Word: stringing
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...doubt many consumers have been worried by a seemingly endless string of bad-news headlines about their banks. Says Val Adams, a marketing executive in Chicago: "The failures are just more proof that they don't know what they're doing, and that's kind of scary. I don't mean I'm going to take my money out and put it under my mattress, but I am concerned." Last week BankAmerica and First Chicago, two of the nation's largest institutions, said they were considering selling their landmark headquarters buildings. Reason: both banks...
...clearest example of the industry's chaos is the growing string of financial failures. Warns Economics Professor Lester Thurow of the Massachusetts Institute of Technology: "A threat to the soundness of our private banking system is an economic nightmare." So far this year, 71 banks have collapsed, compared with 48 in all of 1983 and only ten in 1981. The latest failure was the First American Banking Co. (assets: $22.7 million) of Pendleton, Ore., whose office reopened last week as a branch of a competitor from a neighboring town. Government regulators have put more than...
...recent string of bank failures has raised worries about whether the $17 billion in the FDlC's insurance fund is enough to protect the banking system and depositors. Officials contend that the regulators have enough money to get the job done. Says FDIC Chair man Isaac: "We have the capacity, along with the Federal Reserve, to deal with any scenario you can imagine." Some bankers have already made strategic changes that may help keep them profitable in an increasingly competitive market place. Says Manufacturers' McGillicuddy: "When people say the banking industry hasn't responded, it just doesn...
...around impressive display by Harvard in the second-half sealed the game led by the quick hands of Anne kelly (7 steals, 12 points), the Cantabs tan off a string of 23 unanswered points in the middle of the half to officially usher in garbage-time...
...year to the day after the Navy men's swimming team ended Harvard's string of 32 consecutive victories the then-longest active winning streak in collegiate swimming history--the Crimson yesterday pummelled the visiting Midshipmen, 89-24, in one of the most lopsided Crimson wins in recent history...