Word: fernande
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Dates: during 1980-1989
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...trend toward national banks worries people both inside and outside the industry. Says Rhode Island Democrat Fernand St Germain, chairman of the House Banking Committee: "Deregulation poses the greatest threat to the continued existence of a network of small and medium-size community banks. The claims [by the large banks] that deregulation is as good as ice cream and apple pie are beginning to wear thin." Donald Nutt, president of Baldwin State Bank ($25 million) in Baldwin City, Kans., frets about depersonalization. Says Nutt: "It's easy for the big banks to lose the human touch...
Critics in Congress continue to question the regulators' handling of the Continental bailout. Last week Rhode Island Democrat Fernand St. Germain, chairman of the House Banking Committee, charged that federal regulators had drummed up support for the bailout by exaggerating the number of banks that would have fallen in a domino effect if Continental had been allowed to fail. As a result of congressional pressure to avoid such rescues, bankers believe First Chicago, because of its fundamental soundness, presented an opportunity for the Comptroller to clamp down without causing a widespread scare...
...quick to point out that "not one nickel of taxpayers' money" will be spent on Continental because the rescue funds will come from FDIC reserves, which are made up of earnings collected on insurance premiums from banks. Yet the chairman of the House Banking Committee, Rhode Island Democrat Fernand St Germain, objects to any Government agency committing itself to such an expensive bailout without getting congressional approval. Said St Germain: "If there are enough Continentals, then we can rest assured that Mr. Isaac will be standing here, hat in hand, asking for congressional appropriations to replenish the funds...
...personal representative of Mitterrand's has arrived in Bourg St. Pierre (pop. 214) bearing a commemorative plaque and a handwritten letter from the President, thanking the village for the hospitality shown Napoleon. French officials said the matter had been resolved "in a warm and friendly way." Mayor Fernand Dorsaz accepted the plaque and letter as symbols of the debt's amicable settlement, and declared the matter "closed and settled-with a tinge of nostalgia...
Opponents of further deregulation are moving quickly to the attack. Among them is Rhode Island Democrat Fernand St Germain, chairman of the House Banking Committee, who last week introduced a bill that would force commercial banks to sell their discount stock brokerage subsidiaries. Said St Germain of Continental's brush with failure...