Word: citibankers
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...become a kind of reverse foreign aid with the poor giving to the rich. The situation has brought criticism even from some American institutional investors, who think the banks are pumping a dry well. Says Barton Biggs, chief portfolio strategist at Morgan Stanley: "There is simply no way Citibank can continue to increase its earnings by 15% a year on the backs of millions of sullen Latin American peons...
...advice from De Larosière and Volcker produced an immediate response from the bankers. Mexico's major creditors, led by New York's Citibank, announced that they were willing to renegotiate the interest rates and the timetable for payments. The banks remained reluctant, however, to grant similar concessions to other large Latin debtors because they have made less headway with their economic difficulties. Brazil's annual inflation rate is 210%, and Argentina's is an astounding...
Finance and foreign ministers from several Latin countries, including Mexico, Argentina and Brazil, are planning to get together next week in Cartagena, Colombia, to discuss their debt problems. But Citibank Chairman Walter Wriston dismissed fears that the Latin nations would join forces to withhold payments. Said he: "They would be cutting off their source of funds. They would be cutting their own throats by setting up a cartel...
...many bankers are wary of that notion. They argue that a ceiling would encourage debtors to avoid grappling with their economic problems. Others are concerned that a cap would make the Federal Reserve less reluctant to push up U.S. interest rates. Says Citibank Senior Vice President William Rhodes: "Capping has no advantage except that it sounds easy...
...once sleepy fishing village of Shenzhen, a new golf course stretches out from the Honey Lake Country Club. High-rise apartment buildings tower above newly created avenues, and a 48-story trade center is nearing completion. Scores of foreign-owned operations, including those of such giants as PepsiCo, Citibank and Sanyo, have streamed into the area, where a decidedly unsocialist billboard exhorts, TIME IS MONEY! EFFICIENCY IS LIFE! In the midst of those developments, many peasant families own three-story houses furnished with stereo systems, refrigerators and color TVs (sometimes two per family so that parents can watch one program...