Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Plan Would Shore Up S&L Insurance

Federal regulators proposed a rescue plan Friday for the fund that insures deposits at the nation's savings and loans, citing concern that one or two large S&L failures could bankrupt the fund.

The Treasury Department, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision presented the proposal that, among other things, requires banks to contribute to the solution. The plan calls for savings and loans to pay a onetime charge next Jan. 1, to boost the thrift fund to a level that equals $1.25 for every $100 of deposits. To address longer-term worries, the proposal suggests merging the bank and thrift insurance funds.

A House Banking subcommittee has scheduled a hearing on the issue for Aug. 2. Reuters

***** Hot Stuff Is Hot Stuff

Fiery foods like peppers, hot mustards, horseradish and salsas are among the hottest items on grocery shelves in every sense of the word, says Packaged Facts.

The research firm, based in New York, says sales of the tongue ticklers grew 9.6 percent in 1994, to a total of $1 billion.

Business is expected to increase another 12 percent this year, but growth is expected to taper gradually through the year 2000. Associated Press

***** Monsanto Appoints Key VP

Monsanto Co. promoted Hendrik A. Verfaillie Friday to executive vice president, one of two such positions at the company.

He is in charge of Monsanto's agricultural-products units as well as some of its consumer goods, including the artificial sweetener NutraSweet.

Verfaillie, 50, joined Monsanto in 1976 as a manager of herbicide products in Europe. Post-Dispatch

***** Bank Of Boston Ripens

The Bank of Boston is ripe for acquisition now that Ira Stepanian is no longer chief executive. The leader resigned under pressure Thursday. …

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