Word: citicorps
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...obliged to pay the bills because it accepted the proposed bid, which fell apart when the banks could not raise enough money to finance the buyout. (Citicorp and Chase Manhattan will receive a total of $8 million for their work.) The fees have infuriated some UAL shareholders, since the payments will come out of the company's profits...
Such advice has often placed Sachs in a cross fire between U.S. bankers, who oppose large-scale debt forgiveness, and populist foreign critics, who resent his calls for fiscal austerity. Walter Wriston, the former chairman of Citicorp, whose Citibank unit has more than $8 billion in outstanding Latin American loans, calls Sachs "a paid flack for the countries of Latin America." Wriston argues that widespread loan write-offs would prevent Latin countries from receiving new credit. At the same time, Julio Bravo, finance secretary of the Bolivian Worker's Central Union, charges that as a result of Sachs' advice, "salaries...
Professor Jeffrey D. Sachs '76 has blamed Western banks such as Citicorp for greedily refusing to allow countries to restructure their debts. He even alleges that one of the causes of the U.S.'s staunch debt policy under Baker was the former Treasury Secretary's vested interest in Chemical Bank...
...craps with the taxpayer's money." So said Michigan Democrat John Dingell, chairman of the House Energy and Commerce Committee, with a touch of hyperbole. The object of his barb: a Fed ruling last week that will permit five leading bank holding companies -- Bankers Trust New York, Chase Manhattan, Citicorp, J.P. Morgan and Security Pacific -- to buy and sell corporate bonds. The decision will enable the financial institutions to move, within strict limits, onto the turf of Wall Street firms, which have been encroaching on the banking business. Said Richard Huber, an executive vice president at Chase Manhattan...
Karossy contacted Citicorp, which has a branchin Budapest, and asked for financial support. Sheeventually signed a contract agreeing to workthree years for the bank after getting her MBA, inreturn for the necessary half of her tuition...