Word: passbook
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Dates: during 1980-1989
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...rights." It noted that the laws make criminals out of blacks who live in or near South Africa's cities but lack proper documentation, and estimated that arrests for such violations have been running between 200,000 and 300,000 a year. The panel recommended the abolition of the passbook system and the issuance of the same identity document to all South Africans, regardless of race. If Parliament takes up the recommendations in January and makes them law, blacks will gain the right to live and work in any part of the country and to have their families with them...
...employees--including 286 Blacks--at its South African sales and service offices. IBM's South African business represented less than 1 percent of its 1984 revenues of $45.9 billion. Dutton says. He says no IBM equipment, "to our knowledge," is used by the South African government to operate the passbook system, by which it rigidly controls the movement of the country's 22 million Blacks. In addition to being one of the initial signatories to the Sullivan Principles and maintaining the highest rating. Dutton says, IBM has made several other efforts to improve opportunities for Blacks, such...
...financial world, though, soon began shifting underneath the bankers. Money-market mutual-fund accounts, for example, which were invented in 1971 by Wall Street Mavericks Bruce Bent and Henry Brown, offered interest rates of 8% or more at a time when passbook savings accounts at banks paid only 4½%. In 1977 Merrill Lynch jolted bankers with its Cash Management Account, which combined stock brokerage with savings and checking accounts...
...most aggressive firm in the new world of finance is Merrill Lynch. It was one of the first brokerage houses to offer money-market funds and now has more cash on deposit in those accounts ($38 billion) than Bank of America, the largest U.S. bank, has in domestic passbook and checking accounts. Since 1977, when Merrill Lynch devised its Cash Management Account (annual fee: $50), which lumps together all of an investor's holdings, the firm's 9,000 salesmen have signed up 900,000 customers...
...were partners in a financial consulting business in 1969 when they observed that it was possible to get 8% or 9% on short-term investments in money-market instruments, whereas consumers were earning only 5% in passbook savings accounts. The hitch was that most people did not have the $100,000 or so that it took to buy higher-yielding investments, such as commercial paper and certificates of deposit. Brown and Bent's solution: a mutual fund that would allow lots of people to pool their money and get into the higher-yielding market. They worked out details while...