Word: loans
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Dates: during 1980-1989
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...point." A default would probably cause no substantial damage to pension funds and other large, sophisticated investors, which generally keep only a small part of their portfolio in such certificates. But federal regulators are concerned about the increasing amount of junk-bond investing by banks and by savings and loans. Says Norman Raiden, chief counsel of the Federal Home Loan Bank Board: "Junk bonds are likely to be most attractive to distressed institutions that need high yields." As a result, the Domenici bill would forbid banks and savings and loans to buy any junk bonds...
...last week by the failure of its second dealer in a month. Bevill, Bresler & Schulman Asset Management, a small New Jersey-based firm, filed for bankruptcy under Chapter 11 after admitting that it could not meet some $140 million in debts to its customers, including about 45 savings and loan associations. The Securities and Exchange Commission sued Bevill, Bresler for fraud, charging that the firm secretly drained its customers' investments to make up for heavy trading losses. The failure comes in the wake of last month's $317 million collapse of Fort Lauderdale's E.S.M. Government Securities, which provided...
...real story was well told by Patrick Flaherty, a graduate student member of the ACSR, in a Crimson article March 3, 1982. Harvard's policy of divesting from banks making direct loans to the South African government had been adopted as a limited concession to student demands for total divestment in 1978. In 1980, this policy compelled the Corporation to divest $50 million in Citibank debt securities after Citibank joined a consortium loan to the South African government. Harvard's action became the focus of press attention which embarrassed both Citibank and South Africa...
...Corporation representative suggested to the ACSR that this proposal was a "minor" change--in fact, it would have reversed the entire thrust of the bank divestment policy. The proposal also specifically denied any cause-and-effect relationship with the Citibank loan experience; however, Corporation member Hugh Calkins told the ACSR that the Citibank loan served a "worthy" purpose. In fact, over half of the Citibank loan money went to finance forcible eviction and relocation of Black and "colored" South Africans...
...ACSR hearings on the issue, hundreds of students packed the hall to denounce the Corporation's proposal. The ACSR voted it down again, and the Corporation finally gave up their attempt to gut the bank loan policy...