Blurring Lines Redefines Banking and Financial Firms
Washington discusses eroding distinctions between banks brokers and nonbank financiers as technologies and aggressive management push to blur old rules. Sears Amex Merrill Lynch Prudential join forces while regulators adapt to rapid change and evolving fiduciary risks.
MENTIONED IN THIS ARTICLE
Washington
Nerly
Anks
Federal Reserve
Paul A. Volcker
Bevid Longstreth
US Securities and Exchange Commission
Longstreth
Merrill Lynch & Co
Bank of the Future
Prudential Life Insurance
Bache Group Inc
Sandard I. Weill
Shearson-American Express
Sears
Edward R. Telling
Volcker
SEC
Savings and Loan Association
Federal Deposit Insurance System
Fed
Dollar Declines Abroad as Rates Rally Boost Dollar Demand
Foreign exchange traders pushed the dollar lower against major currencies after US rate declines, with Tokyo and London showing yen and bullion price shifts. Gold rose to 391.03 in Hong Kong and 388.25 in London, while silver gained to 8.38 in London. USAir and Miller Brewing posted earnings impacts from the recession, with USAir reporting full year profit of 51.1 million on 1.1 billion revenue and Miller's 1981 results marked by high marketing costs despite higher output.
MENTIONED IN THIS ARTICLE
U.S
Tokyo
Europe
Hong Kong
London
Zurich
New York Commodity Exchange
New York
Republic National Bank
Comex
Usair
Miller Brewing Co
Philip Morris
NiMo posts 1981 earnings gain of 26 percent
Niagara Mohawk Power Corp reports 1981 earnings of $2.35 a share on 79.204 million average shares, up 26 percent from 1980. Net income $186.4 million. revenues exceed $2 billion for first time. Utility notes rate-hike proposals, PSC actions, and 8.7 million new shares issued.
MENTIONED IN THIS ARTICLE
Joseph A. Porcello
Niagara Mohawk Power Corp
Public Service Commission
Niagara Mohawk
Albany
Buffalo
North Country
Eastern asks import limit on casein
Eastern Milk Producers Cooperative urges President Reagan to reject the ITC ruling that casein imports do not affect the federal milk support program. A letter from Eastern’s board requests import quotas for casein and other derivatives used in dairy substitutes, industrial adhesives, animal feed, paper, medical products, and lactalbumin.
MENTIONED IN THIS ARTICLE
Eastern Milk Producers Cooperative
Reagan
International Trade Commission
Hastern
Key Bank profits rise 40 percent in 1981 report
Key Banks Inc, parent of Key Bank in Syracuse, posted a 40.8 percent rise in operating earnings for 1981’s fourth quarter and a 33.7 percent gain for the year. Victor J. Riley, president, said expansion plans are underway and the firm is positioned to acquire a thrift if a suitable opportunity arises.
MENTIONED IN THIS ARTICLE
Joseph A. Porcello
Key Banks Inc
Key Bank
Syracuse
Victor J. Riley
Buffalo Savings Bank
Savings Bank
Savings and Loan Association
Riley
Maloné
Pawling
Lyons Falls
Wellsville
New York
Sayville
Eales Oter
Key Trust Co
Albany
Key Capital Corp
Waltham, Mass
FCB Life Insurance
Phoenix, Ariz
FCB Advisory Services Inc
Keycard Corp
AT&T breakup may not raise local rates say Midstate official
Midstate President Andre Belair says AT&T divestiture won’t directly raise local rates for Midstate Telephone and others, though overall costs will rise due to inflation and higher operating costs. He warns service quality could suffer in the name of competition and notes toll settlements dominate Midstate’s revenue. Belair cites pending antitrust settlements, hearings, and unclear timelines for divestiture as key unknowns. Midstate serves about 68,000 customers in Syracuse area and surrounding counties.
MENTIONED IN THIS ARTICLE
Patricia Bycraft
American Telephone and Telegraph Co
Midstate Telephone Co
Midstate
Andre Belair
Belair
At&t
Bell System
ATET
Congress
New York State Public Service Commission
New York Telephone Co
New York
Syracuse
Winfield
Utica
Jamestown
Your Money's Worth Your Money's Worth
Sylvia Porter explains the 1981 tax trap when banks offered to cover part of a $10,000 minimum for high interest six month CDs by loans. The IRS treats the full interest on the CD as income and allows a deduction for the loan interest, creating a complex tax position. If a reader pays half the CD with their own funds and borrows the rest, the net interest and deduction can significantly affect the 1981 return.
MENTIONED IN THIS ARTICLE
Congress
Franklin Delano Roosevelt
Banking and Federal Reserve Acts
Tricky 1981 Tax Rules Highlighted In Final Column
The column explains how to treat CD interest reported as 750 dollars versus actual earnings of 350, notes the deduction option for the 400-dollar gap, and cites the 1981 combined interest and dividend exclusions. It also covers rate reductions, property sale gains exclusions, capital gains tax tweaks, and windfall tax credits for oil royalty owners.
Also Mentioned on This Page
Sears, Roebuck and Co
Dean Witter Reynolds Inc
American Express
Sheargan Loeb Rhoades Inc
Muriel Siebert
Newhouse
Leonard Curry
Joseph A. Parcetlo
Business Digest
Miller Profits
Edwin J. Colodny
Allegheny Airlines
Miller Brewing Company
Philip Morris Inc
Miller
Miller Brewing
Niagara
John M. Endries
Endries
Eastern
Sylvia Porter
The
Internal Revenue Service
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