Word: deposits
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Code names such as "D," "S" and "K" are sprinkled throughout. There are tales of a booby-trapped floor vault fortified with concrete, stacks of silver bars stashed in a safe-deposit box, hints of meetings in Europe and the Far East, and canes that become guns and daggers. There is even a woman who turns in her former husband. In hundreds of pages of documents, unsealed last week in Norfolk, Va., authorities describe how three members of a naval family allegedly schemed to supply U.S. military secrets to the Soviet Union, resulting in what Defense Secretary Caspar Weinberger calls...
...paraphernalia worthy of both Inspector Clouseau and James Bond. It included a clerical collar, fake IDs and business cards, a .357 magnum pistol, a walking cane that contains a gun, another that conceals a dagger and yet a third that holds hidden vials. When authorities opened his safe-deposit box, No. 257 at a Norfolk branch of the Bank of Virginia, they found ten 100-oz. silver bars, currently worth some...
...panic indeed exploded in Maryland last week, prompting Hughes to seize emergency control of his state's 102 privately insured thrifts. The events demonstrated the shaky state of consumer confidence in banking and sparked demands that all deposit-taking institutions be federally insured. Most of all, Maryland's crisis raised doubts about the overall health of the savings and loan industry, which is attempting to recover from a six-year slump. Said Willard Butcher, chairman of Chase Manhattan Bank: "We have the potential for a very serious thrift crisis in this country...
...whiff of trouble was all it took to ignite the fears of Maryland's depositors. Press reports about management improprieties at Baltimore's Old Court Savings & Loan sent customers scurrying to withdraw deposits. The panic spread to other thrifts because many of the state's institutions, as those in Ohio once did, rely for deposit protection on a private insurance fund rather than federal agencies. Maryland depositors feared that their $286 million fund, the Maryland Savings-Share Insurance Corp., would be exhausted by a major run on the $7.2 billion in deposits that it guarantees...
...press, the customers don't always see it that way." Consumer anxiety has prompted many $ privately insured thrifts in North Carolina and Massachusetts, among other states, to apply voluntarily to the FSLIC. Editorialists and legislators have called for a law to make this step mandatory for all deposit-taking institutions...