Word: loan
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Dates: during 1990-1999
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...increasing attack of the jitters over two works by the Austrian Expressionist artist Egon Schiele (1890-1918). Portrait of Wally, 1912, and Dead City III, 1911, were part of a large fall show of Schiele's drawings and paintings at Manhattan's Museum of Modern Art, all on loan from the government-financed Leopold Foundation in Vienna. The two paintings have long been claimed by descendants of Viennese Jewish families from whom the Nazis stole them in the 1930s. Right at the end of the show--in fact only hours before the works were to be crated for return...
...asked MOMA to keep the works in New York until the legal title to the pictures was clarified. "The museum," said Reif, "must make a moral determination on this." Exactly wrong: the museum's responsibility for moral issues stops with the works in its own collection. MOMA had a loan contract with the Leopold Foundation to return the works to Vienna as soon as the show closed. Such contracts are, of course, vital to the arrangement of institutional art loans. The free circulation of works of art among museums depends on them. "If we can't honor our contracts...
Whether anything but rhetorical heat and resentment will come out of this whole debacle remains to be seen. At worst it could do severe damage to the loan system on which museums depend, while adding very little to the principles of restitution of stolen property. But that's what can happen when grandstanding pols and D.A.s get in on emotionally supercharged issues that ought to be resolved with tact and studious neutrality...
...bank examiners, are themselves in varying states of insolvency. It didn't take much imagination to see how the dominoes might fall. A default in Korea would almost certainly trigger a massive banking crisis in Japan. U.S. banks would get swept into the mess not just because of their loan exposure to Asia but also as a result of the trillions of dollars in interest-rate and currency swaps, hedging contracts and other derivative deals that link American financial institutions to the region. For strategic as well as political reasons, Rubin & Co. believed, the Asian flu had to be contained...
...send a clear signal of determination around the globe. In a conference call on the morning of Dec. 21, Summers had asked the six other deputy finance ministers of the G-7 nations to make sure their largest commercial banks gave a hand by delaying Korea's loan repayments. Three days later in Manhattan, New York Federal Reserve Bank Chairman William McDonough met with six large banks to urge them to roll over loans to Seoul. McDonough also asked the bankers to delay the "margin calls" on currency swaps and derivative deals, which might help unravel the deal. The bankers...