Word: citibankers
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...country is also upset about the spread of Government regulation. "What worries me," Wriston says, "is that General Motors and Citibank have a fighting chance of obeying all the new regulatory laws because we have the staff and the big-time lawyers to do so. But most small business people do not. They cannot even find out what the law is. There are, for example, 1,200 interpretations by the Federal Reserve staff of the Truth in Lending Act. Now 90% of the more than 14,000 commercial banks in the country have fewer than 100 employees. If you gave...
...organization, not even Harvard, knows everything, so the portfolio benefits from having several different firms, with presumably different investment strategies, making decions. The independence of the smaller firms can cause problems, however, as when Mackay Shields, a New York investment company, bought $800,000 worth of stock in Citibank and Manufacturers Hanover Trust in 1976. The two banks are among the handful of major U.S. banks that loan money to the South African government and help South African get loans from other countries. Shields sold the bank stock this year in the wake of campus protests over Harvard's holdings...
...Citibank stops its loans; Olin is indicted for rifle sales
...investments in the land of apartheid can be high, but so can the costs in bad publicity. Last week the spotlight fell on two companies that had reacted to the dilemma in widely contrasting ways. In New York, Citicorp, holding company for the U.S.'s second largest bank. Citibank, let out the word that it had stopped all lending to the South African government and government-owned companies. In New Haven. Conn., Olin Corp., the owner of the Winchester Group, which is one of the largest U.S. firearms makers, was indicted on a charge of conspiring to ship weapons...
Bizarre as the Olin case is, the Citibank no-loan decision probably is more significant. A Senate report identifies Citibank as one of eleven U.S. banks that have made most of the $2.2 billion in U.S. loans now outstanding to South Africa. Citibank did not trumpet its decision; it broke the news in a proxy statement to shareholders, quietly adding that it is continuing to lend "selectively, to constructive private sector activities that create jobs and which benefit all South Africans." It did not say what guidelines it would follow to make sure its loans achieved a multiracial purpose. Nonetheless...