Word: giant
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Dates: during 1990-1999
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...chairman John B. McCoy (who once mused that in the future the industry would have just five or six major banks) announced plans to merge his $116 billion bank with the much merged $115 billion First Chicago NBD Corp. All this came just a week after insurance and brokerage giant Travelers Group announced plans to tie the knot with Citicorp, the second largest bank in the U.S.--a $76 billion marriage, not just of services but of two industry titans: Sanford Weill, who emerged from a messenger job at Bear Stearns to conquer Wall Street; and John Reed...
...Call it semper finance. Says David Chaum, the visionary guru behind DigiCash, a Net-based currency: "What you find in retail banking today is that some banks see themselves as acquirers, and others see themselves as, well, acquirees." On the day the Travelers deal was announced--creating a giant with $42 billion in equity--vice presidents at still independent Goldman Sachs nervously fingered their E-mail with questions about when the famously private firm might seek a public offering to raise more cash in order to boost its size. Technology and deregulation have--even for a firm with profits north...
...game forever. Average investors who are now pouring money into mutual funds and stocks will soon have access to hundreds of other investment options. Think of the world as a landscape of opportunity--everything from distressed Japanese real estate to Russian oil futures--marketed and packaged by giant banks like BankAmerica or by fund companies like Fidelity Investments and the Vanguard Group. "This is like the automobile's coming," says Sanford. "We'd always had transportation--people walked, eventually they rode donkeys--but the automobile was a break from everything that came before it. Risk management will do that...
...Sanford's vision of particle finance, every financial asset, from the mortgage you hold on your house to the items you've charged on your credit card, will become part of a giant, interconnected financial universe. And each piece of your superportfolio, called a wealth account, will be understood not simply as a "stock" or a "bond" but as an instrument designed to match your financial needs with the available options. In the same way a FORTUNE 500 treasurer may use derivatives to balance his or her need for pesos and yen, wealth accounts will precisely balance your demand...
Obviously the way to deal with the problem of the giant pool of contaminated water in Butte, Mont. [AMERICAN SCENE, March 30], is for Congress to declare this "giant cup of poison" one of the Great Lakes. Notwithstanding geographic inability and congressional insanity, it's still a pretty big lake. And since the pool is the "biggest tourist draw in southwest Montana," there's some loot involved too. STANLEY T. DOBRY Warren, Mich...