Word: loaned
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Dates: during 1980-1989
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...kudzu across the landscape. Citicorp now operates 980 offices in 41 states. Comptroller of the Currency Conover gave the movement a boost this month by approving permits for 83 so-called nonbank banks. These are institutions that can take deposits and provide all other financial services except making commercial loans. Banks have also tried to boost their share of the mortgage market by acquiring thrift institutions, the traditional source of home loans. Last January Citicorp, for example, bought Chicago's troubled First Federal Savings & Loan ($4 billion) and Miami's New Biscayne Federal Savings ($1.9 billion...
This foreign debt is owed primarily to nine major institutions: BankAmerica in San Francisco, First Chicago and Continental Illinois in Chicago, and Citicorp, Chemical, Chase Manhattan, Manufacturers Hanover, Morgan Guaranty and Bankers Trust in New York City. Together they have $54 billion on loan to Latin America and the Caribbean. That represents a disturbing 157% of the banks' capital, which is the portion of their assets that belongs to the institutions themselves and their shareholders, rather than depositors. In a more limited way, dozens of regional banks, including Milwaukee's First Wisconsin Corp., National Bank of Detroit...
...Manhattan, remembers the day that the bank first faced the issue: "In early 1974 I joined a small group of senior bankers discussing a request by Denmark for a balance of payments credit. The key question in the meeting was whether private commercial banks had any business making unsecured loans to sovereign borrowers [governments]. After much soul searching, we turned down the request." Next day, however, a competitor stepped in to make the loan. "Within several months," recalls Brainard, "the resistance of my banking colleagues to sovereign lending gave...
Once the dam cracked, it crumbled, and the flood was on. It became an everyday event for one or two lead banks in the U.S. or Western Europe to round up dozens of partners by telephone to put together so-called jumbo syndicates for loans to developing countries. Some bankers were so afraid of missing out that during lunch hours they even empowered their secretaries to promise $5 million or $10 million as part of any billion-dollar loan package for Brazil or Mexico. To seal and celebrate big deals, bankers staged signing ceremonies, complete with champagne and caviar...
...banks' foreign-loan officers, many of whom were M.B.A.s in their mid-twenties, became accustomed to royal treatment in capitals throughout the developing world. In a Harper's magazine article last year, S.C. Gwynne, a former loan officer for a "medium-size Midwestern bank," described a 1978 visit to Manila, where he met with representatives of a Philippine construction company with connections to the government of President Ferdinand Marcos. After being whisked through customs, Gwynne found a red Jaguar and a pretty 20-year-old woman at his disposal. "The girl was unexpected," he wrote. "Bangkok Bank gave...