Word: clausen
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Under Conable's predecessor, A.W. Clausen, policy lending had started to become a substantial part of World Bank activity. In the past year Clausen, a former BankAmerica chairman, oversaw a 47% increase in the bank's lending to the ten most highly indebted countries in the world. By contrast, overall World Bank loans for the same period rose by only 16%. In Latin America, policy loans accounted for about 40% of the $4.8 billion that the World Bank dispensed in the twelve months ending in June. Says David Knox, the World Bank's vice president for Latin America...
Despite the machine's dazzle, however, Amiga sales are off to a slow start. Commodore has been selling computers through such department stores as K mart and Sears. But that strategy has alienated computer-store owners, many of whom refuse to stock the Amiga. Says Drew Clausen, who owns nine Computerland stores in Los Angeles: "Once you open your product to mass merchandisers, then you're not selling computers. You're selling toasters." Commodore is also having trouble finding a market niche for the Amiga. Business customers are unenthusiastic because it is not compatible with the IBM machines that...
BankAmerica is losing money because it is saddled with many shaky loans. Most of them were extended by Armacost's predecessor, A.W. Clausen, who now heads the World Bank. Like other big banks, BankAmerica made risky loans to developing countries and to real estate and shipping firms. But it also became the world's largest commercial lender to farmers, who are now under severe financial pressure. Concedes Stephen McLin, a BankAmerica senior vice president: "Our credit standards were not the greatest." The bank wrote off $1.6 billion worth of loans last year. Other low-grade credits are still...
...have made pilgrimages to Buenos Aires to see the miracle for themselves. "We have profound admiration for the courage and skill with which the government has seized the nettle and acted to curb inflation and to set this country back on the road to growth," World Bank President A.W. Clausen told a group assembled at Argentina's Central Bank last week. David Mulford, Assistant U.S. Secretary of the Treasury, declared during a visit last month that Argentina would be an ideal candidate for his government's new Baker loans (named after Treasury Secretary James Baker), which will provide low-interest...
...here. I'm staying," said Paul Volcker last week to a relieved audience of international bankers. With those unequivocal words, the Federal Reserve chairman squelched rumors that he would leave his post to assume the presidency of the World Bank, which will become vacant when A.W. Clausen steps down next year. At a Washington conference sponsored by the American Stock Exchange, Volcker admitted that "the question arose" of his taking the World Bank job, but added, "My answer was no." Federal Reserve officials confirmed that the Administration had formally asked the chairman to replace Clausen...