European Stars and Stripes (Newspaper) - August 13, 1991, Darmstadt, Hesse                                Tuesday August 13, 1991 the stars and stripes b Page 17 s s a  s. A. Money matters today a tips Sara Lee corp. Will become the nations largest maker of women a intimate apparel with the completion of a $575 million Deal to acquire Playtex apparel inc. Sara Lee a which already has its own lines of Bali Hensen and Hanes her Way a will control about 20 percent of the Domestic Bra Market in about two months when it takes control of privately held Playtex apparel. In the transaction Sara Lee will assume Playtex apparels $400 million debt and give its owners 4 million shares of Sara Lee Stock Worth about $175  rates London up mondays closing rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $358.25 an ounce. B aug. 9 aug. 12 British pound.1.6995 1.6975 German Mark .1.7255 1.7255 French franc.5.8490 5.8660 dutch guilder.1.9360 1.9460 belgian franc 35.4075 italian lira. .1.287.85 1,291.75 Swiss franc .1.5130 1.5100 greek drachma.189.95 190.86 turkish lira.4,428.40 4,449.10 saudi arabian riyal.3.7501 3.7501 Spanish peseta.107.56 108.21 portuguese escudo.148.13 148.87 Canadian dollar.1.1460 1.1468 austrian Schilling .12.0825 12.15 no Weglan krone.6.715 6.7555 danish krone.6.65 6.6850 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.68 through tuesday based on mondays noontime  soy recovery to be slow steady Washington a the nations Economy will continue to improve gradually through next year avoiding a double dip recession in which it begins shrinking again after a period of growth say a vast majority of economists in a new Survey. But the consensus forecast of the 51 economists surveyed by Blue Chip economic indicators projects a sluggish Pace Only half As fast As the average revivals from other recessions following world War ii. Some 91 percent of the economists said the Economy would Dodge a double dip recession this time but the consensus forecast has it growing at Only a 2.7 percent annual rate this Quarter and 2.8 percent in the fourth. The consensus also projects 2.7 percent growth in 1992. The Bush administration expects the Economy to grow at an annual rate of Between 2.5 percent and 3.0 percent during the second half of 1991 and 3.1 percent during 1992. The Survey Partick pants represent Many of the nations top Banks brokerage companies corporations economic forecasting firms and universities. 2 key West coast Banks announce record merger new York a ban America corp. And Security Pacific corp. Announced on monday the largest banking merger in . History creating what would be the nations second biggest banking company with assets of about $190 billion. The West coast merger announcement comes Only weeks after two pairs of other Large Banks announced Mega mergers in the rapidly consolidated banking business where strength in size is becoming More critical to compete. Last month two mergers were announced. Chemical banking corp. And manufacturers Hanover corp., with assets totalling $135 billion agreed to Combine their operations. A cab corp. And a amps sovran corp., with assets totalling $118 billion also agreed to merge. More Bank marriages Are expected in coming months. Under the latest agreement each share of los Angeles based Security Pacific common Stock will be exchanged for 0.88 shares of san Francisco based ban America and the Security Pacific name will become history. Based in Bank american a closing Stock Price Friday the value of the Deal is about $4.12 billion. On Wall steet Stock trading in both companies was delayed. On Friday ban America closed at $37.75, while Security Pacific settled at $23. The merger was approved by the boards of directors and signed sunday by the chairmen of ban America and Security Pacific a statement said. The new company will be called Bank Merica corp., it said. Bob Chapman a vice president at county securities Usa said he was not surprised by monday s announcement. A this is definitely going to keep happening a he said. A this is just a Start. The wave Hasni to even begun to  Chapman predicted two More big West coast Banks that have held merger talks in the past first interstate ban corp and Wells Fargo amp co., would announce a Deal to Combine their operations within the next few months. Earlier this month ban America agreed to acquire Valley capital corp., which has $3.2 billion in assets and operates 73 Bank branches in Nevada and Arizona. Ban America said Valley Capi Tal would be absorbed into its operations in those states. Ban America and Security Pacific already were among the five biggest Banks in the country and the biggest on the West coast. They had been secretly negotiating a merger intermittently since april said Peter Magnani a spokesman for ban America. Richard m. Rosenberg chairman and chief executive officer of ban America will serve As chairman and ceo of the new company the statement said. Robert h. Smith chairman and chief executive officer of Security Pacific will be president and chief operating officer. The new banking company will be second in size to new York based Citicorp which has assets of nearly $217 billion and will have a sprawling network of branches in 10 Western states. Ban America currently ranks As the nations second largest banking company and had assets of roughly $110 billion at the end of 1990. Security Pacific ranked fifth had assets of roughly $84 billion at the end of last year. Both Banks said they expected to save around $1 billion within three years by consolidating operations. Mob figures reportedly planned to use Bocci funds in . Deal new York a organized crime figures planned to finance a real estate Deal in Atlantic City ., with millions from the Bank of credit and Commerce International a newspaper reported sunday. Fri papers Trace connections Between the Bank and organized crime figures in new Jersey and Pennsylvania Back to 1982, when two mob families planned to use Bocci Money to Transfer ownership of a huge downtown parking lot Between them the new York daily news reported. The newspaper said the Deal in Atlantic City is the first known alleged link Between the mob and Bocci a worldwide financial institution at the Center of what is believed to be banking a biggest scandal Ever. Shut Down last month Bocci is the target of four separate Federal grand jury investigations involving charges of fraud bribery illegal arms sales and Money laundering. Thomas a a Corky Vastola a reputed Leader of new jerseys decavalcante family joined forces with a jordanian businessman linked to Bocci in an unsuccessful attempt to buy the property from a front Man for Philadelphia mob Boss Nicodemo a Little Nicky Scarfo the news reported. The jordanian Munther Bilbeisi has been linked to Money laundering and smuggling in connection with Bocci. A Federal grand jury in Miami indicted him Friday on charges of. Conspiracy and tax evasion. Bilbeisi a brother headed the Amman Jordan Branch of Bocci. According to the Fri documents noted by the news an informant tipped off agents that Vastola and Kenneth Shapiro the Man believed to be Scarfo a agent planned to meet in december 1982 to discuss the Sale of a 3.5-acre parcel in downtown Atlantic City. The parcel then seen As a valuable piece of land for casinos jockeying for parking space was owned by Mart associates and the meeting was to take place at sea Tex Ltd. Shapiro was a part Ner in both companies the newspaper said. Bilbeisi offered to buy the land for $18 million using Money from his brother s Bank and from three other foreign lenders the news said citing the Fri documents. Fri agents photographed Bilbeisi and Vastola entering Shapiro a office and observed the meeting said the paper quoting a source. The attempted Sale to Bilbeisi and Vastola never was completed the news said. Bilbeisi and Bocci were not targeted for investigation because the Fri was focusing at that time on mob dealings in Atlantic City the paper said. But after the Justice department began probing the Bank Bocci and Bilbeisi a involvement in the Deal reportedly took on new dimensions. Former official at Bocci denies blackmail attempt paper says London apr an sex official at the Bank of credit and Commerce International denied reports that he tried to blackmail the Bank but claimed that other former executives were making him a Scapegoat the financial times reported monday. The daily said Syed Ziauddin Al Akbar former head of by Cir a Treasury division denied he had taken documents when he left the Bank in 1986 and then later used them to blackmail the financial institution into paying him $32 million. A a it a absolute rubbish. I did no to take any papers a the newspaper quoted him As saying in an interview sunday. Auditors Price waterhouse which made the allegations and also said he had covered up Treasury losses of almost $1 billion had not confronted him with the accusations the financial times quoted Akbar As saying. A the Treasury division made at least $100 million profit while i was there a it quoted him As saying. Luxembourg based Bocci was closed Down worldwide last month. It is accused of laundering drug profits brokering illegal arms sales and harbouring Money for terrorists. Akbar said by Cir a Treasury operations were closely controlled by Swatch Naqvi the Bank a chief executive until last october and Abdul Hafeez another senior executive according to the newspaper. Referring to the Price waterhouse auditors Akbar was quoted As saying a they Are telling the whole world i am the culprit. Even now they Haven to contacted me. Nor did the Bank a management Contact me. A Why did no to anyone ask me everyone wants to make me a  Akbar served a six month prison sentence for laundering drug Money and was released in april