Word: morganized
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Dates: during 1990-1999
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...Morgan, America's fifth largest bank, got bad news this year when several South Korean firms suddenly repudiated their derivative contracts, leaving Morgan out some $500 million. America's biggest lender, Chase Manhattan, saw its "nonperforming" assets in Asia triple in the first three months of 1998, to $243 million, due in part to derivatives. At the end of last year, its total risk from Asian derivatives--should others default--was more than $3 billion. Bankers Trust's derivatives' delinquencies have leaped from zero to $330 million in a year, and the compass points to Indonesian and Thai clients...
...American bank that could have the most at stake is J.P. Morgan. Government examiners, who have access to internal bank records denied other mortals, put Morgan's total credit risk from derivatives at $116 billion at the end of last year, the largest of any U.S. bank. Should Morgan suffer a loss of just one-tenth of that from defaulting customers, the bank's equity could be wiped...
That dam may have started to crack. While the U.S. banking industry pocketed record earnings last year, Morgan's fell 7%, to $1.46 billion. Derivatives are partly to blame. Morgan last year declared it had $659 million in nonperforming assets, 90% of which were defaults from Asian derivative counterparties. Among the defaulters were three South Korean companies, led by SK Securities, which early this year refused to pay $490 million that Morgan claims it is owed...
...emotions remains firmly balanced, Wall Street's view on the too-hot, too-cold question is as divergent as ever. Merrill Lynch rushed out a report saying profits are in trouble and interest rates must surely decline. Goldman Sachs discerns continued bliss as far as the eye can see. Morgan Stanley Dean Witter is convinced that inflation and higher rates are just around the bend. That's all I need to hear. There's enough muscle on both sides of the hinge to keep any momentum from carrying too far. I'll worry when the pros all line...
...attempt to resist or try to accept the awful fate awaiting them. There's something curiously refreshing in the soberly inspirational way Deep Impact embraces the conventions of the old-fashioned disaster movie. You find yourself hoping that when Armageddon arrives, somebody as sensible, humane and good-fatherish as Morgan Freeman is in the White House; that the demographically useful teenager who discovers the threatening comet is a smart, plucky puppy like Elijah Wood; that somebody as down-home and dutiful as Robert Duvall is commanding the space mission charged with diverting the asteroid from its deadly path. We could...