Word: deposits
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Several administrations have had economic coordinating offices. Some were workable power centers; others were abject failures. By all accounts, the best was President Ford's Economic Policy Board. "Ours worked for two reasons," says William Seidman, the former Federal Deposit Insurance Corporation chairman who ran the board. "First, Ford insisted that no decisions be made until they passed through the board's processes, which kept end runs to a minimum. Second, ((Treasury Secretary)) Bill Simon wasn't interested in running the day-to-day operation. He forcefully presented Treasury's view but never pulled rank. He was satisfied...
According to police, Williams allegedly approached the first student on the street, presenting him with a forged check for $800. Williams said he did not have an account at the bank, and asked the student to deposit the check in his own account, requesting $200. Williams then allegedly told the student he could keep the remaining...
...going to hit us with a hundred banks . . . a $100 billion problem," he declared. The candidate was referring to a new regulation taking effect Dec. 19 that requires regulators to crack down on banks whose net worth, or capital, is less than 2% of assets. Regulators at the Federal Deposit Insurance Corp. quickly rebutted Perot's remarks, contending that only about 80 weak institutions (total assets: $30 billion) out of America's 12,000 banks will fall below the 2% level. Moreover, only those banks that show no progress toward boosting their capital will be taken over, regulators said...
WHEN LAWSON BROWN SET OUT to reinvest his family's $70,000 nest egg a few months ago, the Minneapolis, Minnesota, probation officer found his options limited. Brown, 39, considered mutual funds to be "unexciting." Certificates of deposit? "Get real," he says. "Not with bank rates of 3%." Bonds? "Same problem." The only alternative, he says, was the stock market. He took the plunge, scoring short-term gains in high-tech stocks and banking issues, which lulled him into a sense of security. Now he and other investors are getting a loud wake-up call from the market's bumpy...
...stock market has so far managed to avoid a crash despite enduring such woes as a weak economy and global currency turmoil. With interest rates at their lowest levels in decades, stocks have been practically the only game in town. Small investors by the millions have deserted certificates of deposit and money-market funds in favor of the higher potential returns on equities. Since 1990, individuals have shifted an estimated $100 billion out of stingy bank CDs into the stock market. More than a quarter of the $120 billion they invested in mutual funds during that period has also ended...