Word: citicorp
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Dates: during 1980-1989
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...unusual-and big." Putting aside his assigned story, he immediately started calling his Wall Street sources, including Expert Albert Wojnilower, whose predictions about falling interest rates had helped touch off the market's buying frenzy. That story was still evolving when Ungeheuer had to deal with news that Citicorp was bidding for the Fidelity Savings & Loan Association. "I had seen the move coming two years ago, when Citicorp Chairman Walter Wriston indicated to me that Citibank would be reaching out for a savings and loan at the earliest opportunity," said Ungeheuer. He went to work on the Citicorp story...
Interstate banking on the move "The view of the U.S. Government expressed by courts and regulators that savings banks don't compete with commercial banks can only be described as bizarre." Thus said Citicorp Chairman Walter Wriston two years ago at a convention of bankers in Boca Raton, Fla., when he lashed out at regulations that for bid a bank from doing commercial busi ness in another state. But despite those rules, New York's Citicorp has forged ahead in its ambitious plans to begin tap ping the $833 billion pool of consumer deposits held by American savings...
Last week Citicorp's pursuit of consumer cash paid its biggest dividend so far. After a four-month campaign that in directly pitted it against the only larger U.S. financial institution, San Francisco's BankAmerica Corp. (assets: $121.5 bil lion), the Federal Home Loan Bank Board approved Citicorp's bid to buy the troubled Fidelity Savings & Loan Association of San Francisco. If upheld by the Federal Reserve Board, as expected, the takeover would mark the first time feder al regulators have allowed a bank holding company to cross both state and industry lines to buy a thrift...
...year or two he will have to sell or take in a partner, or else see CNN go bankrupt (the total value of his holdings: $250 million to $300 million, says a top-rank video executive). Turner's financing includes $50 million in loans at steep interest from Citicorp and Manufacturers Hanover Trust. In borrowing from them, he estimated losses of $32 million from CNN's start through the first half of this year; he is $6 million over that total...
...policy job in an Administration already woefully lacking in international expertise. "Relative to the rest of the Administration, Shultz has had experience," says former Senator J. William Fulbright. "He brings to the office an enormous personal acquaintanceship with heads of state around the world," says New York's Citicorp Chairman Walter Wriston...