Word: offsets
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...number of factors could cause a delay. After the Iranian deposits were frozen almost a year ago, many big banks followed the lead of Chase Manhattan and used their Iranian deposits to offset loans made to the late Shah of Iran that had gone into default. More troublesome, though, are the claims by insurance companies, computer software firms, construction outfits, airlines and private individuals against the Iranian funds. Said one New York banker last week: "They were lined up around the block as if to see an X-rated movie...
...money to Tehran as quickly as possible, but no final decisions have yet been reached. The gold and an extra $1.3 billion that the Iranians have invested in U.S. Government securities could be shifted quickly into an Iranian account. Even the $ 1.5 billion that private banks have seized to offset their Iranian loans could probably be pried loose with the cooperation of international bankers. There would probably be an understanding that the Iranians would accelerate the settlement of the old loans. So far, the Khomeini regime has continued to make payments on the non-American portions of Iranian debts...
Anderson needed at least 5 per cent of the popular vote to qualify for federal funds--stipends based on a sliding scale. Chief counsel Mitchell Rogovin estimated that at least 8 per cent of the popular vote would be needed to offset Anderson's campaign debt of nearly $5 million...
...Democratic plan, a larger share of the savings would go to business than under Reagan's proposal. Carter would give individuals just $11.9 billion in cuts; business would get $15.7 billion. But there is one key difference: Carter's plan for individual reductions would be used to offset the scheduled 1981 increase in Social Security taxes. This would reduce taxes for everyone with incomes up to $29,700 a year (next year's cutoff point for Social Security payroll taxes), but have no effect on the marginal rates for workers who make more. This, say conservative economists, would limit...
...Iranian assets held by U.S. banks. To unfreeze them now, explained the legal counsel for a major New York bank, would be "like putting an omelet back into the egg." Various corporations and individuals have liens against those assets to cover unpaid Iranian debts, and U.S. banks have "offset" a total of about $1.5 billion to cover their outstanding loans to Iran. Said David Rockefeller, chairman of the Chase Manhattan Bank: "If the Iranians think they are going to get all the assets they have here immediately, they're going to be disappointed...