Word: chases
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...buying and selling U.S. Treasury bonds, bills and notes. For the brokers and dealers in the $700 billion market, the task at hand was to sort out the implications of the default two weeks ago by Drysdale Government Securities Inc. on more than $189 million worth of obligations to Chase Manhattan Bank and other major banks. Meanwhile in Washington, probes of the Drysdale affair were opened by both the Securities and Exchange Commission and a Senate subcommittee...
...Chase Manhattan, the impact of the default was plain enough. After an impressive five-year string of earnings gains, the third largest commercial bank in the U.S. was confronting the biggest single loss in its history. Still unable to explain fully how the bank's bond trading department had stumbled into its costly involvement with the little-known Drysdale in the first place, Chase had no choice but to swallow hard and announce a onetime write-off of perhaps $135 million after taxes, or more than what the bank had expected to earn in the second quarter. Another...
...Chase was even more isolated from the financial community the next day, when Manufacturers Hanover Trust, which had also been involved in Drysdale repo deals, announced that it would make good to brokerage houses on some $29 million in weekend interest payment defaults by Drysdale. Only three hours later, a thoroughly chastened Chase reversed it self and said that it would also honor its commitments after...
...pressure at the right time, but the reaction could have been terrible. Adverse news is one thing, but un certainty at the core of adverse news can create widespread panic." Even if the banks manage to collect something from Drysdale, the anticipated after-tax loss of $135 million that Chase expects to suffer from the affair will probably wipe out the bank's earnings for the second quarter...
...leagues were calling. After his debut feature film The Sugarland Express, an eccentric car-chase comedy starring Goldie Hawn, Spielberg found himself off the coast of Martha's Vineyard directing a huge cast and crew-and one wayward mechanical shark-in Jaws. A 55-day shooting schedule ballooned to 155 days; the $4 million budget soared to $8 million. Studio executives were threatening to close down the film and put "Bruce," the shark, on exhibit as part of the Universal City tour. The crew was wavering daily between seasickness and shell shock. "It was almost Mutiny on the Bounty...