Word: defaulters
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Dates: during 1980-1989
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Surveying the damage from the Drysdale default...
...last week. But behind the scenes there was a mood of uncertainty in the once stodgy business of buying and selling U.S. Treasury bonds, bills and notes. For the brokers and dealers in the $700 billion market, the task at hand was to sort out the implications of the default two weeks ago by Drysdale Government Securities Inc. on more than $189 million worth of obligations to Chase Manhattan Bank and other major banks. Meanwhile in Washington, probes of the Drysdale affair were opened by both the Securities and Exchange Commission and a Senate subcommittee...
...Chase Manhattan, the impact of the default was plain enough. After an impressive five-year string of earnings gains, the third largest commercial bank in the U.S. was confronting the biggest single loss in its history. Still unable to explain fully how the bank's bond trading department had stumbled into its costly involvement with the little-known Drysdale in the first place, Chase had no choice but to swallow hard and announce a onetime write-off of perhaps $135 million after taxes, or more than what the bank had expected to earn in the second quarter. Another...
...High interest rates derailed the whole scheme because the bonds Drysdale had bought against the ones it borrowed failed to rise in value, forcing the firm to float more repos to pay the interest out of new premiums. Eventually, though, even that was not enough, and Drysdale had to default on the interest payments to Chase and other bankers...
...sudden default rattles an already edgy market...