Word: dresdner
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Dates: during 1990-1999
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...soaring stock portfolios, to keep buying consumer goods on credit--the so-called "wealth effect." But a drop in the Dow Jones index or some other shock could quickly erase those paper gains and choke off the spending boom. So while the Clinton Administration is touting consumption-driven growth, Dresdner Bank's Ernst-Moritz Lipp is critical. "We shouldn't praise as an important development something that is due to an unsustainably low savings rate driven, in turn, by an asset-price bubble," he says...
...changed his last name from Lieberman to Lee) made it out of the war alive, but he lost his entire family. Now, like many survivors, he is fighting to get something back. In October he joined a class action filed in the Federal District Court of New York against Dresdner Bank, where a wealthy family member had an account. "There were 6 million people who were murdered, and every family had something," says Lee. "Our things do not belong to them, and justice will be done when they are given back...
...buyers get financing to build houses on them." Naujokat's personal commitment to the project is $23,000, representing his life savings, and a five-acre plot of Sommerfeld farmland that had been part of his wife's inheritance. The rest of the money is coming from the Dresdner Bank and a credit line backed by the German Unity Fund...
...bottom line is that America is an ebbing power in the banking world, with its mightiest institutions surpassed by behemoths in Japan and Europe. U.S. banks have simply been outmuscled abroad by their bigger, better- capitalized foreign competitors, like Sumitomo and Fuji of Japan, the Deutsche and Dresdner banks of Germany and such other rivals as Credit Lyonnais of France, Midland of Britain and Union Bank of Switzerland. A glance at a list of the world's largest banks gives a clear view of the winners and losers in the bruising battle. Of the world's 20 top banks...
...Europe is within Germany itself, as West German banks vie to take over the deposits of their East German neighbors. Deutsche Bank, the leader of the drive, is opening 100 new branches in the East to cash in on this month's currency union between East and West. Dresdner Bank, which once had 162 branches in the East, is hard at work re-establishing them. And Commerzbank has set up prefabricated bank branches on East Berlin street corners. Elsewhere in Eastern Europe, where countries like Hungary and Poland are burdened with billions in foreign debt, bankers from abroad are more...