Word: deposit
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Coach Bill Cleary did not see forward Ed Krayer deposit the puck into the net with five minutes gone in overtime to give Harvard a 4-3 victory over Minnesota Saturday in the finals of the NCAA tournament...
President Bush's plan to bail out the savings and loan industry is getting little help from depositors, who are withdrawing their money at an inconvenient moment. The Federal Home Loan Bank Board, which regulates S & Ls, said last week that in January thrifts suffered a record monthly net-deposit outflow of $10.7 billion (total remaining S & L deposits: $964 billion). Because Bush's proposed $200 billion bailout package is to be financed in part from the thrifts' federal insurance premiums, which are based on the size of their deposits, the withdrawals could reduce that source of Government income...
...after President Bush unveiled his plan to bail out hundreds of insolvent savings and loans, some of them took a turn for the perverse by getting into a costly new interest-rate war. Houston's Commonwealth Savings cranked up the rates it pays on six-month "jumbo" certificates of deposit (typical size: $100,000) from 9.6% to a hefty 10.75%. In California, Pasadena's BancPlus Savings followed suit with a 10.5% six-month rate. One reason for the feverish run-up was the need for the thrifts to compensate depositors for the perceived risk of putting money in those...
Besides rounding up all that cash, Bush proposes to reform the system that supervises the thrift industry and insures its deposits. The main regulatory agency, the Federal Home Loan Bank Board, which has been accused of being too chummy with thrift-industry leaders, will be replaced by one chairman who will answer to the Treasury Secretary. The exhausted Federal Savings and Loan Insurance Corp., which guarantees deposits, will be overseen by its healthier and better-staffed counterpart for the banking industry, the Federal Deposit Insurance Corp. Banks and thrifts have traditionally had separate regulators and roles: S & Ls specialized...
...rule: pay depositors 3%, lend money at 6% and tee up at the golf course by 3 p.m. When interest rates remained stable, the strategy worked well. But by the late 1970s, thrifts began steadily losing depositors to the new money-market funds, which were not covered by deposit insurance and paid higher interest rates...