Word: mellone
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Dates: during 1980-1989
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Barnes' tenure was relatively brief but superheated. After becoming chairman in 1981, the Harvard-educated lawyer pumped Mellon loans to energy companies in the Southwest and beefed up its real estate portfolio in Dallas and other oil towns. The lending and real estate business foundered along with OPEC: energy-related loans now account for more than half of Mellon's $1.45 billion in write-offs and nonperforming assets. Mellon also has $178 million in repossessed properties, a sixfold increase from what it owned in late 1984. Bad loans to Mexico and Brazil further crimped the bank's strained resources...
...still face profitability challenges," Mellon Bank Chairman J. David Barnes warned shareholders a year ago in the Pittsburgh-based institution's annual report. It was an accurate prophecy. The nation's twelfth largest bank holding company (current assets: $34.4 billion) earlier this month reported a quarterly loss of nearly $60 million -- the first in its 118-year history -- and watched shares plummet in just nine days from nearly 51 to around 38. Last week Barnes, 57, faced a new challenge: finding a job. One of the nation's best-known families of financiers and philanthropists had taken charge again...
...Mellon Bank, Latin debt is contributing to a dismal financial situation. Last week the Pittsburgh-based institution announced it would post a first-quarter deficit of between $55 million and $65 million, the first in its 118-year history. Mellon will also cut its quarterly stock dividend in half, to 35 cents a share. Besides the $10 million worth of losses on Brazilian credit, the bank is reeling from bad industrial, energy and real estate loans...
...year old Mellon Fellowship program is designed to help junior faculty obtain tenure posts at their schools by giving them an opportunity to "demonstrate their scholarly potential," said University Marshal Richard M. Hunt, the program's director...
...past, most Mellon fellows have taught their requisite course in the departments with which they are affiliated. But more than half of next year's fellows said they planned to teach a seminar...