Word: passbook
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Dates: during 1980-1989
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...once Harvard admitted that public divestiture could influence other investors, it would have to consider selling many of its stocks--in companies like IBM, for example, which sold computers to the police, military, and passbook authorities. The administration argues that it can influence these companies by voting on shareholder resolutions--a ludicrous assertion when one considers that no such resolution has ever passed over management's objections. Few get even 5% of the votes. The influence of these resolutions is practically nonexistent. A stronger step would be to divest publicly, but Harvard wants desperately to avoid alienating corporate friends...
...trouble facing the S and Ls is that savers are no longer content with the meager 5½% yields on passbook savings accounts, which have long been the main source of money for lending by the thrifts. Instead, they are putting their resources into money market mutual funds, where 16% interest was common last week, or into the thrifts' own money market certificates, which yielded 15% interest. During the past year, an estimated $28 billion has flowed out of savings accounts into other forms of savings...
...major step in the revolution that is now occurring in the American financial community. The Depository Institutions Deregulation and Monetary Control Act, which was passed by Congress last March, has ordered the phaseout of the ceilings that exist on the amount of interest that financial institutions can pay on passbook accounts. Banks can now give no higher than 5.25% interest, while Savings and Loans can pay a maximum of 5.5%. By 1986 there will be no Government-fixed interest limits. The new law also permits banks and savings institutions to pay up to 5.25% interest on money held in checking...
...only loser in the deal appears to be the buddy depositor. Normally, he would earn much more interest if he placed the funds in a money-market fund rather than in a bank's passbook account or certificate of deposit. That should be enough to break up a friendship...
...outbreak came after increasing protest and turmoil in recent months. The government's promised reforms, ranging from a gradual phasing out of the hated passbook system to a plan for enabling blacks to buy their own homes, have either not materialized or largely failed. Organizers of the African National Congress, the outlawed black political movement, operate with increasing ease. Meanwhile, the colored population of 3 million, which once supported the country's 4.3 million whites in perpetuating the status quo, has become politicized and appears increasingly disposed to make common cause with the 20 million blacks...