Word: lenders
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Customers of Bank of America have reason to feel a bit perplexed these days. Giant companies can now borrow from the San Francisco-based lender at a prime rate of 10½%, down from a peak of 21½% at the end of 1980. But the little guy who may need a few thousand dollars for a spring vacation or a home computer is getting no such break from the biggest U.S. bank. He must pay 19% for an unsecured personal loan, off somewhat from last fall's high of 25% but still a towering rate. Similar chasms between...
...unyielding interest charges include those on loans used to buy cars, improve homes and make credit-card purchases. All such debt totaled a record $342 billion in January. Commercial banks, which made nearly 45% of those loans, were by far the largest single lender. The failure of bank rates to fall much has widened the spread between what banks pay for some key funds and what they extract from small customers (see chart). It has also raised cries that the lenders are gouging consumers to make up for losses on loans to big borrowers the banks had no business courting...
...Federal Reserve is the "lender of last resort" and will "create the liquidity to save the system." What that means is that Americans, through taxation and inflation, will have to pay to save a group of greedy bankers and irresponsible governments, including...
...hastily arranged bailout plan revealed the bankers' concern for the health of the U.S. financial system, which is straining under a troubling load of bad foreign and domestic loans. Said one participating lender: "We were motivated to do something out of self-interest. The more smoothly this thing is handled, the better...
...shareholders' equity. Chase Manhattan has loans totaling $2.5 billion to the two countries, 77% of stockholders' equity, and New York's Citicorp, which refuses to confirm the exact figures, has a reported $4 billion, or 85%. On top of that, Citicorp is a very big lender to Brazil, with an estimated $5 billion in total loans. Altogether, the nine largest U.S. banks have loaned out about 130% of their equity to Mexico, Brazil and Argentina. These banks have set aside a total of $3.6 billion in loan-loss reserves, but that amounts to only 12% of their