Word: loan
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Dates: during 1960-1969
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Baker also elaborated on his early friendship with the late Democratic Senator Robert S. Kerr, to whom he previously claimed to have turned over $99,600 in campaign contributions from California savings-and-loan executives (TIME, Jan. 27)-money that the Government charged he largely diverted to his own use. Under cross-examination by Justice Department Attorney William Bittman, Baker told of buying stock some 15 years ago in the Oklahoma millionaire's Kerr-McGee Corp. He testified: "That would be the first start of any relationship that I had with the Senator, because he said...
...from the crisis level of 7% to 61%, and sent bank messengers sprinting about London's City to spread the news. Within hours, Chase Manhattan Bank, New York City's largest and the second biggest in the U.S., lowered its prime rate -the minimum interest charged for loans to the biggest customers-from 6% to 51%. Explained President David Rockefeller: "While loan demand is still strong, it is less than it was a year ago." Though the British action had been widely anticipated, Chase Manhattan's move struck some sparks...
...Bank. Fitting deeds to the dogma, other commercial banks, led by Manhattan's First National City, next day cut their prime rates only half as much, from 6% to 5½%. If the rate settles across the U.S. at that level, Chase Manhattan could avoid a deluge of loan demand only by conforming...
...pressures that last year drove interest in the U.S. to a 45-year peak. When the Federal Reserve Board hiked its discount rate from 4% to 41% in late 1965 to fight inflation, commercial banks lifted their prime rate in tandem from 41% to 5%. As loan demand soared, the prime rate moved up three more times by mid-1966-a 33% increase in eight months. Since September, the squeeze has eased -imperceptibly at first but lately significantly. Yields on 90-day Treasury bills have slipped to 4.54%, compared with 5.49% as recently as November. Interest rates on corporate...
...told, Chrysler will funnel some $56 million into Rootes, which produces Humber, Hillman, Sunbeam and Singer automobiles and three lines of trucks. Half will be in the form of an outright loan; the rest will come from the purchase of additional shares, which will push Chrysler's total stock investment in Rootes to $93 million. To damp the fiery protests in Parliament, most of which came from the Labor backbenchers, the complex refinancing arrangements will also call for Britain, through the state-run Industrial Reorganization Corp., to hold about 13% of Rootes voting stock...