Word: lender
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...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...
...large scale business in South Africa. Seven colleges and universities have already completely divested But despite the four year effort of a devoted group of activists at Harvard (Southern Africa Solidarity Committee) only recently did the University take a partial step selling its debt investments in Citicorp a major lender to South Africa...
...however, falling oil revenues are turning OPEC from a lender into a borrower and are drying up an important pool of money. This could raise interest rates around the world and put a further squeeze on cash-starved developing countries and the Eastern European nations that are already having trouble getting loans...