Word: commerzbank
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Dates: during 1980-1989
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...surprisingly, some bankers oppose any debt forgiveness. Walter Seipp, chairman of West Germany's Commerzbank, lambastes Latin Americans who live beyond their means on borrowed dollars. Says Seipp: "I haven't worked 16 hours a day in a bank just to pay for their life-styles. The term forgiveness does not exist in my vocabulary...
Another fear about falling oil prices is that they could do more damage to the already faltering efforts to develop alternative energy sources. In West Germany, says Economist Liane Launhardt of Commerzbank, research money for vanguard work on solar energy, coal gasification and synthetic fuel may dry up. France is deeply committed to an ambitious nuclear program, which now generates 39% of the country's electricity. The French want to raise that figure to 70% by 1990, but if oil prices slide, the investment could end up being extremely uneconomical...
...sagging economy. The most sensitive issue is social-welfare spending: at a time when 1.8 million West Germans are unemployed, businessmen are complaining loudly that 70% of their labor costs are for social benefits, the steepest percentage in Western Europe. Says Liane Launhardt, an economist for the Frankfurt-based Commerzbank: "There is no doubt that what we have done over the years is escalate the social safety net." Agrees Economist Wolfgang Baumann of the Cologne-based Federation of Industry: "What we need is a shift to supply-side economics, German-style...
...began lending to American firms and setting up branch offices to seek out local business. Willing to sacrifice profits to build markets, the foreign banks have regularly undercut their U.S. competitors. Gulf Oil, for example, last spring borrowed $70 million from a group headed by West Germany's Commerzbank, which shaved an estimated ¾ point off the prevailing 20% interest rate. Since 1972 the number of American offices of foreign banks has soared from...
...would at least have liked the chance to bid on Crocker Bank." Thousands of small American banks, though, are expected to continue lobbying hard against any legislation that would permit large domestic banks to enter their markets. They are no more eager to be swallowed by Chase than by Commerzbank...