Word: wriston
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Walter B. Wriston, 61. Already well known as the chairman of Citibank, the U.S.'s second largest bank ($102 billion in assets), Wriston has replaced David Rockefeller as the premier spokesman for America's moneymen. A graduate of Tufts University's Fletcher School of Law and Diplomacy, Wriston has pushed Citibank into the forefront of the banking revolution symbolized by automatic teller machines. Low interest rate ceilings on passbook deposits, he maintains, discourage the savings that are desperately needed to spur investment. Says he with characteristic bluntness: "We're being forced to rip off the public...
...five languages as well as economics, Fekete is one of the few Communist bankers who move easily in Western financial circles. Last week he was in the U.S. and visited with Federal Reserve Chairman Paul Volcker and members of the Reagan Administration. He also met with Citibank Chairman Walter Wriston and discussed final details of a new $400 million loan from private American and European banks...
...attempts to find suitable candidates who could satisfy political constituencies or obligations, such as naming minorities and women. Efforts to keep the selection process secret met with little success, as informed and uninformed speculation hovered over every choice, with occasionally ludicrous results. In one instance, a banker, Walter B. Wriston, saw his name appear on page one of The New York Times and elsewhere as Reagan's certain choice for Secretary of the Treasury; a few days later, however, Donald T. Regan '40 got the job. What had happened? Wriston said he was the last person...
...other loans. An escrow account is a bank deposit that is controlled by a third party until certain terms are fulfilled. For example, banks often establish escrow accounts into which homeowners with mortgages deposit money that is used to pay property taxes. As Citicorp Chairman Walter Wriston told TIME Correspondent Frederick Ungeheuer afterward, "The principle of the deal was: Give back our people, and we will give you back your money...
Some public servants dislike the act intensely. Says former Treasury Secretary William Simon: "It is just ridiculous. We're going to end up with nothing but academics and neuters." Says Citicorp Chairman Walter Wriston, also once considered as a possible Treasury Secretary: "Had the people present at our Constitutional Convention been obliged to pass the conflict-of-interest test, it is doubtful that many of them could have got through the door...