Word: froze
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...east Lake Ladoga, to the south the advancing Wehrmacht, to the north the Finns, who, while not formally allied with Germany, were fighting their own war with the Soviet Union. But the city's defenders kept the enemy at bay and, again, winter helped. Lake Ladoga froze to a thickness that would support an escape route for hundreds of thousands of refugees -- and a way in for food. The Russian counteroffensive that began on Dec. 5, 1941, also relieved pressure on the city. By early 1942, though the blockade was not broken, the Germans could not hope to advance without...
...fine him $37 million for serving as a front man for the notorious Bank of Credit & Commerce International. According to the Fed, Pharaon secretly used B.C.C.I. funds in 1985 to acquire Independence Bank of Encino, Calif., for about $23 million. To assure collection of the fine, a federal court froze Pharaon's U.S. assets, which ranged from a controlling interest in American Southern Insurance Co. to an 1,800-acre estate near Savannah...
...turned to capitalists in an effort to conceal or divert their cash. "The Central Committee and other party organizations have been investing finances in shareholding companies, joint ventures, commercial banks and other commercial structures of various kinds," according to an announcement by the Soviet State bank, which last week froze all party funds. The bank itself may have been involved. The Russian Information Agency reported that chairman Victor Gerashchenko, who originally was fired last week for supporting the coup but then was reinstated, asked a U.S.-based firm to convert 500 million party rubles into dollars. The company refused...
...Already burned once by the B.C.C.I. shutdown, panicky crowds in Hong Kong rushed to withdraw their cash last week from local Citibank branches. The two-day run was triggered by unfounded reports that Citibank was insolvent. Last month Hong Kong's overdue seizure of the local subsidiary of B.C.C.I. froze $1.4 billion in accounts held by 40,000 hapless depositors. The colony's residents were still so shaken by the shutdown that on Friday they staged a second run, on the British-based Standard Chartered Bank after rumors that it had lost either its banking license or its stock- exchange...
Hong Kong's nervous depositors were hardly alone. The shutdown also froze some $400 million of deposits belonging to Beijing-controlled companies, giving China a bitter taste of the risks of capitalism. In Egypt the government fired the board of the country's B.C.C.I. affiliate and sought to recover $400 million in frozen assets. In Nigeria officials said they would provide $16 million to cover now worthless letters of credit from B.C.C.I. The shutdown even torpedoed shipping around the world. The Wall Street Journal reported that $85 million worth of freight sat stranded on some 1,000 ships because...