European Stars and Stripes (Newspaper) - August 31, 1991, Darmstadt, Hesse                                Saturday August 31, 1991 the stars and stripes b Page 17 the former owner of Lincoln savings and loan Charles h. Keatingjr. Left and his attorney Stephen c. Neal listen to opening statements in Keatings fraud trial. A 80-year-old who lost life savings testifies in Keating fraud trial some Banks continue to tighten up on lending to businesses commercial real estate developers and Home buyers and few if any Are loosening standards the Federal Reserve said thursday. However the number of Banks tightening standards Over the past three months was generally smaller than the number that reported tightening Over the february May period according to a Survey of senior Bank officers conducted aug. 9-13. Also a there was Little indication that Banks had changed their willingness to provide consumer credit a the Central Bank a report said. The fed has been surveying senior officers at 60 Banks including the nations largest quarterly to track the so called credit crunch. Some borrowers have complained that they could not get Loans for worthy projects. The Banks surveyed hold nearly a third of the Industry a $3 trillion in assets. London up fridays 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 $347.50 an ounce Silver at $3.83. Aug. 29 aug. 30 British Pound .1.6855 1.6815 German mark.1.7420 1.7505 French franc.5.8950 5.9155 dutch guilder.1.9515 1.9610 belgian franc.35.62 35.82 italian lira.1,296.15 1,300.1 Swiss franc.1.5185 1.5305 greek drachma.191.63 192.50 turkish lira.,.4,580.80 4,585.60 saudi arabian riyal.3.7503 3.7503 Spanish peseta.107.93 108.35 portuguese escudo.148.34 148.84 Canadian dollar.1.1400 1.1412 austrian schilling.�?�.12.1890 12.2470 norwegian krone.6.7750 6.8020 danish krone.6.6920 6.7190 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 1.70 through monday based on fridays noontime  facing possible layoffs by the new York times time Warner inc. Is considering layoffs at its Magazine division in the next several weeks executives said thursday. And the company May also redesign time Magazine Over a longer term said the executives who spoke on condition of anonymity. The idea of layoffs has been prompted by the financial problems that Are buffeting publishing companies including time Warner which has an $11 billion debt As a result of the 1989 merger of time inc. And Warner communications inc. The Job cuts Are expected to be most extensive at time Magazine both because it has been Hurt by the soft advertising Market and because its extensive news gathering operations make it a costly Magazine to  Jones new York up a now Jones closing Range of averages thursday High Low Clou Cunot 30 industrials 3068.65 3030.86 3049.64 Oft 5.59 20 transport 1222.32 1204.34 1212.09 Oil 0.36 15 utilities 209.63 207.37 208.63 Oil 0.07 65 stocks 1090.74 1076.79 1083.52 0 1 1.18 los Angeles a an 80-year-old investor who was the first witness at Charles h. Keating  fraud trial said he never would have bought a $101,000 junk Bond that eventually became worthless if Pitchman at Lincoln savings Hadnot told him it was insured. Leon Bonan testified thursday that he went to Lincoln in 1987 intending to put the Money a most of his life savings a into an insured certificate of Deposit. But he said a Teller steered him to salesmen who convinced him that the junk Bond was secure. A the said a i have a better Deal for you than that certificate of Deposit a a Bonan testified. Bonan said he told one of the men the Bond  be insured. A and he said a it is  a i said a who a and he said a by us  a Bonan said he was Given a prospectus but was not told to read it. Under Cross examination Bonan acknowledged that the new York times Detroit a faced with an urgent need to increase its sales and Market share Chrysler corp. Announced on thursday financing and incentive options to lure buyers. One option commits Chrysler to buy Back 1992 cars and trucks up to four years after they Are purchased. That program called a Gold key plus a combines features of leasing and of buying. As in leasing customers work out a payment term with the dealer a two to four years a and pay Only for the portion of the cards life they use. The value after that period is agreed upon in Advance and deducted from the Price which typically results in lower monthly payments than when the customer is paying the cards full Price. As in buying the customers get title to their vehicles and must make a Down payment. The prospectus said to rely on it alone in deciding whether to buy the Bond not on the advice of salesmen. Bonan and his wife Esther were the first in a Parade of investors scheduled to testify As prosecutors put a human face on the 1989 collapse of Keatings Lincoln savings and loan which Cost taxpayers a record $2.6 billion. Moreover thousands of investors lost $250 million on the junk Bonds sold by Lincoln a Parent american Continental corp., a Phoenix real estate and financial services company owned by the Keating family. Keating 67, is accused in 20 counts of helping dupe investors into thinking junk Bonds were Safe investments. He could be sentenced to up to 10 years in prison if convicted of six or More counts. His attorney Stephen c. Neal said that even if stories like Bonants Are True its no proof Keating knew about of encouraged trickery. Superior court judge Lance a. Ito has ruled that prosecutors must prove both to Industry analysts generally applauded the new program. Leasing increasingly has become popular with car shoppers who do not want the bother of Selling or trading in a used car. The percentage of Consumers who lease vehicles has risen to More than 20 percent this year from 16.9 percent in 1988, according to cow marketing re search in Bandon Ore. A leasing is going to wind up being an integral part of anybody who wants to survive in the marketplace a said Art Spinella director of automotive research of cow. For the past two years Chrysler with most of its car and truck models several years old has lost Market share and has been weakened financially. An important new jeep Model and a series of midsize cars will be introduced in 1992. Win a conviction. Deputy District attorney Terry Bork said there a no a smoking gun a but Keating will be implicated by Quot what he said and equally important what he did no to say As his companies neared insolvency. Bonants lower lip quivered at times As he testified. He frequently asked to have questions repeated saying he was partially deaf. He told the court head bought three or four insured cd from Lincoln before but never a Stock or Bond and would not have that time if he had known the risk. A never. I done to take those chances a he said. Bonan said he went to the Lincoln Branch in Sherman Oaks on april 9, 1987, with a Check for $101,001the proceeds from a Home Sale and nearly All his life savings. He said he and his wife had banked there since 1978. Bonan said he approached an older Teller he knew to see about buying a cd but this time she steered him away from her counter to Bond salesmen. In the meantime however the number three automaker must keep its sales As Strong As possible to generate Cash because its Normal sources of credit have been curtailed. Chrysler also announce two other incentives. First it will Start offering customers a Choice of two types of car warranties a seven year 7 1,000 mile powertrain warranty and a three year 3b,000 mile bumper to bumper warranty. Second the automaker will offer an Quot ultimate guarantee on its minivans that the vehicles will retain their Trade in value belter than other minivans from America Europe or Japan. One of the guarantees features is that owners agree to Trade in the minivans on a new Chrysler product Between 24 and 48 months of the initial Purchase. Chrysler will then pay the customer a percentage still to be determined of the difference Between Trade in and Book values. Chrysler introducing buy Back plan new warranties to accelerate sales