Word: chases
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...were therefore not subject to taxation. One key witness for the prosecution was Michael Warder, 35, a former church executive who now works for the conservative Heritage Foundation in Washington, D.C. He testified that on several occasions Kamiyama had turned down his requests to use funds from the Chase accounts for church purposes with the explanation that the bank deposits were "Father's money . . . not accessible...
...conditions began to undermine the company's assumption that interest rates were going higher. Instead of the generous profits that Arnold had predicted, Drysdale had a steady stream of losses. The real crisis started last Monday, when the firm failed to meet $250 million in interest due to Chase Manhattan Bank, its principal repo supplier...
...Chase Manhattan Chairman Willard Butcher then called together the heads of seven of the brokerage firms from which it had obtained the securities. Butcher told the moneymen that his bank would not be making the interest payments that were supposed to be due to them that day because Drysdale Government Securities had not paid Chase. The banker said that Chase could not be considered legally responsible for the money owed by Drysdale, but was willing to go ahead anyway and and put put $90 million into a $250 million pool until the situation was cleared up. Included among the astonished...
...executives were furious when they heard Butcher argue that Chase had no obligation because the bank had been merely a transfer agent between the brokerage houses and Drysdale. Their arrangement had been with Chase, the brokerage houses argued, not with Drys dale. Chase seemed to be breaking the most fundamental rule of Wall Street: a dealer stands behind his deal. Said one an gry brokerage house executive: "We had taken a negative view of Drysdale's opera tions from the start, and we never had any direct dealings with them at all. We did not know for whom Chase...
...Tuesday afternoon the New York branch of the Federal Reserve called to gether the chairmen of New York City's ten largest banks to discuss the possible repercussions of Chase's refusal to make the interest payment. Officials were very fearful that if Chase persisted, some securities firms might find themselves in a cash squeeze. After the session, the Feder al Reserve issued a statement saying that it "stood ready as a lender of last resort" to help any commercial banks temporarily short of cash. It was the first time since the mini-financial panic following...