Newspaper articles

Taken from The Wall Street Journal, June 17, 1982

Bankers Trust New York Names Sanford To Be President When Hannon Retires

New York - Bankers Trust New York Corp selectedCharles Sanford to become the president when John Hannon retires from the bank holding company at the end of this year.

Mr Sanford, 45 years old, is credited with making Bankers Trust more an investment bank than a commercial bank. An executive vice-president since 1974, he has run its trading and money-market operations for 10 years. Under his guidance, the bank’s traders have gained a strong reputation in the foreign-exchange and bond markets.

Mr Sanford’s rise is unusual in that it’s rare for an executive from the trading operation to reach the upper echelons of a bank. Although Mr Sanford spent the first eight years of his banking career as a loan officer - part of the traditional route to the top - he’s made his name dealing with the free-wheeling money-market world.

Mr Sanford and Edward A Lesser, a 48-year-old executive vice president also were both named directors of the company.

Six years ago, Bankers Trust changed its corporate strategy by deciding to sell its consumer banking business and to deal only with institutional and corporate customers. The bank has increasingly emphasised trading, mergers and acquisitions, and advising corporations that issue commercial paper.

The company has also gained attention with its high-rolling traders, who have greatly contributed to profits. In 1981, for example, foreign exchange and bond trading profits were nearly one-third of the company’s pre-tax income. Mr Sanford is credited with the growth of these areas.

Taken from The Wall Street Journal, November 5, 1982

XVII The Insurance Companies

Insurance is an integral part of most enterprises’ risk management programme. Through the holding company all types of insurance (life, property and casualty coverages) are provided. In some cases these companies also offer variable annuities and mutual fund shares.

Invested assets of life insurance companies are largely fixed income producing obligations.

Invested funds of property insurance companies reflect larger proportionate holdings of diversified stocks.

Casualty insurance companies are characterised by generally higher proportionate holdings in cash and bonds than property insurance.

In December 1972, the American Institute of Certified Public Accountants adopted the auditing standard, effective with 1973 reports, known as “audits of stock life insurance companies.”

With the private sector’s lead, the Securities Exchange Commission announced in September 1973 proposals to require the “generally accepted accounting principles” (GAAP) by life insurance companies in filing financial statements with the commission. The proposal represented a significant departure from ultra-conservative statutory accounting requirements.

The SEC issued amendments to all three categories of insurance in June 1976. The amendments were finally adopted in October 1981.

Insurance companies are usually organised as stock companies or mutual companies. Fraternal benefit societies, existing for the benefit of their members, operate much like mutual companies.

Herewith are some of the insurance companies having directors or trustees who are represented on the boards of the commercial banks shown to be a part of Private Export Funding Corporation (PEFCO) and principally involved in the B-Series bonds:-

American International Reinsurance Co, Inc/American International Group, Inc

Atlantic Mutual Insurance Co/Centennial Insurance Co

Prudential Insurance Co of America

Metropolitan Life Insurance (MetLife)

US Life Corp

Travelers Corp

CNA Financial Corp/Continental Casualty Co (CCC)

Talcott National Corp

For detail, see History Document, as referenced in document index.

_NOTE: _Carlyle Group, a cabalistic group of investors and corporate barons that overlap throughout the security portfolio holders by Bush Snr. (Washington based Merchant Bank chaired by Reagan’s former Pentagon chief Frank Carlucci.) – Mail & Guardian 15 – 21/12/2000