Word: shutdowns
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Dates: during 1990-1999
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FINANCIAL FALLOUT. Already burned once by the B.C.C.I. shutdown, panicky crowds in Hong Kong rushed to withdraw their cash last week from local Citibank branches. The two-day run was triggered by unfounded reports that Citibank was insolvent. Last month Hong Kong's overdue seizure of the local subsidiary of B.C.C.I. froze $1.4 billion in accounts held by 40,000 hapless depositors. The colony's residents were still so shaken by the shutdown that on Friday they staged a second run, on the British-based Standard Chartered Bank after rumors that it had lost either its banking license...
With Britain absorbed by the scandal, a London court suspended the liquidation of B.C.C.I. accounts in the country to seek a bailout for 120,000 local depositors, who held a total of $400 million in the bank. The outraged victims of the shutdown, who included Indian and Pakistani families and some 30 municipalities, stood to receive just 75% of their money, up to a maximum of about $25,000. But Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who acquired control of B.C.C.I. for $1 billion last year, was still fuming because the clampdown shuttered the bank...
...sheik had plenty of companions in misery as shock waves from the B.C.C.I. shutdown rippled across the globe. Authorities seized more than 75% of the bank's $20 billion of assets in 69 countries. Customers from Bahrain to Beijing suddenly found themselves cut off from their funds. Political sniping broke out in Britain when members of the opposition Labour Party attacked regulators for hastily closing 25 branches of B.C.C.I. across the country. Panama pleaded with the Bank of England to return $18 million of government funds that ousted dictator Manuel Noriega had squirreled away in B.C.C.I. accounts in Britain...
...current exchange rates. Shaken B.C.C.I. depositors jammed hastily arranged telephone hot lines, some manned by fluent speakers of Hindi, Urdu and other Asian languages, with calls for advice. At the same time, many of the 1,200 B.C.C.I. employees who lost their jobs in the shutdown marched outside the Bank of England to protest the move...
Since there is enough money in the state treasury to pay workers for several weeks, Weicker's shutdown was mainly designed to pressure lawmakers during round-the-clock negotiations that continued into the weekend. But the Governor will get the reform he has championed only when legislators become convinced that a more balanced tax system is the best way to end the boom-and-bust cycles of state budgetmaking...