Word: lender
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Dates: during 1980-1989
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...Chicago, the harried Continental Illinois Bank had to dip deep into the largest rescue fund ever arranged for a U.S. lender. In Washington, D.C., World Bank officials warned that the latest jump in American interest rates will add $1.25 billion a year to the Third World's already crushing debt. In Paris, European moneymen lashed out at rising U.S. borrowing costs. On both sides of the Atlantic last week, such concerns were sending shock waves through the money world. Said Bank Analyst Stephen Berman of L.F. Rothschild, Unterberg, Towbin: "The U.S. banking system is suffering from a crisis...
...most visible trouble spot was Continental Illinois, the seventh-largest U.S. bank. Aggressive lending to energy firms and other ailing borrowers has filled its books with $2.3 billion in sour loans. After rumors that the bank was about to fail led to a run on the Chicago lender, Morgan Guaranty and 15 other big banks last week rushed to Continental's rescue with a $4.5 billion line of credit, the largest ever for an American bank. Its goal: to help avert what threatened to become the biggest collapse in U.S. banking history...
Never in its history has the IMF faced debt problems of such magnitude. The agency, which has 146 member countries and a staff of 1,600, including 750 economists, has spent most of its time since its founding in 1945 in relative obscurity. As the international lender of last resort, the IMF grants short-term loans for three to five years from its $35 billion lending pool to help nations finance temporary trade imbalances. The IMF deals with rich and poor countries alike. In the mid-1960s, for example, Britain borrowed some $3 billion to deal with its severe balance...
...scrambled to sell bank-issued certificates of deposit and rushed to seek safety in U.S. Treasury securities. Dealers in other markets temporarily lost confidence in the rising dollar and started bidding up the price of gold. Even the porkbellies market reacted, and prices fell because Continental is a big lender to commodities traders. Some traders apparently helped stir up the panic to make a quick profit...
While Sallie Mae has grown to be the predominant secondary market for student loans many higher education sources say the company has become preoccupied with turning profits. David Longenecher of the Minnesota Higher Education Coordinating Board a $100 million "last resort lender" to students who can't get loans anywhere else says. "We're kind of critical of the way in which (Sallie Mae) has done business which is on a very profit oriented basis. Its profit motive seem to have taken precedence over its public purpose...