Word: deposit
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Last year's dismal recession produced at least one major surprise. Banks and savings and loans actually managed to pull off one of their best performances in years. The Federal Deposit Insurance Corporation reported last week that the commercial banking industry earned $18.6 billion in 1991, up 16% from the previous year and the largest profit since 1988. And the Office of Thrift Supervision said the S&L industry posted earnings of $1.97 billion, the first gain in five years. The thrifts lost $2.9 billion...
Michael Milken thought he had struck the deal of his life last week. But the idea that he might still command a fortune of up to $500 million even after paying out $900 million to victims of his crimes did not sit well with the Federal Deposit Insurance Corporation. The agency scuttled, at least temporarily, a $1.3 billion settlement of suits brought by thousands of investors who said they had been bilked by the jailed junk-bond king's schemes...
...about hundreds of lawsuits filed by investors claiming they were bilked by his schemes. To settle those charges, the fallen junk-bond king has now agreed to pay $500 million more in a deal that requires the approval of U.S. Judge Milton Pollack in Manhattan. Plaintiffs include the Federal Deposit Insurance Corporation, which alleges Milken helped undermine the savings and loan industry by persuading S&L chairmen to load up on junk bonds that collapsed when the market for the risky IOUs turned sour...
...voucher booklets containing l,000 investment points redeemable for the stock of state-owned companies. Seven million citizens have invested in the booklets, the bulk of them since late December, when a company called Harvard Capital & Consulting promised a 10-fold increase within a year to citizens who would deposit the booklets with HC&C and let it choose which firms to buy into. The promotion spawned hundreds of imitators and boosted sales, but the privatization program in general has been dogged by chronic delays and reports of corruption...
...special tribunal concluded that prosecutors had not proved their case. They had charged that Papandreou ordered state companies to deposit funds in the private bank at a time when its owner was suspected of embezzlement. Papandreou was also accused of taking bribes from the bank owner...