Word: congress
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Dates: during 1990-1999
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Last month the White House notified Congress that it was withdrawing the first $5 million from the $97 million made available by the Iraq Liberation Act. But instead of guns, the Pentagon is providing desks, faxes and computers. And for military training, the Defense Department is starting out by having four Iraqi exiles fly to a Florida Air Force base this week for 12 days of classes on the role of the military in developing democracies. The four have been told to wear casual civilian clothes. It is clear that the White House hopes that if military power...
...receiving $255,738 to host "thematic conferences" on what kind of government Iraqis should establish after Saddam's downfall. An additional $200,000 has been budgeted for an environmental study of Iraq's southern marshlands. "It's all just nonsense," says Francis Brooke, Washington representative of the Iraqi National Congress...
Weill was proposing to merge Travelers, deeply ensconced in insurance and stock brokerages, with the nation's second largest bank, Citicorp, in a deal that would tread all over Depression-era legislation prohibiting such an expansive combination. He would need bank regulators, immediately, and Congress, in short order, to clear a path. No surprise to Weill watchers, "Sandy" got what he needed, and more...
...Federal Reserve, the main bank regulator, quickly granted Weill and his new partner, co-CEO John Reed from Citi, a grace period to sort things out. Long before they would have to do any actual sorting, though, Congress is now fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed...
Among the certain winners are dealmakers like Weill and countless others who earn their living swimming in the deal flow. By tearing down barriers between banking, insurance and brokerage, Congress practically erected a billboard on Wall Street reading MORE SALAD DAYS AHEAD. Few financial companies will want to brave the world of financial conglomerates with only one weapon. Anticipating a torrent of consolidation, speculators have been driving up shares of potential target banks, such as Chase, and brokerages, such as PaineWebber...