Word: depositers
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...York's Manufacturers Hanover admitted to causing the error. The bank blamed employees' unfamiliarity with a new form used for deposit reports to the Fed. Despite its cluster of computers, the multinational giant was as fallible as any citizen trying to balance a checkbook...
...money funds invest not in stocks or gold or commodities but in high-quality, high-interest bank certificates of deposit, commercial paper, Treasury Bills and other U.S. Government securities...
Fighting a rearguard action against the money funds, many bankers trumpet that their deposits are guaranteed by the Federal Deposit Insurance Corporation, and that money market funds are riskier. There is a slight risk, but since the funds are put largely into top bank and corporate securities, a number of banks and cor porations would have to go broke before the typical money market investor would suffer much loss. He would not even lose, but his yields would go down, if interest rates declined. If they dropped far enough, he might have been wiser to invest in a long-term...
Harvard holds approximately $25 million in certificates of deposit from Chemical Bank, Citibank, First National Bank of Dallas, and Continental Illinois and roughly $200,000 worth of equity shares in Republic of Texas, Siguler said...
...days went on and the panic spread, Western Union hired fleets of taxis to help deliver margin calls to speculators. It was common to see people rushing from their banks to their brokers with stock certificates and bonds they had just taken from safe deposit boxes. Insurance companies were besieged by people wanting to cash in or borrow on their policies...