Word: wriston
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Perhaps with that in mind, most lenders try hard to play down the problems and insist that talk of default, let alone bankruptcies, is ill founded. "Foreigners have been borrowing our money since 1902, when we opened our first [overseas] branch in Shanghai." Citicorp Chairman Walter Wriston told TIME. "Our loan losses overseas are not a third of what they are from those good people who borrow our money and speak our language. There are few recorded instances in history of governments, any government, actually getting out of debt. Countries do not fail to exist." The rescheduling of Mexico...
...more powerful economy and a more stable political process. Others, echoing that view, note that banks can hardly send gunboats to seize Poland's steel plants, Mexico's oilfields or Indonesia's rice mills if debt repayments are halted. Says Britain's Lever: "I call [Wriston] the Peter Pan of bankers because he still believes in fairies...
...will also be in the unsettling position of competing fiercely with each other as well as with the money funds. Many a bank official will be working overtime during the Christmas season trying to figure out how much interest to pay on the Super-NOW. Says a concerned Walter Wriston, chairman of New York's Citibank: "The critical question is how banks will price their services. Will we go the airline route, charging $99 and giving a steak dinner to fly across the country?" Savers will soon find...
While that kind of pyramiding sounds ominous to some, Citicorp's Wriston contends that the chances of default by a major country are "zero." A nation that defaulted, he persuasively argues, would cut itself off from the world monetary system and be unable to finance essential imports. Felix Rohatyn, a partner in New York's Lazard Frères investment banking firm, disagrees. Says...
care to shell out on deposits that perhaps may be as small as $2,500. Said Citicorp Chairman Walter Wriston: "I think it's terrific." Dreyfus, which manages the third largest money fund with assets of $12 billion, reacted swiftly. Just days earlier, it had announced plans to buy the tiny Lincoln State Bank of East Orange, N.J. By making application to the U.S. Comptroller of the Currency for permission to start its own bank as well, Dreyfus sent a signal that it was determined to get into banking one way or another. Investors in the Dreyfus Liquid Assets...