Word: lende
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American banks, those stately citadels of stability, are going through an upheaval. A few, like New York's Bankers Trust, have virtually gone out of consumer banking and now lend money almost exclusively to businesses. California's Bank of America and others have instituted heavy minimum deposits and stiff fees on small accounts. Still others, like New York's Citibank, are aggressively trying to win new customers through improved services and bank-at-home computer terminals...
...world's largest brokerage house (1980 sales: $3 billion). As an example of the financial shopping center of the future, Merrill Lynch, in addition to selling its traditional stocks and bonds, will provide customers with money-market funds, sell them life insurance, buy or sell their homes, and lend them money. Says an admiring Samuel H. Armacost, president of Bank of America: "We've already got the nationwide banking of the future. It's called Merrill Lynch...
...will prosper in the new, freer money market. Says Richard H. Deihl, president of Home Savings & Loan in Los Angeles, the largest in the U.S.: "There will always be room for a variety of financial institutions. Some will make loans to industrialize the forests of Brazil; others will lend money to people to buy houses...
...their fields--and all agree that professors take seriously the task of choosing future colleagues in whom the University may invest as much as $1.5 million over time. But, say some, the process allows such broad discretion at so many stages of the tenure process that the system may lend itself to gender or race discriminations. Others argue that Harvard's reputation-heavy criteria effectively mandate the selection of older professors--and thus implicitly discriminate against qualified younger pools, where greater proportions of women are found. "There are an awful lot of women who are tenurable but are too young...
Ostensibly, the proposed marriage of convenience looked simple and innocent. Harvard would lend its name to the search for sources of venture capital and would license the University's patents (on Ptashne's work) to the new firm. In exchange, it would become a minority shareholder in the company and would receive royalities on at least some of the patents without investing any money. Aside from promoting the development of patents that might have lain dormant, Harvard stood to win big, putting only its reputation on the line...