Word: citicorp
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...continue to do large scale business in South Africa. Seven colleges and universities have already completely divested But despite the four year effort of a devoted group of activists at Harvard (Southern Africa Solidarity Committee) only recently did the University take a partial step selling its debt investments in Citicorp a major lender to South Africa...
Among the most active churches in the U.S. is the small and simple St. Peter's Lutheran 5 Church on Lexington Avenue in midtown Manhattan. St. Peter's, which opened in 1977, adorns the base of Hugh Stubbins Jr.'s 59-story Citicorp Center. Although it is not, strictly speaking, part of the Citicorp skyscraper, it too was designed by Stubbins and fits masterfully into his overall architectural vision. Stubbins' church holds its own at the foot of the somewhat brutish 915-ft. Citicorp tower. The church's uncluttered, skylit interiors were created by Vignelli...
This embarrassment is not newfound: the University's divestment of $50 million in Citicorp stock was kept secret a year ago, presumably for fear of alienating alumni and investors with much at stake in South Africa. Before the disclosure of the sale. The Corporation hoped to vitiate the intent of the policy, which was demanded by students in 1978 and designed to use the University's prestige to undermine South Africa's police state. Logic would suggest that the real apology is owed to the majority of South Africa's citizens for Harvard's hand in perpetuating an illegitimate...
...York's Citicorp, the second largest bank holding company in the U.S., improperly diverted some $46 million in profits from foreign-currency transactions? Or was one of the biggest dealers in world money markets simply shifting funds between countries in generally accepted, legal ways in order to reduce the amount of taxes it paid? Bankers and federal officials were hotly debating such questions last week, after the Securities and Exchange Commission overruled its staff and decided not to bring any legal action against Citibank for questionable currency-trading transactions between...
...what appeared to be the unbridled power of corporate management." But Shad wants to back away from enforcement that he believes is "clearly beyond the basic mandate of the commission." Although few will quarrel with his avowed goal of cutting back Government regulations, decisions like that in the Citicorp case can give the impression that the SEC has greatly relaxed the standards for corporate ethics. -By Alexander L. Taylor III. Reported by Jonathan Beaty/Washington and Frederick Ungeheuer/New York