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April 14, 1998 - Image 2

Resource type:
The Michigan Daily, 1998-04-14

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2 - The Michigan Daily - Tuesday, April 14, 1998


Bank mergers transform i

The Associated Press
The aptly named NationsBank Corp. and
BankAmerica Corp. took a giant leap for the banking
industry yesterday in a $62.8 billion merger creating
the country's first coast-to-coast bank.
In the heart of the new No. 1 American bank's territo-
ry, another giant also was born as Banc One Corp. and
First Chicago NBD Corp. announced a $28.8 billion
merger to create the Midwest's most dominant bank.
The two deals come just a week after Citicorp and
Travelers Group said they would combine their
sprawling banking, insurance and brokerage business-
es into the nation's biggest financial company. The lat-
est mergers increase the pressure on smaller banks to
consolidate so they too can provide broad financial
"This is the first giant stride to bring both coasts
together under one banking franchise," said Michael
Ancell, a banking analyst at St. Louis investment bank
Edward Jones. "Everybody knew it was coming, but
when it finally happens it's kind of a breathtaker."
The mergers fueled speculation about future coast-
to-coast or even global deals in which giants absorb

midsized banks. Among major banks, San Francisco-
based Wells Fargo & Co. and Seattle-based
Washington Mutual Inc. also were seen by analysts as
potential targets.
"There's no doubt there will be more transactions
like this," said Corey Yulinsky, who follows the indus-
try for Mercer Management Consulting in New York.
"We are going to see some really mega-institutions
and some small community banks."
Behind this month's wave of mergers - the three
largest ever in the financial services business - is
convenience. Banks want customers to have access to
their branches and ATMs when traveling and want to
provide services such as insurance or investment
advice along with savings and checking accounts. The
deals come as Congress is trying to remove
Depression-era barriers that block banks from getting
fully into the insurance and brokerage businesses.
The BankAmerica-NationsBank merger would be
the second-largest corporate marriage ever behind the
planned $74.4 billion Citicorp-Travelers combination,
to be called Citigroup. BankAmerica and
NationsBank would have $570 billion in combined

assets, surpa
biggest U.S. b
In addition
up U.S. mere
newly grown
The new Cit
overseas busi
still behind J
the proposed
global ranks.
strength acrc
base. The c
4,800 bran
"Both of oi
company pur
and Boatmen

Continued from Page 1
in the field and even submitted a 10-
page recommendation written by a col-
league. Ukadike said the recommenda-
tion is extremely positive.
Ukadike said he was one of many
minority professors hired by former
University President James
Duderstadt under the Michigan
Mandate - Duderstadt's initiative
to create a more diverse campus.
"As I look around campus, I have
found myself wondering where all
the black faculty have gone - those
who were recruited the same time as
myself," Ukadike said.
Ukadike's 10-year stay at
Michigan will end April 30 when his
contract expires.
"It's not a matter of wanting to stay.
I'm being forced out," Ukadike said.
He plans to move on to Tulane
University for a tenure-track position.
Associate Vice President for

Researching the Bahh'f
Refer to Internet
for documentation proving
incontestably that Shoghi
Effendi appointed a successor.

University Relations Lisa Baker said
to the lawsuit is "completely without
"We are confident in the promo-
tion of the tenure review process,"
Baker said. "The University does
not consider race when making
tenure decisions."
Ngwenyama filed his lawsuit July
16, 1998 against the University,
specifically naming Business Dean
B. Joseph White and Business Prof.
Michael Gordon.
"For the seven years that I was a
member of the faculty I observed a
sophisticated multi-year approach
used to force black faculty members
out of the school," Ngwenyama
wrote on a Web page he set up to
publicize the lawsuit.
To support his claim, Ngwenyama
notes that in the School of Business
Administration, only one black fac-
ulty member has achieved tenure
and only one other has been hired
with tenure.

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indstr ARoUND THE NATioN
Free condom program linked to safe sex
ssing Chase Manhattan Corp. as the
ank. LOS ANGELES - A free condom program at a Los Angeles County high
to setting the stage for a spate of catch- school has increased sexual safety without any corresponding increase in sexual
gers, the deals are seen as giving the activity, according to a new study being reported today by researchers at the RAND
banks more power to expand overseas. Corp.
igroup and BankAmerica have strong The percentage of sexually experienced males using a condom each time the
nesses, but America's largest banks are had intercourse rose by a third, from 37 percent to 50 percent, at an unnamed hi
Japan's Bank of Tokyo-Mitsubishi and school, according to a report in the journal Family Planning Perspectives.
J United Bank of Switzerland in the But, rebutting the fears of condom distribution critics, the study found that the
number of males and females who had ever had sex remained constant at 55 per-
nk, based in Charlotte, N.C., has its cent and 46 percent, respectively.
ss the nation's south and midsection. "This is just one study in one school district ... but it is very encouraging' "said
a spreads east from its San Francisco Dr. Mark Schuster, a senior researcher at Santa Monica-based RAND and a pedi-
ombined bank, which will take the atrician at UCLA. A study in New York recently obtained similar results, he noted
a name, will operate in 22 states, with "It looks like these programs really can have the desired effect."
ches and 15,000 automated teller Response to the study was tepid, at best, however. Condom distribution "ceased
to be controversial a couple of months after we started doing it," said Shel Erlich,
ur companies have believed in the idea of a spokesperson for the Los Angeles Unified School District.
banking for a long time,' said A condom distribution program was begun in 1992 in high schools in the schoo
chair Hugh McColl, whose aggressive district and in the nearby Culver City and Santa Monica districts.
chased Southern rival Barnett Banks Inc.
i's Bancshares in the Midwest just last
Florida ads tell teens try for glamorizing smoking by featur-
ing many lead characters whoare
W RESTLING not to use tobacco smokers. "We're your best custors
So why are you trying to kill us?" :
Continued from Page 1 MIAMI - Florida launched a $50 Among the teen demands are a list of
"All of these changes are to insure million ad campaign against teen ingredients on every pack of cigarettes
safer conditions and a safe future for smoking yesterday that is being fund- and warning labels for movies that fe
our sport," Bahr said. "There will be a ed by the tobacco industry's own ture characters who smoke.
lot of paperwork to get used to, but money, a product of Florida's $11.3
that's OK with me." billion settlement with cigarette mak- Test could offer early
Athletic department officials have ers.
pledged to change the Michigan The edgy, in-your-face style full- cancerdetecion
wrestling program - regardless of page newspaper ads and television
nationwide recommendations. spots were developed with the input of WASHINGTON - A highly sensi-
"We've already committed to prac- adolescents, who are smoking in tive new blood test could help doctors
ticing ... medicine in this way," said increasing numbers according to gov- find tumors sooner and improve mOni-
Associate Surgery Prof. Stephen ernment studies. toring of treatment, researchers say.
Papadopoulos, a member of the Board "It's teens talking to teens - we're "The idea is to detect cancers earl
in Control of Intercollegiate Athletics. not telling them what to do. We're just when they're more treatable," said'
"From a competitive viewpoint, it's letting them know what the tobacco Jonathan Uhr of the University ofTexas
nice to know everybody else is going to companies are doing to them," said 17- Southwestern Medical Center at
do the same." year-old Tori Binitie, a junior at Dallas.
Papadopoulos, who also served on the Lincoln High School in Tallahassee How much earlier a tumor might be
University's wrestling task force, said he who appears in the campaign. discovered isn't known yet, Uhr said. But
is not only pleased with the changes but In one ad, a teen in a black ski mask Dr. Emilian Racila, one of his co-
also with the NCAA's timeliness in simulating a hostage-taker says she researchers, noted that some breast can-
making the recommendations. represents a generation "tired of being cers can grow for years before becoming
Mike Moyer, chair of the NCAA a target." large enough to be detected by mam-
Wrestling Rules Committee, said three A second ad assails the movie indus- mography.
guidelines drove committee members'
"The first principle is to eliminate
from the sport of wrestlingany and allUTH EO RLD
practices, activities and devices that
could potentially risk the health of the
participants," Moyer said. "The second
principle was the focus in our sport Ireland accord brings immediately boarded a bus to join
should be on competition and not on .fanother parade in a mostly Protestant
weight loss, and the third principle was Sgns of peace town.
to make sure all rules were practical, Later, speakers at Apprentice'13
effective and enforceable" BELFAST, Northern Ireland - ralliesrcondemned the compromi
In addition to adjustments made to Taking their cue from last week's sweep- contained in last Friday's accord -
the 10 weight classes, the NCAA com- ing peace accord for Northern Ireland, which Northern Ireland's largest
mittee made the following key recom- Protestant marchers avoided a hostile Protestant patty, David Trimble's Ulster
mendations: Catholic neighborhood yesterday that Unionists, supported.
Banning of practice rooms that has frequently been a sectarian battle-
exceed 75 degrees, ground. Tanzania suspend
* The initiation of a preliminary This symbolic start to Northern s sp nd
weight-assessment program during Oct. Ireland's always divisive "marching sea- mining after dsaster
1-7, taking into account body weight, son," which runs from Easter Monday to
body fat and gravity of urine. Wrestlers' late August, demonstrated the kind of DAR ES SALAAM, Tanzania
minimum wrestling weight would be retreats that will be required for the Tanzania suspended all mining ope
determined from these factors. The peace agreement to survive the coming tions in the north yesterday whilpres
committee suggests wrestlers not lose months. cue workers tried to recover the bdie
more than 1.5 percent of body weight Police blocked the early morning of dozens of miners from flooded Min
per week. The process would be repeat- march by 20 Apprentice Boys, one of ing shafts.
ed in December. Northern Ireland's three pro-British State-run Radio Tanzania reporte
Holding weigh-ins for dual match- Protestant fraternal orders, at a bridge a that 21 miners had escaped heavy rain
es one hour before the start of the first few hundred yards from the Catholic Friday that flooded 14 shafts - som
match and having a random draw decide Lower Ormeau neighborhood of south as deep as 300 feet. Others are feare

which wrestlers are weighed-in first. For Belfast. dead in the area 40 miles south of th
tournaments, weigh-ins would occur The marchers handed the police com- northern town of Arusha.
two hours before the first match. mander a letter of protest. But rather Initial reports spoke of more t
Requiring all coaches to be certi- than mounting the kind of lengthy stand- 100 people missing.
fled in cardio pulmonary resuscitation off that in past years has ended in vio-
and first aid. lence, they and an accompanying band - Compiled from Daily wire reports
Moyer said that although the recom-
mendations will not solve all safety prob-
lems, they are steps in the right direction.I
"I think we all recognize that these
changes may not be the very end,"
Moyer said. "There may be some addi- The Michigan Daily (ISSN 0745-967) is published Monday through Friday during the fall and winter terms by
students at the University of Michigan. Subscriptions for fall term, starting in September, via U.S. mail are
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y p Writer Jordan Field E-mail letters to the editor to daily.Ietfers@umich.ed. World Wide Web: http://www.pub.umich.edu/daily/.
contributed to this report. , El. RU ,W.9
NEWS Janet Adamy, Managing Editor
EDITORS: Maria Hackett, Heather Kamins, Jeffrey Kosseff, Chris Metinko.
STAFF: Melissa Andrzejak, Reilly Brennan, Jodi S. Cohen, Gerard Cohen-Vrignaud, Rachel Edelman, Jeff Eldridge, Margene Eriksen, Trevor
Gardner, Erin Holmes, Steve Horwitz, Hong Lin, Pete Meyers, William Nash, Christine M. Paik, Lee Palmer, Katie Plona, Susan T. Port. Eliana
Raik, Anupama Reddy, Josh Rosenblatt, Melanie Sampson, Killy Scheer, Nika Schulte, Carly Southworth, Mike Spahn, Sam Stavis, Jason
Stoffer, Carrisa van Heest, Will Weissert, Sarah Welsh, Heather Wiggin, Kristin Wright, Jennifer Yachnin.
CALENDAR: Katie Plona.
d sEDITORIAL Jack Schiiaci,
STAFF: Lea Frost. Kaamran Hafeez, Eric Hochstadt, Scott Hunter, Jason Korb, Yuki Kuniyuki, Saran Lemire. Erin Marsh, James Miller, Abty
Moses, Aaron Rich, Joshua Rich, Stephen Sarkozy, Megan Schimpf, Paul Serilla, David Wallace, Josh White, Matt Wimsatt.
SPORTS Jim Rose, Managing Editor
EDITORS: Chris Farah, Sharat Raju, Mark Snyder, Dan Stillman.
STAFF: Drew Beaver, T.J. Berka, Josh Borkin, Evan Braunstein. Nicholas J. Cotsonika, Dave DenHerder, Chris Duprey, Jason Emeott, Jordan
Field, Mark Francescutti, Rick Freeman, John Friedberg, Alan Goldenbach, James Goldstein, Rick Harpster, Kim Hart, Josh Kleinbaum ,,
Vaughn R. Klug, Nick Koster, Chad Kujala, Andy Latack, John Leroi, Fred Link, B.J. Luria, Stephanie Offer, Pranay Reddy, Kevin Rosenfield,
Danielle Rumore, Tracy Sandier, Nita Srivastava, Uma Subramanian, Jacob Wheeler.
ARTS Bryan Lark, Kristin Long, Editors
WEEKEND, ETC. EDITORS: Emily Lambert, Elizabeth Lucas; Associate Editor: Christopher Tkaczyk
SUB-EDITORS: Brian Cohen (Music). Chris Tkaczyk (Fine/Performing Arts), Joshua Pederson (Film), Jessica Eaton (Books), Michael Galloway (TV/New Medial.
STAFF: Joanne Alnajjar, Amy Barber, Matthew Barrett, Colin Bartos, Caryn Burtt, Chris Cousino, Gabe Fajud. Laura Flyer, Geordy
Gantsoudes. Cait Hall, Marquina Iliev, Maicie Jones, Stephanie Jo Klein, Anna Kovalszki, Valerie Lapinski, Jie Lin, James Miller, Kerri
Murphy, Jennifer Petlinski, Aaron Rennie, Aaron Rich, Joshua Rich, Deveron Q. Sanders, Gavrielle Schaffer, Cara Spindler, Prashant
Tamaskar, Ted Watts, JuQuan Williams, Curtis Zimmerman.
PHOTO Margaret Myers, Warren Zinn, Edit
i t -STAFF: Allison Canter, Louis Brown, Mallory S.E. Floyd, Joy Jacobs, Jessica Johnson, John Kraft, Dana Linnane, Emily Nathan, Nathan Ruffer, Sara
Stillman, Paul Talanian, Adriana Yugovich.
ONLINE Chris Farah, Editor
STAFF: Mark Francescutti, Marquina Iliev, Elizabeth Lucas, Adam Pollock.
GRAPHICS Jonathan Weitz, Editor
STAFF: Alex Hogg, Vicky Lasky, Michelle McCombs, Jordan Young.
- LJ I 11111 14 :13 I * * T ri m 6

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