Word: citibankers
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...Christmas buying season brought little cheer to corporate raider and would-be retailing tycoon Robert Campeau. Citibank notified his Allied and , Federated stores, owners of Bloomingdale's and Abraham & Straus, that the bank might formally place loans totaling $2.3 billion in default as early as Jan. 10. Many Campeau suppliers and investors concluded that the chains would soon be forced to seek Chapter 11 bankruptcy. "You would have to be out of your mind to ship to either of these companies under current conditions," said one supplier...
...units a year to 1.3 million, while the output of black-and-white sets increased almost eightfold, to 4.4 million. Refrigerator and car production has also mushroomed, softening Indian resistance to borrowing. That means boom times ahead for a fledgling consumer finance business that, according to J. Rao, Citibank's chief executive officer in India, has skyrocketed from zero to $1 billion in just three years...
Such advice has often placed Sachs in a cross fire between U.S. bankers, who oppose large-scale debt forgiveness, and populist foreign critics, who resent his calls for fiscal austerity. Walter Wriston, the former chairman of Citicorp, whose Citibank unit has more than $8 billion in outstanding Latin American loans, calls Sachs "a paid flack for the countries of Latin America." Wriston argues that widespread loan write-offs would prevent Latin countries from receiving new credit. At the same time, Julio Bravo, finance secretary of the Bolivian Worker's Central Union, charges that as a result of Sachs' advice, "salaries...
...faces is appearing not only in ads aimed at specific ethnic groups but in mainstream advertising as well. Revlon's Most Unforgettable Woman of 1989, chosen in a search across the U.S., is Mary Xinh Nguyen, a 20-year-old Vietnamese American from California. Such companies as Du Pont, Citibank and Delta Air Lines have populated current ads with a rich variety of blacks, Asians and Hispanics...
...underwriting fees no matter who comes out on top, had been hunting for months for a firm to derail the Time-Warner deal. Morgan Stanley gave its search for a spoiler the code name Project Clock. Merrill Lynch, another Davis adviser, assigned the name Space to its project. Citibank, for its part, stands to make $350 million in fees for putting together Paramount's war chest. At the same time, the bank manages 1.5 million shares of Time stock for its clients, on which they stand to make a huge profit if the deal goes through...