Word: citicorps
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...judgment be a circumstance that calls for an extra business commitment." Granted, that an institution of learning, such as Harvard, must be more concerned with political neutrality than a state government, the University's willingness to divest from firms making loans to South African government as it did with Citicorp--and its agreement to pressure companies working in the company to support higher standards for racial equality--as it is doing with Carnation--already violate this absolute moral rule Bok himself has acknowledged that South Africa's abhorrent practice make it an exception to the rule...
...capped, widening the salary gap between executives in the public and private sectors to the point where the financial sacrifices being made by top Government officials have become absurd. The chairman of the Federal Reserve, for example, makes $60,662, compared with $581,533 for the chairman of Citicorp; the Secretary of Defense makes $69,630, compared with $1.2 million for the chairman of United Technologies, a major military contractor. Yet Congress has consistently panicked at the prospect of hiking its wages during tough economic times. When the matter first came up last week, the House voted...
...seemingly minuscule percentage. Potential losses look more serious when compared with stockholders' equity, which can be thought of as what a bank would have left if it paid off its depositors and creditors. At the moment, Chase Manhattan's nonperforming loans amount to 48% of equity; for Citicorp the ratio is 32%. Though disturbing, these percentages are no worse than those that prevailed during the last banking slump in 1975. At Continental Illinois, however, nonperforming loans of $2 billion represent a stunning 121% of shareholders' equity...
While that kind of pyramiding sounds ominous to some, Citicorp's Wriston contends that the chances of default by a major country are "zero." A nation that defaulted, he persuasively argues, would cut itself off from the world monetary system and be unable to finance essential imports. Felix Rohatyn, a partner in New York's Lazard Frères investment banking firm, disagrees. Says...
care to shell out on deposits that perhaps may be as small as $2,500. Said Citicorp Chairman Walter Wriston: "I think it's terrific." Dreyfus, which manages the third largest money fund with assets of $12 billion, reacted swiftly. Just days earlier, it had announced plans to buy the tiny Lincoln State Bank of East Orange, N.J. By making application to the U.S. Comptroller of the Currency for permission to start its own bank as well, Dreyfus sent a signal that it was determined to get into banking one way or another. Investors in the Dreyfus Liquid Assets...