Word: loan
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Dates: during 1970-1979
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...Lance's "blind" trustee when Lance became federal Budget Director, had only $97 in his checking account. But he wrote a check for $200,000, payable to Lancelot, a company owned by Lance and his wife LaBelle. The next day Lance and others got another bank to loan Mitchell $100,000 to partially cover the check. A couple of weeks later a third bank made a $100,000 loan to Mitchell. During that period, Mitchell also arranged a $175,000 loan from a bank in Rome, Ga., to cover overdrafts there owed by the Bert Lance for Governor Campaign...
Lance's son David was only 19 in September 1974, when Lance was running the Calhoun bank. But his father, the indictment says, "knowingly, willfully, and with intent to injure and defraud the bank" got him an unsecured loan of $45,000, which was "inadequately supported by credit information and collateral." A couple of months later, the indictment charges, LaBelle got a similar $45,000 loan. This was soon after Lance's $1 million gubernatorial campaign. Son David got a $34,530 loan from the bank the following year. Lance's financial statements at the time were...
...commercial bankers have campaigned to end the interest rate ceilings and the differential. But savings banks and savings and loan associations will fight fiercely to keep their little competitive extra. Already they are hurting. Outflows from their coffers into higher-yielding short-term securities amounted to more than $2 billion in April. Earnings for savings institutions are expected to be down...
During the recession, TIME'S economists expect, the real gross national product will decline by only 1% or 2% before recovering next spring. Still, that will be enough to weaken loan demand and cause overall interest rates to turn down. The economists expect the banks' prime lending rate to rise from the present 11¾% to 12½% or 13% in early summer, and then decline, perhaps sharply. Thus, the stock market should rise later this year. Wall Street rallies often begin during recessions...
These people are major users of credit, taking out mortgages to acquire their bigger houses and urban condominiums and installment loans to furnish them. Maurice Mann, vice chairman of A.G. Becker, a brokerage firm, has warned savings and loan officials to anticipate "massive demand" for mortgage lending in the 1980s "as a result of the postwar babies seeking shelter." Insurance executives are looking at the group as an ever expanding market for homeowners' and life policies. Bankers are catering to their desire for convenience by opening more and more centers that can manage all aspects of a customer...