Word: passbooks
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...banking system undergoes its most wrenching overhaul in 70 years, Bair, chairwoman of the FDIC, has become the voice of ordinary passbook holders. Bair was front and center with Treasury Secretary Hank Paulson and Fed boss Ben Bernanke when they announced plans to recapitalize the U.S. banking industry. But the three aren't always in perfect alignment. As guarantor of Americans' $4.5 trillion in deposits spread around in some 8,500 U.S. banks, Bair is trying to balance both the needs of depositors like the storied Mrs. Lobsiger and those of big-name players like Citigroup who help generate much...
...husband is dead, and she lives in a four-room house with her three daughters, two of whom have two children each. She earns $60 a month, and she gives her earnings to her eldest daughter, who pays the rent and keeps the rest for housekeeping expenses. Aletta's passbook, the identification blacks must carry at all times, has not been properly endorsed by previous employers for many years, and so she is not legally registered with her present employer. Occasionally she stays at the big house when the white family goes away, and she knows that if inspectors come...
...prevarication, blundering and sending her to her room. But when she came home after school and asked, "How's the Dow?" I realized I was facing a so-called teachable moment. Unfortunately, as one of the three people left in this country who still has her savings in a passbook account, I have a lot to learn before I can teach my kid to play a financial instrument. I'm also worried about turning an innocent adolescent into a day-trading, stock-obsessed teenybopper...
Austria came under fire at the FATF for its anonymous savings-account passbooks, which could be used for money laundering by concealing the true identity of the owner of an account. There are 24 million such accounts at Austrian banks, about three times the number of the entire population, a clear indication the bankbooks are used by foreigners as well. After a threat to kick Austria out of the FATF by June 15 unless the system was changed, a newly elected Austrian government relented--sort of. Amended laws require any passbook accounts opened after Nov. 1, 2000, to identify...
...Passbook savings 1.7% Money market 3.8% 6-month CD 5.9% Series I bond...