Word: passbooks
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...just two decades we've gone from a world of simple mortgages and passbook savings to a universe of Roth IRAs, 401(k) plans, personal-risk-management scenarios and collateralized-mortgage obligations. Years ago, some genius figured out that mutual funds might save investors the hassle of choosing among thousands of stocks. Yet today there are 7,000 mutual funds, almost as many funds as there are stocks. And more technology just means more change. Says investment banker David Shaw: "The whole financial industry will likely be turned upside down, with shrinkage in some areas and perhaps some outright failures...
Swiss banks have been following orders for the past 50 years. And for most of that time, one standing order has been to stall and stonewall when Holocaust survivors ask about their dead relatives' accounts. Passbook, please; death certificate, please; that's the law; those are the orders...
...never been so embarrassed since I failed to produce the right document when a cop in South Africa, mistaking me for a local, demanded to see my passbook. In fact, that is precisely what Social Security numbers have become in American society--a means of tracking our movements and transactions, wherever we might...
...1970s, when many of their best customers began drifting away. Major companies found they could raise funds more cheaply by borrowing in money markets, rather than turning to banks. And depositors could get higher returns and adequate safety by putting their savings into money-market funds instead of passbook accounts. The defections left banks to chase riskier business, such as Third World lending or leveraged buyouts, to keep their profits up. "Banks just can't compete with other providers of services that they have traditionally offered," says Gary Gorton, a finance professor at the Wharton School. "So banks have...
Eventually a legislator finds it easier to understand the plight of the constituent-friend who would be hurt by a bill cracking down on reckless savings and loan executives than the plight of a constituent he does not know -- Joe Sixpack faithfully depositing his weekly savings into a 5% passbook account. When friends of Wright and Coelho who were heading up failing S & Ls came under investigation for fraud, the Democratic leaders were not only willing to take their calls and visits but to stall legislation and a federal investigation that would have cracked down on these people...