Word: citicorps
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...natural focus of corporate interests. Instead they aspire to organize and direct the world economy on their own. These men, such as Jacques Maisonrouge of IBM and George Ball of Lehman Brothers International (a former Undersecretary of State and a possible Democratic Secretary) agree with William Spencer of Citicorp that "the political boundaries of nation-states are too narrow and constricted to define the scope and sweep of modern business." They sympathize with the desire of Carl Gerstecker of Dow Chemical (a former America-Firster) to establish his company's headquarters on an island under the sovereignty of no nation...
...Walter Wriston, the strongest champion and exemplar of the new banking. Under Wriston, Citibank has led in international expansion, computerization and the use of large CDs, and it was one of the first to appreciate the diversification possibilities of holding companies. (Citibank today is officially a subsidiary of Citicorp, a holding company also headed by Wriston, which is involved in mortgage banking, leasing and financial consulting, and runs 148 consumer-loan offices in 19 states through its Nationwide Financial Services Corp.) During the 1970s, Citibank has moved from third to second largest bank in the U.S. in terms of assets...
...units were to be rented at the market rate), MHFA could go only 90 per cent of the project's cost. So the University bailed out the housing project by contacting banking connections unavailable to RTH, and put its credit on the line to secure an equity loan from Citicorp, a subsidiary of First National City Bank...
Another Try. The plans, however, ran into stiff opposition. The Securities and Exchange Commission pointedly failed to issue its customary "letter of comment," which evaluates new offerings. Arthur Burns, chairman of the Federal Reserve Board, wired Citicorp Chairman Walter Wriston an appeal to hold off the note sale for two weeks so that Government officials and Congressmen could study "the economic and financial implications of this novel type of issue...
...savings and loan associations and mutual savings banks (generally called "thrift institutions"). This would further cripple the housing industry, which depends heavily on mortgage money advanced by those institutions. Even AFL-CIO President George Meany, worried about jobs in the construction industry, joined the chorus of criticism. Citicorp held off the note sale, though it may try again this week...