Word: trusts
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Dates: during 1970-1979
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...another bank solely to acquire a personal loan. Lance asked for a $2.6 million loan from the New York bank on April 16, 1975, so that he and two partners could acquire controlling interest in the National Bank of Georgia (NBG). While the loan was being considered, Manufacturers Hanover Trust Vice President Betsy Jo Viener stated in an internal memo: "Balances of 20% of the facility [a banking term for a loan] will be maintained in a National Bank of Georgia account and we anticipate in addition having all the New York activity for the bank flow through this account...
...April 29,13 days after Lance's visit to Manufacturers Hanover Trust, NBG deposited $250,000 there. The amount in this interest-free account reached a high of $1.1 million in 1976-a sum conceded to be "somewhat excessive" by one of the Georgia bank's officials in a letter to the comptroller. Yet NBG officials also noted that their bank's earlier correspondent relationship with New York's Citibank had been unsatisfactory. According to one memo, "Manufacturers Hanover was much more responsive to the needs of Southern correspondents...
Comptroller Heimann concluded that "there is some documentary and circumstantial evidence suggesting the possibility that a 20% compensating balance from NBG was a condition of the loan to Mr. Lance from MHT [Manufacturers Hanover Trust]." But he also found that all the officials involved, including Lance, had denied under oath that any such deal had been struck. On balance, said the report, "there appears to be no violation of any applicable laws or regulations...
...Overlines" A Wisconsin bank is asked by a customer for a loan $1.5 million larger than it can handle. If the bank has a larger correspondent bank, for instance Harris Trust & Savings Bank in Chicago, it can ask Harris to participate in the loan. The arrangement benefits not only the Wisconsin bank, which keeps its local customer happy, but also Harris, which has no branch offices of its own in Wisconsin and would otherwise probably never have learned about the loan opportunity...
...three network broadcasts are essentially alike, and it comes down to which anchorman you trust most, Arledge reckons that Cronkite will still be No.1 and ABC will still be third. Arledge is no man to play to the other fellow's strength...