Word: cooley
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Richard Cooley was 59 and had been chairman of San Francisco's Wells Fargo & Co. for 16 years when he abruptly quit his job last December. A day later it turned out he was to become chief executive of another bank-holding company, Seafirst Corp. in Seattle. With $10 billion in assets, Seafirst is less than half the size of Wells Fargo, but Cooley's new job is turning out to be double the challenge of his old one. Last week Seafirst, which owns the Seattle-First National Bank, reported a surprisingly large operating loss of $61.4 million...
...problems at Seafirst apparently run deeper than Cooley realized when he became chairman on Jan. 3. On Sept. 30 the bank had $134 million in loan-loss reserves, mostly to cover losses on energy loans acquired from Penn Square Bank, the notorious Oklahoma City institution that failed last July. But last week Seafirst announced that it had added $125 million to the reserve in the fourth quarter alone. Notes a Seattle banker: "Their problems go far beyond Penn Square...
Seafirst began seeking a bailout about two weeks ago. Cooley first called Alfred Brittain III, chairman of Bankers Trust in New York and a longtime friend, to ask him to put together a two-year loan with other lenders. That effort fell through, but telephone lines were soon buzzing between banks over a different arrangement. The terms will allow Seafirst to draw on the $1.5 billion for 24-hr, loans if it loses other sources of funding and needs money. The participating banks include BankAmerica, Citibank, Chase Manhattan and Continental Illinois...
...life he will lead at the end of a 375-lb. power unit remains a source of speculation and controversy, but at least one former critic has modified his views. "I must confess I am impressed with the results achieved so far in Salt Lake City," says Dr. Denton Cooley, the famed Houston heart surgeon. Cooley had earlier likened the bold use of the cumbersome device to "putting John Glenn in a rocket in 1950 and aiming him at the moon." Jarvik feels that his invention has already proved its worth: "We have been able to offer at least...
...there are simply not enough donor hearts around for the up to 75,000 U.S. patients who need them each year. For this reason, Barnard's fellow pioneers, Michael DeBakey and Denton Cooley, say the Utah heart is an important breakthrough. Both believe, however, that it should be used only temporarily to sustain patients until donors can be found. Cooley has in fact twice used a more primitive apparatus than Jarvik's for this purpose. Says Cooley: "I've never thought of the artificial heart and transplant as being competitive. They complement each other...