Word: depositors
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Dates: during 1980-1989
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...behind shuttered windows and CLOSED signs, Panama's bankers were ready for a stampede of cash-starved customers when the institutions reopened last week. With good reason: it was the first time since March 3, when the government controlled by General Manuel Antonio Noriega decreed a bank holiday, that depositors at most of the country's 120 banking institutions were allowed to make limited withdrawals. Yet the queues that curled around street corners last Monday were calm and orderly. Grunted one depositor, Roy Stone, as he waited to enter a Chase Manhattan branch in Panama City: "It's a beginning...
Ohio's trauma probably further eroded the public's confidence in the safety of its deposits. "This problem with S and Ls is getting real widespread," said Accountant Bruce Humpherys, a thrift depositor in Pittsburg, Calif. "I'm wondering what's happening to our whole financial structure." The concern showed up dramatically in Pollster Albert Sindlinger's weekly survey of consumer sentiment. The percentage of people voicing confidence in the economy fell in one week from 50.4% to 42%, the steepest drop in the poll's 30-year history. "I wouldn't say consumers are panicked," said Sindlinger, "but they...
...bank customers are grousing about high fees, impersonal service or long teller lines. Wealthy depositors seldom experience any of those indignities. For them, banking has become more convenient and financially rewarding than ever before. At the Manufacturers Hanover headquarters at 270 Park Avenue in New York City, customers with a net worth of more than $ 1 million carry out their transactions in an inner sanctum with dark paneled walls and deep-green carpeting. At least two officers familiar with the individual's finances are on hand so that the customer can borrow $500,000 for, say, a vacation home...
Such moves have outraged many in a nation in which economic discontent has already spawned a wave of protests. Declares one disgruntled depositor: "I will keep large amounts of cash on hand and will pay all my bills in cash." Others have been lining up to open accounts at hitherto little-used post-office banks, where services are limited but attractively free of charge...
Baldwin's hottest financial product has been single-premium deferred annuities. These accumulate untaxed interest until the depositor begins withdrawing the money. Baldwin sold $3.7 billion worth of annuities during the past three years with promises of up to 15H% interest. But the firm has been earning much less than that on its own investments because of falling rates. Additional costly problems arose at MGIC Investment, the mortgage-guaranty company Baldwin acquired in March 1982 for $1.17 billion. MGIC's profits fell 21% last year...