Word: deposit
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Bank Robber Willie Sutton would have been intrigued: the First Bank & Trust of Harrisburg, Ill., is giving away guns. In lieu of cash interest, the bank some time ago began offering a collector's set of three Smith & Wesson revolvers (retail value: $1,300) for new certificates of deposit. To get the guns, a customer can deposit $2,000 for a ten-year term, for example, or $30,000 for six months. The bank estimates that the weapons are worth the equivalent of 10% annual interest over ten years. The idea has been so successful that the bank...
Potentially the most prolific tape dispenser is the video vending machine, which will accept a charge card for payment and deposit. More than 20 companies are developing devices with names like Le Bijou and the Movie Machine. U.S. Video Vending of Iselin, N.J., has already installed 100 soda- machine-size devices in apartment buildings, supermarkets and malls. One manufacturer predicts that 60,000 video vendors will be in operation...
...until Congress returns in January, and S and L officials insist that depositors are in no danger of losing their money. Says William O'Connell, president of the U.S. League of Savings Institutions: "I don't think there is a crisis. The whole U.S. Government stands behind the deposit-insurance funds...
Coverage of away games in particular has becomeincreasingly expensive because of rising telephonecosts, said John P. Toohey '87, a member of thestation's sports department. A $400 deposit wasrequired to obtain a telephone line for one awayhockey game last year, Toohey said...
...York scandal during the mid-1970s. Loews had bought a $40 million stake in the Franklin National Bank, which was sold to Michele Sindona, an Italian financier. When the bank later failed, Sindona was convicted of looting its assets, and Loews was sued by the Federal Deposit Insurance Corporation and a bankruptcy trustee for breach of fiduciary duty and misuse of inside information. Without admitting any wrongdoing, Loews agreed to pay $1.2 million to settle the suits...