Word: defaulted
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Dates: during 1970-1979
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...that was no problem: 43 out of 49 Morrison voters who showed up simply wrote the name of incumbent Mayor Harris Jacobs Jr. on the blank ballots. "We're not really backward or illiterate," explains Jacobs, a supervisor at an Air Force test facility who has served by default since 1969. "This is a nice little town with nice people...
...finance, but a lot of strong oaths were echoing last week through the paneled offices of private bankers. Fearful that they might be trapped in the crossfire of the U.S.Iranian economic war, many European moneymen were distressed at the haste with which U.S. banks have declared Iranian loans in default and have seized Tehran's overseas assets. Complained an angry Luxembourg banker: "Third parties are being unnecessarily drawn into the conflict. The Americans are displaying Wild West manners and throwing clubs that will boomerang." Countercharged a U.S. banker in London: "The Europeans have no guts. The dollar...
Many European and U.S. bankers have been at odds since mid-November. It was then that Chase Manhattan and six other large U.S. banks in an eleven-member syndicate used their voting majority to declare a $500 million loan to Iran in default. That raised fears of still further defaults and sparked the rush to seize Iranian assets as compensation...
Pressure is mounting on Chase in Europe to reconsider and reverse the default. One reason: the bank apparently did not tell its European partners that Iran had asked for a transfer of its funds to pay the interest on the loan, but that this payment had been blocked by President Carter's freeze on Iranian assets one day before it was due. Some Europeans now charge that the U.S. banks are acting as mercenary scouts of the Carter Administration in its campaign against Iran and that they have stopped playing the banking game under the gentlemanly rules of prior...
Morgan Guaranty argued that the attachment orders, which are automatically issued in West Germany in cases of disputed debts, were necessary to cover possible losses from Iran's default on a $500 million loan. It had been made by an eleven-bank syndicate that included Morgan and was headed by Chase Manhattan Bank. In fact, Morgan Guaranty's $40 million share of the loan is more than covered by the estimated $8 billion to $9 billion in Iranian assets that were frozen in U.S. banks by presidential decree...