Word: citibankers
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Dates: during 1970-1979
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Over the summer, the economics major lifted weights with former Mr. Universe Serge Nubret in Paris, where Sabetti was working for Citibank...
John Hanley, chairman of Monsanto Co., remembers his moment of conversion. Last March, at a Citibank board meeting in Manhattan, he heard a Georgetown University political analyst expound on America's deteriorating position in the world. As Hanley recalls, "I went home to St. Louis and sat down alone in my office and listed all the candidates from both parties who could conceivably run. Never mind if we could elect him, but who would have the best chance of changing the situation? It was clear as a bell to me that it was John Connally. I sent...
...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...