Word: deposit
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...concluded, "tending to support the view that, but for the correspondent accounts, the loans would not have been made." Heimann noted, however, that such a quid pro quo is not of itself illegal. It must also be shown that the Fulton bank received benefits from Calhoun's interest-free deposit. In this case, Heimann found that Fulton's services to Lance's bank actually cost more than the revenues from the Calhoun money...
...more red tape in a business that they feel already has too much of it. The nation's nearly 14,700 commercial banks and their 250,000 employees are overseen by state or federal agencies-the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation-which over the years have issued hundreds of regulations. Complained an official of the Federal Reserve: "We've got so many goddam rules now, there aren't enough hours in the day to keep them alphabetized, much less working." The regulations tightly limit the way in which...
...stock's price later dropped to below $10 a share, but the bank did not demand more collateral or repayment of the loan because the borrower kept a lot of his firm's money on deposit at the bank...
Correspondent Bank Relations Lance, the comptroller's report confirms, received a loan of $3.4 million from the First National Bank of Chicago in January. A month before, the National Bank of Georgia, of which Lance was president, had established a correspondent relationship with a $50,000 deposit. When the Ribicoff committee held its hearings in July, Lance was asked what his role was in establishing the relationship between the two banks. Answered Lance: "Practically none. That was handled pretty much by the folks at both banks. I did not engage in those conversations at all." The comptroller...
...ethical question remains: Can a bank loan officer really judge a personal loan to an officer of a correspondent bank entirely on its own merits? Even if no one ever mentions the fact, the loan officer cannot avoid knowing that the correspondent bank's interest-free deposit can be withdrawn and switched to an other bank at any time...