Word: lender
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Dates: during 1980-1989
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Last month the blue-chip banking fraternity received another blow when Perm Square Bank, a small and poorly managed Oklahoma City lender, folded after having invested heavily in risky oil and gas ventures. Penn Square's lending had been supported by, among others, Continental Illinois, the sixth largest commercial bank, Chase Manhattan and Seafirst Corp. of Seattle...
...loan scheme. The archbishop had signed "letters of patronage" for the dozen Panamanian ghost companies that received the loan money from the Banco Ambrosiano. The letters stated that the companies were controlled by the Vatican Bank and were apparently intended to serve as references or guarantees for the lender. Investigators are not sure at this point where the $1.4 billion went or what it was used for. It is believed that some of the money, perhaps as much as 10%, was used to buy stock in Banco Ambrosiano...
...costly involvement with the little-known Drysdale in the first place, Chase had no choice but to swallow hard and announce a onetime write-off of perhaps $135 million after taxes, or more than what the bank had expected to earn in the second quarter. Another big commercial lender, Manufacturers Hanover Trust, was also hit, though its initial announcement of a likely $29 million write-off was later pared back to only about $9 million after taxes...
...discuss the possible repercussions of Chase's refusal to make the interest payment. Officials were very fearful that if Chase persisted, some securities firms might find themselves in a cash squeeze. After the session, the Feder al Reserve issued a statement saying that it "stood ready as a lender of last resort" to help any commercial banks temporarily short of cash. It was the first time since the mini-financial panic following the 1970 bankruptcy of the Penn Central Railroad that the Federal Reserve had put out such a market-soothing statement...
During periods of disinflation, the wise consumer is a saver and lender, not a spender and borrower. No longer does it make sense to go into debt to buy things because Joans can be paid off later in cheaper dollars With a 16.5% prime rate, borrowing is very expensive. And since prices are rising slowly, there is little chance that the item bought will be worth a lot more in the future. Says Joel Crabtree, a senior vice president of Chicago's Continental Illinois National Bank & Trust Co.: "There's less premium on holding hard assets, like diamonds...