Word: depositer
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This legacy contributed to an almost insurmountable problem for U.S. National. Since the risky loans totaled about $80 million more than the sum in its capital account, the bank was forced to pay higher and higher interest rates to attract the large, short-term deposits that it needed to continue operations. In recent months, the bank's managers have been buying up money on the open market in sums of $100,000 or more from corporations, labor unions and private investors eager to make the quick profits that those extraordinarily high interest rates seemed to promise. But by September...
...election campaign, Rebozo said. (Banner claims that the funds were earmarked for congressional candidates in the 1970 mid-term elections.) Yet for reasons that are unclear, the money was not turned over to any campaign. Instead, Rebozo kept it stashed in a Key Biscayne safe-deposit box until last spring, when Robert Maheu, the deposed head of Hughes' Nevada gambling empire, mentioned the contribution's existence in a deposition connected with his $17 million suit against Hughes. At that point, Rebozo said, he returned the $100,000 to Hughes...
More important, it has started an unintended flood of money out of S and Ls and savings banks; depositors are pulling cash out of passbook accounts that pay only 5¼% annual interest and buying Treasury bills, bank certificates of deposit (CDs) and other investments that sometimes yield more than 9%. Through early 1973, S and Ls were taking in savings at an average net rate of more than $1 billion a month, but they suffered a net outflow in July; in August a staggering $1.2 billion was withdrawn, the third largest monthly loss on record. Since then, the situation...
...coincidence, the outflow began when Washington granted financial institutions permission to sell so-called "wild card" CDs. The wild cards, sold to savers who will keep at least $1,000 on deposit for at least four years, yield interest at whatever rate the issuer chooses to pay; Manhattan's First National City Bank last week was offering CDs yielding 9.59% for this quarter. S and Ls can and do sell wild cards, but their ability to do so is severely limited by a rule specifying that the total amount of wild cards an institution offers cannot equal more than...
...program has become an immediate boon to the community. Students work each afternoon on jobs that Lodwick helped them land, and Lodwick marches them to the local bank once a week to deposit 10% of what they earn. One boy runs the projector at the local drive-in, another who loves horses helps at the town tack shop. One has worked out so well on a nearby cattle ranch that the owner wants to pay the youngster's tuition at agricultural college...