Word: citicorp
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...Corporation's decision to review its policy comes barely two weeks after it was learned Harvard had sold $50 million in Citicorp notes when that bank agreed to loan money to South Africa--the first time the Corporation's three-year-old prohibition had resulted in a sale...
HARVARD'S DIVESTITURE of $50 million in Citicorp stock came after a long and arduous battle. For those who remember, the issue was South Africa and $350 million worth of Harvard investments in corporations whose South African operations strengthened minority rule in the apartheid state. In 1978, 4,000 students physically demanded divestiture, but Daniel Steiner, general counsel to the University, and the Corporation out-papered and out-waited most of the students. Now, finally, they made a move. Citicorp was loaning funds directly to the South African government, and that is where the Harvard Corporation appears to have drawn...
...last Tuesday, as the first rays of morning were beginning to light up midtown Manhattan, 25 tired, unshaven bankers in rumpled business suits stumbled wearily out of the Citicorp Center onto 53rd Street. "Whew," said one as he rubbed his eyes and ran his hands over the stubble on his face. "That's the most nerve-racking period I have ever spent." In cooperation with some 300 banks round the world, the moneymen had just completed the largest and most complex financial transaction in history. They had helped achieve an agreement that would lead to the freeing...
Simultaneously in New York, the representatives of the twelve U.S. banks met together for the first time at the Shearman & Sterling law offices in the Citicorp building. At that meeting the bankers made a first attempt to agree on a common negotiating position...
...escrow account to pay off other loans. An escrow account is a bank deposit that is controlled by a third party until certain terms are fulfilled. For example, banks often establish escrow accounts into which homeowners with mortgages deposit money that is used to pay property taxes. As Citicorp Chairman Walter Wriston told TIME Correspondent Frederick Ungeheuer afterward, "The principle of the deal was: Give back our people, and we will give you back your money...