Word: fernande
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...origin of funds earned from drug trafficking and other crimes. Growing concern about the spread of money laundering prompted the Senate Subcommittee on Investigations to announce plans for a probe of the Boston institution, which is New England's largest banking company (assets: $21 billion). Rhode Island Democrat Fernand St Germain, chairman of the House Banking Committee, declared that the Boston episode shows the need for tighter controls over the financial industry...
...stage "one of the greatest recoveries in history." Critics charge that he accepts any economic nostrum that strikes the President's fancy and sells it as one more way of getting "bullish on America," the corporate slogan that was instituted while he was president of Merrill Lynch. Says Congressman Fernand St. Germain, chairman of the House Banking Committee: "Donald Regan faithfully implemented whatever Reagan Administration economic policy was in vogue at whatever moment...
...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...