Word: loaned
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...such loan went to IDB Communications Group, a telecommunications service company based in Culver City, California, whose $78 million line of credit was canceled by a group of banks. "I spent every waking hour for half a year on this issue," says IDB's chief financial officer, Ed Cheramy. "It was the worst experience of my life...
...children with behavioral problems, spent more than two years trying to borrow $700,000 from as many as five banks. But even with $17 million in assets and an unblemished credit history, Ricci walked away empty-handed. "We demonstrated to all of them how we could carry the loan. But the banks were just not lending money to business," he says. Ricci went to a finance company and within six weeks got a loan...
Coming to the rescue with a $20 million loan was Teachers Insurance and Annuity Association, the nation's third largest insurance company. In the past year, TIAA has lent a record $3.5 billion to business. Some $225 billion in loans to business are now held by the life-insurance industry, up 11% from two years...
Wall Street firms have also cherry-picked some of the banks' best business. Merrill Lynch, for example, has been targeting smaller companies since the mid-1980s. Last year its business financial-services division had about 3,000 clients and $800 million in loan commitments...
With their loan portfolios under fire, banks are in danger of losing their depositors as well. Americans have withdrawn more than $500 billion from low- yielding bank accounts over the past three years in favor of higher-paying investments like mutual funds. Even the Federal Deposit Insurance Corporation's $100,000 guarantee is no longer exclusively available to banks and S&Ls. Brokerage firms like Prudential Securities now offer "insured income accounts" with checking privileges and government insurance...