Word: lente
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...turn Chicago's downtown financial district on LaSalle Street into the futures-and commodities-trading capital of the world. But trouble returned as a result of the bank's go-go lending during the 1970s. Under former Chairman Roger Anderson, who was eased out last February, Continental lent freely for oil and gas drilling, condominium development and Latin American projects; many of the projects went bust. The biggest blow came in September 1982, when Oklahoma City's Penn Square Bank failed. Continental held more than $1 billion in Penn Square's bad energy loans. Continental last...
...long do you think the Federal Government and the banks can pull the wool over our eyes? The banks that lent money to Latin American countries knew there was a good chance those countries would default [ECONOMY & BUSINESS, July 2]. They also knew that the U.S. Government would help them out with our tax dollars. Citizens should tell our Government to stop bailing out the banks. Jan Theiss Guffey San Jose, Calif...
Last week's action was almost a replay of the one at the end of the March quarter, when Argentina faced another deadline on paying interest. At that time, four Latin American countries lent Argentina $300 million and commercial banks supplied an additional $100 million. Argentina has now been granted a postponement to the end of this month to pay back the $300 million and to Oct. 1 for the rest...
...speech to government ministers of his Latin American neighbors. His rousing rhetoric referred not to war or natural disaster but to something equally momentous: Latin America's $350 billion debt burden. Since the beginning of the year, the pressure on both the borrowers and the American banks that lent them much of the money has grown sharply. A 2% jump in interest rates has hit Latin countries with a potential increase of $5 billion in annual interest payments. Meanwhile, big-city banks in the U.S. have taken a beating on Wall Street as investors grow more worried about whether...
Argentina's complaints about the tough IMF measures failed to earn the country much sympathy last week from Latin neighbors. The nation drew criticism from Colombian Finance Minister Edgar Gutiérrez Castro, whose government lent Argentina $50 million last March. Bankers and international officials attack Argentina's stance as an act of political bravura. Says a World Bank economist: "They are handling the debt the way they were handling the Falklands war. They see themselves as the center of the universe...