Word: swap
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Dates: during 1990-1999
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Among bankers these days, big is beautiful. In the largest combination of two U.S. banks ever, Chemical Banking last week agreed to acquire New York City rival Manufacturers Hanover in a $2.3 billion stock swap. The merger of the two huge but weak Goliaths, both burdened by hefty portfolios of ailing loans, will create a megabank with assets of $137 billion, second in size among U.S. banks only to New York's Citicorp. Moreover, the deal is likely to prompt a new wave of mergers across the country as other big banks struggle to remain competitive...
...struggling under falling profits and bad loans, the industry is succumbing to financial Darwinism. Banks are seeking safety in numbers. In what could be the largest merger in U.S. banking history, NCNB, based in Charlotte, N.C., offered last week to buy Atlanta's C&S/Sovran Financial in a stock swap valued at $4 billion. The deal would create a so-called super- regional institution with total assets of $116 billion, second in size only to Citicorp among U.S. banks...
...communist establishment adamantly opposes another name swap. Reluctant to rally behind the widely discredited Lenin, apparatchiks have focused their argument on the dubious notion that a rechristening would dishonor the martyrs of the brutal siege of Leningrad, in which the city withstood a Nazi blockade for 900 days without falling. Functionaries also complain that altering the city's name on street signs, documents and official insignia would cost 150 million rubles...
Later this April, Harvard agreed to trade $2.9 million of Mexico's debt for scholarships. The "debt-for-scholarship" swap is a "creative way" for Harvard to continue bringing in a qualified and diverse foreign student body, says Nancy S. Pyle, associate director of the Harvard Institute for International Development...
...creating funding specific to a country, more foreign alumni and corporations will participate in the debt-for-scholarship swap, she said. Outside funding will also not post an additional drain on the school's financial aid colonies...