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BUSINESS
August 2, 1990 | From Times wire services
The United States' second-quarter gross national product figures do not justify an easing of monetary policy, Federal Reserve Gov. John P. LaWare said today. LaWare also dismissed fears of recession. In Tokyo to attend a banking conference, LaWare was asked if the GNP data released a week ago would justify easing monetary conditions. "Certainly not, based just on second-quarter indicators," LaWare said, adding that the Fed was not unhappy with the second-quarter data.
NEWS
August 4, 1988 | Associated Press
The Senate today confirmed the nomination of Boston banker John P. LaWare to the Federal Reserve Board, an appointment that means President Reagan has filled all seven seats on the board. Members are appointed to 14-year terms, and LaWare's term will not expire until Jan. 31, 2002. The vote was 90 to 3 for the 60-year-old LaWare, who was praised by Republicans and Democrats alike, although Sen. William Proxmire (D-Wis.
BUSINESS
August 5, 1988
The Senate has confirmed the nomination of Boston bank executive John P. LaWare as a member of the Federal Reserve Board. The 90-3 vote approving LaWare's selection means that all seven seats on the board will be held by President Reagan's appointees. Earlier this year, Sen. William Proxmire (D-Wis.), chairman of the Banking Committee, hinted that he might try to delay LaWare's confirmation hearings so that the vacancy could be filled by the next administration.
BUSINESS
December 25, 1992 | From Associated Press
Federal Reserve policy-makers decided at a mid-November meeting to maintain a policy leaning toward lower interest rates if the economy began to sputter, according to minutes released on Thursday. Members of the Federal Open Market Committee reviewed information that "suggested that economic activity had been expanding at a moderate pace," the minutes said. At the same time, wage and price data suggested "a continuing trend toward lower inflation."
BUSINESS
April 14, 1994 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
High-risk hedge funds, which suffered billions of dollars in losses during the recent stock and bond market plunges, pose no immediate threat to the health of the nation's banking system or securities firms, federal regulators said Wednesday. Bank exposure--either through investing in or lending to the funds--is very limited, said Comptroller of the Currency Eugene Ludwig and Federal Reserve Board Gov. John P. LaWare.
BUSINESS
September 30, 1992 | JAMES BATES, TIMES STAFF WRITER
Jack Goetz for five years had little trouble financing his Santa Monica company that prepares would-be lawyers for the bar exam. But last year, Goetz's wealthiest investor sold his stake in the firm, and his bank cut off the company's $600,000 credit line. Even though the business remained sound, the bank told Goetz that lending to the company was now too risky. He went to another lender, who dangled a potential credit line in front of Goetz for more than two months before turning him down.
BUSINESS
August 27, 1987 | Associated Press
Shawmut Corp. of Boston and Hartford, Conn.-based Hartford National Corp. have agreed to merge in a stock swap that will create a new $25-billion bank holding company, the companies announced Wednesday. The transaction was the latest in a recent series of mergers designed to create "super-regional" bank holding companies with the resources to compete with giant money center banks as interstate banking barriers continue to erode.
BUSINESS
June 11, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Low interest rates helped boost the banking industry's profits to a record $7.6 billion during the first quarter, but troubled real estate loans still cast a pall over the financial prospects for many individual institutions, the Federal Deposit Insurance Corp. reported Wednesday. "The industry is clearly in better shape than it was a year ago," FDIC Chairman William Taylor told the Senate Banking Committee. The record earnings compared to profits of $5.
NEWS
June 11, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
A member of the Federal Reserve Board, providing an unusually forthright signal of the central bank's intent, said Wednesday that the U.S. economy is clearly improving and rejected calls for further interest rate cuts to spur the recovery. John P. LaWare, a governor of the board, told members of the Senate Banking, Housing and Urban Affairs Committee that it is not yet clear the stimulative effects of past interest rate reductions have worked their way fully through the economy.
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