Fed levies 200 million fine against BCCI
The Federal Reserve imposes a record 200 million dollar penalty on Bank of Credit and Commerce International and seeks to bar nine affiliates from U.S. banking. New York indicts BCCI founder Agha Hasan Abedi and executives for defrauding investors and falsifying records in what prosecutors call the largest bank fraud in world history. Regulators allege BCCI laundered drug profits and funneled up to 15 billion dollars of depositors’ funds into illicit activities.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Bank of Credit and Commerce International
BCCI
New York
Manhattan
Robert Morgenthau
Agha Hasan Abedi
National Bank of Georgia
CenTrust Savings Bank of Miami
Fed
Joseph Coyne
Schaefer's Mexico visit sparks mixed labor reactions
Governor William Donald Schaefer appears to push Maryland trade with Mexico while union leaders warn of job losses. Maryland officials back free trade, citing worker skills, with concerns over garment jobs and wage gaps. Analysts note potential export growth in chemicals and metals, yet garment manufacturing could shed thousands of jobs nationwide.
MENTIONED IN THIS ARTICLE
Baltimore
William Donald Schaefer
Mexico
J. Randall Evans
Maryland
Department of Economic and Employment Development
U.S
Anthony Pulaski
Armco Inc
Nick Staffa
General Motors
United Auto Workers Retirees Advisory Council
Matamoros
Staffa
University of Maryland At
Clara Gummer
International Ladies Garment Workers Union
Evans
Bush
United States
Canada
Japan brokerage payouts reveal near 200 clients names
Tokyo firms disclosed compensation to about 200 major clients for stock losses totaling 930 million dollars. Analysts say the public confessions may ease a long running financial scandal for now while Kaifu pledges a watchdog body and lawmakers discuss tougher securities laws.
MENTIONED IN THIS ARTICLE
Tokyo
Japan
Toyota
Nissan
Matsushita
Toshiki Kaifu
Kaifu
Kyodo News Service
Ministry of Finance
Vera Sinn
Baring Securities
London
New York
Market Up New York Stocks Drift Higher
The market posted a moderate gain as trading remained quiet in New York. The Dow rose 12.74 to 2,985.24 after last week’s loss, with Big Board volume at 135.31 million shares by 4 p.m. EDT. S&P 500 at 83.15, up 2.22. S&P Industrials at 456.32, up 2.83. NASDAQ 493.35, up 0.66. AMEX 365.18, up 0.68.
MENTIONED IN THIS ARTICLE
GTE Corp
Hech
Dow Jones
IBM
Kmart
New York
Litton
Lowes
Alig Pwr
Loyola Corp
ATT
CSX Corp
Sears
Comsat
USFG
Exxon
Wash Gs
Fedders
Be — Whittaker
H Fcnb Corp
F&m Bancorp
First Bank of
Frederick
General Motors
Ferris, Baker Watts, Inc
Giant Foods
Standard&Poor
Standard&Poor’s
Incomes and Spending Rise 0.5 Percent in June
The Commerce Department reports personal incomes up 0.5 percent in June, matched by consumer spending. Analysts say momentum supports a sluggish third quarter expansion, though caution remains about potential softening and a possible double dip. Tokyo stocks ease after a four day rise as the dollar weakens versus the yen.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Laurence H. Meyer
St. Louis
Tokyo
Mr. Meyer
Marilyn Schaja
Donaldson
Lufkin & Jenrette Securities Corp
New York
Also Mentioned on This Page
First American Bankshares Inc
Schaefer
AP Stock Quotes
KLN
Frederick Branch
Frederick County Square
West
Patrick Street
Citizens Savings Bank
Virginia
Prince George's County
Bethesda
Chevy Chase
Damascus
Flower Hill
Gaithersburg
Kensington
Olney
Potomac
Quince Orchard
Rockville
Silver Spring
Wheaton-Glenmont
White Oak
Fredericktown Bank & Trust Company
Frederick County
Total Assets
Equity Capital
Sandby Letters of Credit
Elizabeth M. Grownickie
Tressurer
Seamed
Elizabeth M. Grossnickle
Raymond L. Thomas
Robert E. Gearing
Nikkei Down
Department
Allstate
Allstate Insurance Company
Centennial Park Drive
Reston
Office of Agency Development/Human Resources
Uempem
Worhbrook
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