Word: citicorps
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Walter Wriston, probably the nation's most influential banker, thinks he has some answers. As chairman of New York's Citicorp, he is a gilt-edged Establishmentarian who gets an insider's rare look at loan-seeking corporations and bends elbows with their chiefs at the Metropolitan Club and the Greenbrier and the Business Roundtable. Yes, says Wriston, business should be strong both in 1978 and 1979, which is as far as anybody can foresee. But he is bedeviled by many questions about modern America, including who killed Jack Armstrong and whether Abe Lincoln could be elected...
...board. But Kennecott's dour and demanding chairman, Frank Milliken, 64, turned down the request. So T. Roland Berner, 67, Curtiss-Wright's chairman, declared war by nominating a slate headed by himself to take control. The rather geratic group includes George Moore, 72, former chairman of Citicorp; Robert Meyner, 69, former Governor of New Jersey; George Bunker, 70, former chairman of Martin Marietta; and Fred Kirby II, 58, chairman of Alleghany Corp. and Investors Diversified Services, the mutual fund concern. Curtiss-Wright said its nominees "believe that Kennecott management, instead of paying $567 million to buy Carborundum...
...presented a dilemma to U.S. companies: profits on loans, sales and investments in the land of apartheid can be high, but so can the costs in bad publicity. Last week the spotlight fell on two companies that had reacted to the dilemma in widely contrasting ways. In New York, Citicorp, holding company for the U.S.'s second largest bank. Citibank, let out the word that it had stopped all lending to the South African government and government-owned companies. In New Haven. Conn., Olin Corp., the owner of the Winchester Group, which is one of the largest U.S. firearms...
Some colleges have already taken action. The University of Massachusetts has sold $700,000 of such securities. The Oregon state board of higher education, which administers 13 colleges, has voted to divest itself of stock valued at $6 million. Tufts University has sold $200,000 of stock in Citicorp, a holding company that through its First National City Bank has made loans to South Africa. The University of Wisconsin has been advised by the state attorney general to sell $9 million worth of holdings in companies with South African subsidiaries, as well as stock in any firms with Saudi Arabian...
Mackay Shields Financial Corporation, the investment firm that bought the Citicorp and Manufacturer's Hanover stock in 1976 and recently sold it, seems to have been unaware of the importance on campus of the divestiture issue. While Shields and the four other independent firms helping to manage Harvard's investments only control about 10 per cent of the portfolio, it is irresponsible for Harvard to let anyone make University investment decisions without considering the social implications of those decisions...