract is written in language they can easily understand. The simple one-page document-one-third as long as its predecessor-spells out the bank's and borrower's obligations in relaxed you and I terms with nary a hereinafter to get in the way. And Citibank is not alone (see box). Anxious to stimulate business, banks and insurance companies alike are hastening to switch from the old long-winded fine print to the new legal-ease...
Slow Ahead? How much higher will interest rates go? Some economists, among them Citibank's Leif Olsen, believe that short-term rates-now at 7¾% in the case of the prime rate-may rise another .25 to .5 percentage points. Chicago Banker Beryl Sprinkel, a member of TIME'S Board of Economists, foresees an increase "perhaps to 8½% by year's end." Meanwhile, Chase Econometrics, a subsidiary of the Chase Manhattan Bank, believes short-term rates could go another one to 1¼ percentage points higher. If the cost of money does indeed reach that...