Word: deposit
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...firetruck pulled up just as we asked another woman if she wanted to use the mailbox. All of a sudden, she grew cautious and refused to deposit her parcels in the post box. "Is there a bomb in there?" she asked. I told her no, but she asked if I would put her letters and packages in the mailbox...
...largest of the 69 U.S. banks that have failed this year. The collapse of Unitedbank-Houston (assets: $218 million) showed once again how shaky some parts of the American financial system are, especially in the depressed oil patch. When officials from the Federal Deposit Insurance Corporation shut down the bank last week, TIME Correspondent Richard Woodbury went along to see how such an operation is carried out. As it happened, the drama had an unexpected denouement. His report...
McDonnell Douglas has a particular grievance against Airbus: using "predatory" practices in trying to persuade customers who had already ordered the MD-11 to switch to the A340 instead. Scandinavian SAS airlines had signed a letter of intent to buy a dozen MD-11s and had put down a deposit on the order. Then Airbus jumped in with attractive concessions to SAS on a deal (the details are undisclosed) to buy A340s. The airline has delayed its final decision...
Changing the Glass-Steagall Act is the focus of the current power struggle between the country's financial giants. The battle is as much psychological as political. The legislation, which also created the Federal Deposit Insurance Corporation, was enacted to protect the public from irresponsible banks like those that invested depositors' savings in highly speculative securities prior to the Great Crash of 1929. As a result, the separation of commercial and investment-banking functions by Glass-Steagall still has tremendous populist appeal. But in official Washington, as Fed Chairman Volcker put it in Senate testimony last January, opposition to giving...
...expansion of bank powers. Such legislation would be likely to void any relaxation of Glass-Steagall by the Federal Reserve Board this week. But major banks fully intend to test the limits of how far they can move toward investment services. Last month, for example, Chase Manhattan introduced a deposit account with a yield tied to the stock market's performance. That measure provoked the mutual-fund industry to file a lawsuit alleging violation of Glass-Steagall. In short, the battle between investment bankers and their commercial rivals will continue to intensify, and the pressure on the beleaguered U.S. banking...