of prophets and profits

(Vol. 8 No. 2)
by California-Nevada Interfaith Committee on Corporate Responsibility
with John E. Lind
San Francisco, California, United States
September 1985
12 pages
Type: Newsletter
Coverage in Africa: South Africa
Coverage outside Africa: United States, Germany, Switzerland, United Kingdom
Language: English
Contents: THE PRESSURES ON SOUTH AFRICA FOR CHANGE • CHANGE, CHANGING, CHANGED. MOVE, MOVING, MOVED • CROCKER BANK - HAS THE LIGHT GONE OUT? • SUPPLEMENT SHORT-TERM LENDING: THE ACHILLES' HEEL OF SOUTH AFRICA • U.S. BANK LENDING IN SOUTH AFRICA THE MAIN PRESSURE POINT • Table I: South African lending by California Banks • BARCLAYS - FACT SHEET • UNITED STATES • MORE ABOUT THE BANK THAT KNOWS MORE ABOUT THE WORLD • U.S. SIBLINGS OF BARCLAYS NATIONAL CORPORATION OF SOUTH AFRICA • DIVESTMENT OF CORPORATE STOCKS AND DISINVESTMENT OF CORPORATIONS FROM SOUTH AFRICA • REPORT ON THE FAMILIES OF THE DISAPPEARED IN GUATEMALA • The newsletter says August was a difficult month for the South African financial markets; it began with the report that Chase Manhattan Bank was refusing to roll over short-term debt because of the political risk involved with the current rioting in that country, by the end of the month, the South African currency (rand) was plunging relative to the dollar, finally in the last week of the month, South African authorities shut down their financial markets to prevent currency flight and the further plunge of the rand. The newsletter says CN-ICCR maintains that the lending by U.S. banks in South Africa is the most important immediate pressure point on the South African economy. The newsletter discusses apartheid, the South African economy, the inflated price of gold, Crocker National Bank, the World Debt Crisis, Midland Plc., Security Pacific, Gerhard de Kock, the Reserve Bank of South Africa, the roll over all the short-term debt, long-term debt, the financial rand, foreign corporations, U.S. Steel, disinvestment, Nedbank, Standard Bank, South African government parastatals, borrowing short and lending long-term, U.S. banking authorities, the Electricity Supply Commission, Peter S. Magnani, Bank of America, letters of credit, trade, church investors, U.S. banks, Bishop Desmond Tutu, the Nobel Peace Prize, Ford, AngloAmerican, Philbro-Salomon, BBDO International, Apple Computer, the South African Council of Churches (SACC), the Presbyterian Church U.S.A., the United Church of Christ, Roman Catholic congregations, American Chamber of Commerce in South Africa, the City of New York, Citibank, Morgan, Burroughs, Chevron, Control Data, Fluor, Ford Motor, General Electric, General Motors (GM), International Business Machines (IBM), Mobil, Newmont Mining, Texaco, Bank America, First Interstate, Wells Fargo, Crocker(Midland), Manufacturers Hanover, the Bank of Canada, RepublicBank (TX), MCorp, Norwest, Harris Bancorp, the Bank of Montreal, Union Bank of Switzerland, Swiss Banking Corporation , Dresdner Bank, Deutsche Bank, California bishops, and European Economic Community Code of Conduct for companies in South Africa.
Used by permission of John E. Lind, CANICCOR Research.
Collection: John Harrington's South Africa Papers, Michigan State University Libraries Special Collections