Word: citibankers
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Dates: during 1970-1979
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...former Treasury Department Under Secretary and U.S. Ambassador to NATO during the Eisenhower Administration; of a heart attack; in Washington, D.C. Schooled as a statistician, Burgess worked as a banker in New York for more than 30 years, first at the Federal Reserve, then at National City (now Citibank), before joining the Treasury in 1953. As Under Secretary for Monetary Affairs, he favored tight money policies, a balanced national budget and the gold standard. He resigned in 1957 when appointed NATO Ambassador, serving until...
...York's Citicorp, which already has 20% of the traveler's check market, plans to sell its Citibank checks through Carte Blanche. Citicorp bought Carte Blanche in the early 1960s, but was forced to spin it off when the Justice Department objected on antitrust grounds. A federal judge has approved Citicorp's plan to buy back Carte Blanche, and the trustbusters are not likely to block the reunion. Partly because of rising competition from bank-issued cards, Carte Blanche has fared poorly and could well use Citicorp's muscle...
...rush into traveler's checks has inspired some odd alliances and rivalries. Although Citibank issues Master Charge cards and is a member of the consortium that licenses the Master Charge system, its parent Citicorp has gone to court to try to block Master Charge's entry into traveler's checks, charging unfair competition. Citibank's argument: Master Charge, through the banks that issue the card, would be able to control which traveler's checks the customer bought, thus shutting Citibank out of the business...
...only a few companies have pulled out. Polaroid canceled its dealings with a South African licensee because its film was being used on the infamous passbooks that blacks and coloreds are required to carry and show upon demand to the police. Citibank will no longer make loans to the South African government; the First Pennsylvania Bank will give no loans of any kind. GM, Kodak and Control Data have said they will not expand their South African operations...
...over Lower Manhattan is a tongue twister: Das Welthandelzen-trum. The translation is of more than casual interest to the Deutsche Bank of Frankfurt, which in terms of assets (about $50 billion) ranks fourth in the world, after San Francisco's Bank of America, New York's Citibank and France's Caisse Nationale de Crēdit Agricole. The bank has approached the W.T.C.'s owner...