Word: depositors
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Banking Committee chairman Henry Gonzalez and others have recommended that the FDIC curb its implicit commitment to make every depositor whole. But any such cutback in coverage of all deposits must be done carefully. The dominant fear -- some observers say obsession -- at the FDIC and the Federal Reserve is that large depositors might become so concerned about their money that at the first sign of trouble at an institution they would take it elsewhere, effectively breaking the bank. Analysts like Shaw have proposed that the FDIC restore its "modified payout" system, under which uninsured depositors get a prorated share...
Robb suggested several specific reforms, including changes in the federal deposit insurance system, which was created by President Franklin D. Roosevelt '04. Robb said the government should lower the level of protection for individual bank accounts, and stop protecting multiple deposits by a single depositor...
...behind shuttered windows and CLOSED signs, Panama's bankers were ready for a stampede of cash-starved customers when the institutions reopened last week. With good reason: it was the first time since March 3, when the government controlled by General Manuel Antonio Noriega decreed a bank holiday, that depositors at most of the country's 120 banking institutions were allowed to make limited withdrawals. Yet the queues that curled around street corners last Monday were calm and orderly. Grunted one depositor, Roy Stone, as he waited to enter a Chase Manhattan branch in Panama City: "It's a beginning...
Ohio's trauma probably further eroded the public's confidence in the safety of its deposits. "This problem with S and Ls is getting real widespread," said Accountant Bruce Humpherys, a thrift depositor in Pittsburg, Calif. "I'm wondering what's happening to our whole financial structure." The concern showed up dramatically in Pollster Albert Sindlinger's weekly survey of consumer sentiment. The percentage of people voicing confidence in the economy fell in one week from 50.4% to 42%, the steepest drop in the poll's 30-year history. "I wouldn't say consumers are panicked," said Sindlinger, "but they...
...bank customers are grousing about high fees, impersonal service or long teller lines. Wealthy depositors seldom experience any of those indignities. For them, banking has become more convenient and financially rewarding than ever before. At the Manufacturers Hanover headquarters at 270 Park Avenue in New York City, customers with a net worth of more than $ 1 million carry out their transactions in an inner sanctum with dark paneled walls and deep-green carpeting. At least two officers familiar with the individual's finances are on hand so that the customer can borrow $500,000 for, say, a vacation home...