Word: deposit
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...relative losers this time could be people with cash in the popular money-market funds. These have paid an average annual return of as high as 17% in the past twelve months. Since the funds make their money by investing in short-term Government securities and bank certificates of deposit, they will no longer be able to pay out as much as they did before. The average money-market yield is already down to about 11.5% and is likely to drop still further...
...Botswana, near the southern tip of Africa, should have been an occasion for celebration. After all, Harry Oppenheimer, 73, the chairman of De Beers, the cartel that controls the production and sale of most of the world's diamonds, has called the site "the most important primary deposit found anywhere in the world since the discovery at Kimberley more than a century ago." The rich ore of the Jwaneng mine is expected to produce 3 million carats of precious stones in 1982, and eventually 4.5 million carats annually, nearly one-quarter of De Beers' total output...
...banking industry is by far the safest and soundest in the world. Deposits in the more than 14,000 institutions belonging to the Federal Deposit Insurance Corporation are guaranteed by the Government for up to $100,000 for each account. Since the FDIC program was established in 1934, 578 member banks have gone out of business for one reason or another, but no depositor has ever lost a penny in an insured account...
...weeks ago rumors began to circulate that the bank was in trouble. When federal bank regulators last week declared the institution effectively insolvent and seized it, the biggest losers were not Penn Square's jittery depositors, whose savings were generally covered by federal deposit insurance up to $100,000 an account, but the bank's big-city banking partners. They may end up with huge losses from the collapse, and major lawsuits may result...
Squirreled away in his safe-deposit box, Calvin Trillin keeps a list of prominent novelists who once sported Nehru jackets. Occasionally, he will take out this list and peruse the names the way a stamp collector savors his Luxembourg misprints. That is precisely what readers ought to do with Trillin's essays in Uncivil Liberties, originally written for the Nation from...