Word: dresdner
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Dates: during 1980-1989
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...long-simmering financial scandal. After two years of investigation, Bonn Public Prosecutor Franzbruno Eulencamp announced that his office planned to indict Economics Minister Count Otto Lambsdorff on charges of bribery and corruption. Also accused were former Economics Minister Hans Friderichs, now chairman of West Germany's second-ranking Dresdner Bank, and three other officials. Eulencamp asked the Bundestag to lift the immunity Lambsdorff enjoys as a member of parliament. Despite strong expressions of support for Lambsdorff from Kohl and his Cabinet, the Bundestag did just that, making a formal presentation of the charges possible...
...bitter and frustrating delays, Western bankers and representatives of the Polish government finally signed an agreement last week that permitted Poland to stretch out the payment of $2.4 billion in loans, which were actually due last year. The solemn signing at the glass-and-aluminum-sheathed headquarters of the Dresdner Bank in Frankfurt removed one obstacle to the start of talks on extending the deadline on $4.6 billion that Poland is scheduled to repay banks and governments this year...
...goes to West German financial institutions, which are owed at least $2.7 billion. The largest single lender is the Bank für Gemeinwirtschaft, with a total of about $310 million in Polish credits outstanding, followed by three other German banks with $180 million or more each. Hans Friderichs, Dresdner Bank's chairman, recently conceded that his bank was setting up a contingency fund against the possible write-off of part of its Polish and other weak loans...
...still paying too much attention to interest rates and has reneged on its promise to level off the expansion of money. And many economists in Europe, where confidence in the dollar is crucial, join in the critique. Grumbles Kurt Richebacher, the chief economist of West Germany's Dresdner Bank: "The volatility of the U.S. money supply is not just awful; it's gruesome...
This oil-debt game is being played out in the arcane and complex world of international finance. There, large multinational banks such as the U.S.'s Chase Manhattan and Citibank, West Germany's Dresdner and Britain's Barclay perform two vital and interrelated functions. Operating largely from London's money center, the big financial institutions have first of all provided a safe and secure place for Croesus-rich oil exporters, particularly Kuwait, the United Arab Emirates and Saudi Arabia, to park their unspent petro-profits, which by now amount to over $90 billion. The security...