Word: lynching
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BANKS. Until deregulation gave them relief in 1980, banks and thrift institutions were rapidly losing business to competitors ranging from Sears to Merrill Lynch, whose money-market funds could legally offer much higher yields than the 5 1/4% maximum savings-account rate. But the Depository Institutions Deregulation and Monetary Control Act gradually abolished limits on interest, enabling banks and thrifts to offer lucrative accounts like Super NOW checking. The new law was a boon for savers, since it touched off interest- rate wars among financial institutions competing for consumer deposits...
...immediate future, Greenspan is likely to follow Volcker's anti- inflation policies. Says Harry Kalberman, a broker at Merrill Lynch and a close Greenspan friend: "People who think he will allow inflation to come back are fooling themselves." Agrees Jerry Jasinowski, chief economist of the National Association of Manufacturers: "Philosophically, he may feel more strongly about reducing inflation than Volcker...
More than underlining his differences with Volcker, however, Greenspan must stress his similarity in one major respect: unwillingness to be manipulated for partisan political purposes. Says John Heimann, vice chairman of Merrill Lynch Capital Markets and a former U.S. Comptroller of the Currency: "The most important thing he has to do is give the markets convincing evidence that he is free of influence from the White House." Without that evidence, foreign investment in U.S. securities, a crucial factor in underwriting the budget deficit, might well dry up. That in turn would undoubtedly lead to a vicious spiral of increased interest...
...number of New York State legal experts said Merola and his assistant Bookin simply failed to substantiate their charges. Says Columbia University Law Professor Gerard Lynch: "The general feeling is that this is one of the dullest, longest and least persuasive presentations ever made." Joy Fennel, a juror who says she once leaned toward conviction, agrees: "I was frustrated the D.A. didn't do a better job." Several jurors also indicated sympathy with a defense contention that Merola, a Democrat, brought the charges just before the 1984 election in a politically motivated attempt to embarrass the Reagan Administration. Countered Merola...
...anything, more parlous. Most debtors have fallen victim to a general sluggishness in the world economy, which has reduced their export income and thus their ability to pay. "Lack of economic growth in the U.S. and abroad is the real time bomb," says John Heimann, vice chairman of Merrill Lynch's Capital Markets Group...