Word: wriston
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Though concerned about loan losses, most bankers bristle at the suggestion that the stability of the financial system may be in danger. Says Walter Wriston, chairman of Citicorp: "Every major bank in America last year made more money than General Motors, Ford and Chrysler combined. They lost more than $1 billion. But if one bank out of 15,000 loses money for one quarter, it looks like the end of the world to people." Most Washington officials share the bankers' confidence. Says a member of the Federal Reserve Board: "Even the relatively few banks that have been hardest...
...about falling interest rates had helped touch off the market's buying frenzy. That story was still evolving when Ungeheuer had to deal with news that Citicorp was bidding for the Fidelity Savings & Loan Association. "I had seen the move coming two years ago, when Citicorp Chairman Walter Wriston indicated to me that Citibank would be reaching out for a savings and loan at the earliest opportunity," said Ungeheuer. He went to work on the Citicorp story as well. In the meantime, TIME'S editors decided a separate story was needed on interest rates to augment the Wall...
Interstate banking on the move "The view of the U.S. Government expressed by courts and regulators that savings banks don't compete with commercial banks can only be described as bizarre." Thus said Citicorp Chairman Walter Wriston two years ago at a convention of bankers in Boca Raton, Fla., when he lashed out at regulations that for bid a bank from doing commercial busi ness in another state. But despite those rules, New York's Citicorp has forged ahead in its ambitious plans to begin tap ping the $833 billion pool of consumer deposits held by American savings...
...Administration already woefully lacking in international expertise. "Relative to the rest of the Administration, Shultz has had experience," says former Senator J. William Fulbright. "He brings to the office an enormous personal acquaintanceship with heads of state around the world," says New York's Citicorp Chairman Walter Wriston...
...tight money and lower social-spending ideas favored by traditional conservatives and monetarists. In the process of melding together these views, Shultz somehow managed to ease aside, as key figures in the Reagan campaign, economic eccentrics like supply-side zealot Arthur Laffer and move ahead such mainstream figures as Wriston and Economist Alan Greenspan...