Two Bright Spots Seen For S&Ls In Crisis
Washington UPI report says savings and loan industry hopes rest on falling interest rates and a Garn draft bill to restructure regulation. The draft would widen earning sources beyond mortgages and include a capital assistance program to protect net worth without taxpayer cost.
MENTIONED IN THIS ARTICLE
Washington
UPI
Savings and Loan
Senate Banking Committee
Roy Green
U.S. League of Savings Associations
S&ls
Richard Pratt
Federal Home Loan Bank Board
Pratt
Congress
Jake Garn
Ceed
Savings and Loans
Dollar at five year high vs pound and markets mix
The dollar surged to a five year high against the pound as Eurodollar rates rose one eighth of a percent, with the pound sliding to 1.7065 while Tokyo trading boosted the yen to about 260.40. Gold and silver edged higher but varied in London, and banks in Buffalo raise credit card rates toward 19.8 percent with notes on fees unchanged.
MENTIONED IN THIS ARTICLE
London
Buffalo
MasterCard
Visa
Marine Midland
Syracuse
Marine
Lincoln First Bank
Manufacturers & Traders Trust Co
Bank of New York
Watch the receivables inventory
Raymond Tasch of Coopers & Lybrand argues that a predicted 2 to 3 point rate drop may boost sales but not ensure survival. He warns small firms during tight economies to focus on cash flow through receivables and inventory control rather than relying on sales alone.
MENTIONED IN THIS ARTICLE
Lisa Holton
Raymond Tasch
Coopers & Lybrand
Chicago
Tasch
Cooper Employees Promote John Riley to EVP Post
Cooper Industries promoted H. John Riley Jr. to executive vice president of operations for electrical and electronic products. The Syracuse native, previously EVP of operations at Crouse-Hinds, will work with vice chairman Chris Witting in Houston.
MENTIONED IN THIS ARTICLE
Cooper Industries
Crouse-Hinds Co
Syracuse
H. John Riley Jr
Houston
Texas
Riley
Crouse-Hinds
Cooper
Chris Witting
Michigan National faces scrutiny over Penn Square loans
The Michigan National Corp disclosed 53 million dollars of Penn Square Bank loans flagged as nonaccrual amid broader concerns over insider lending, inadequate disclosures, and collateral issues. Regulators, including the OCC, face questions about enforcement while the bank reports a 1.2 million quarterly loss and awaits recovery efforts.
MENTIONED IN THIS ARTICLE
Jeff Gerth
New York Times
Servce
Michigan National Corp
Penn Square Bank
Oklahoma City
Penn Square
Michigan National
Chase Manhattan
Continental Illinois
Securities and Exchange Commission
Comptroller of the Currency
Oklahoma Bank
Congress
Comptroller
Bert Lance
Michigan
Ariadne Magoulias
Cooper Industries to acquire Elliott Co from UTC
Cooper Industries will buy Elliott Co from United Technologies Corp. Elliott, based in Jeannette Pennsylvania, designs and services energy equipment for process, industrial and energy markets. The deal, linked to UTC’s Carrier legacy, awaits a definitive agreement and regulatory filings.
MENTIONED IN THIS ARTICLE
Cooper Industries
Crouse-Hinds Co
Elliott Co
Carrier Corp
United Technologies Corp
Carrier
Cooper
UTC
Elliott
Jeannette
Hartford
United Technologies
Auto makers' profits gear to cuts not growth
Detroit reports only modest second quarter profits for GM Chrysler and Ford as the US auto industry enters a long recession. Analysts note weak demand, high inventories and widespread layoffs though some bright spots include GM Camaro and Firebird, Ford Rampage and revived Chrysler Lebaron.
MENTIONED IN THIS ARTICLE
John Holusha
New York Times
Detroit
General Motors
Chrysler
Ford
United States
Elt. Pappert
Chrysler Corp
Dean
Also Mentioned on This Page
Herald- Journal
Savings & Loan Associations
S&l
Joseph A. Porcello
The
State Banking Board
Key Banks Inc
Key ‘Bank of
Northern New York
N.A
Farmers National Bank of
Malone
Alan R. Cohen
Stanford
Patent and Trademark Office
U.S
Automotive News
Industry Journal
Trade Journal
Commerce Department II
Commerce
Malcolm Baldrige
John Riley
Larry Larsen
Space Services
Rockport
Pri
Vate Rocket Venture
Michigan National Management
Robert Lund
General Motors Corp
Pappert
Iran
Chevrolet
Pontiac
Buick
Oldsmobile
Cadillac
Maryann N. Keller
Paine Webber
United Automobile Workers Union
G.M
Ford Motor Co
American Motors Corp
Noonger
Middle West
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