Word: wriston
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...Walter Wriston, chairman of First National City Bank of New York, made an unplanned Sunday flight back from sunny Jamaica to snowy Manhattan. David Rockefeller, chairman of Chase Manhattan Bank, returned from a stay in Maine and immediately got on the phone in his elegant New York town house...
...Wriston termed the Post story "the moral equivalent of publishing raw data from an outdated FBI file." He insisted that Citi bank's condition is "excellent." Rockefeller called the story "a clear case of irresponsible journalism" and asserted that Chase is "sound, vital and profitable." Comptroller of the Currency James E. Smith noted that all the in formation was taken from outdated reports some l l/2 years old. Both banks have had subsequent inspections and, except for the loan losses, they apparently more than satisfied the examiners. The banks, said Smith, "continue to be among the soundest banking institutions...
...than-top credit ratings, will be unable to borrow as much as they want. Indeed, for the banking system as a whole, the current troubles have brought a pause after a dec ade of pell-mell expansion and diversification in which Citi bank and its aggressive, caustically droll Chairman Wriston led the way. The outlook now is for several years of more cautious policies - and tighter Government supervision...
Nadler's comments are overly harsh: the new bankers promoted more economic growth than the legendary gimlet-eyed banker of old, who would grant a loan only to a borrower who could prove that he did not need one. That, at least, is the central argument of Walter Wriston, the strongest champion and exemplar of the new banking. Under Wriston, Citibank has led in international expansion, computerization and the use of large CDs, and it was one of the first to appreciate the diversification possibilities of holding companies. (Citibank today is officially a subsidiary of Citicorp, a holding company...
California's Bank of America, criticizing Ford, called default "an unacceptable alternative" that would weaken the economy's recovery and further inflate the federal deficit by forcing the Government to make emergency loans and increase welfare payments. But Wriston called Ford's program "highly responsible" and predicted that "the effects of default are containable" and would have "minimal" impact on major New York banks, which hold a total of $2 billion in city and Big Mac debt. According to an estimate by Wall Street analysts, Chairman David Rockefeller's Chase Manhattan is worst off, holding...