Word: depositer
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...middle-class minority, while the majority remains mired in varying degrees of poverty. Even President Medici concedes: "The economy is going well, the people not so well." As a start on redistributing the wealth, the government now requires employers to open bank accounts for all employees and deposit part of the firm's profits into them. Workers are permitted to draw on this account only to buy a house, pay medical bills or pursue other goals that the government deems worthwhile...
About three weeks later, the woman appeared at the bank to deposit the first of the three checks-this one for $50,000. In a bank officer's presence, she endorsed the check "H.R. Hughes." In early fall, the woman appeared again, this time to deposit the $275,000 McGraw-Hill check made out to H.R. Hughes. Again she endorsed the check in the presence of a bank officer. The third check, for $325,000, arrived by mail, already endorsed, early last December...
...Theories. The bank account was used only for converting the checks into cash. About two weeks after each deposit-it takes approximately that long for an overseas check to clear-the woman appeared and withdrew the money in Swiss currency. She carried it off in sizable bundles in an airline flight bag, since the largest denomination of Swiss currency, a 1,000-franc note, is equivalent to only $258. The account now is virtually empty; apparently only the original 1,000 francs is still there...
...Michigan. But the Parsons Group foundered during the 1970 recession. Parsons was all but wiped out and forced out of banking. Even under new management, the flagship of his operation, Detroit's Bank of the Commonwealth (B.O.C.), continued to sink into deeper trouble. Last week the Federal Deposit Insurance Corporation felt obliged to start a $60 million rescue operation-only the second and by far the larger such lending effort in the agency's 38-year history...
...since last January by David Rockefeller's Chase Manhattan Bank, which took over after foreclosing on $21 million in loans. B.O.C., with assets of $1.3 billion, showed operating losses of $6.6 million in 1970 and $4,000,000 last year. To keep the bank from failing, the Federal Deposit Insurance Corporation moved in. Rather than close down the bank and pay off its depositors-which would take a big chunk ($750 million) out of FCIC's $4.7 billion in assets-the agency will make available $60 million over the next five years to keep the bank running while...