European Stars and Stripes (Newspaper) - September 9, 1991, Darmstadt, Hesse                                Monday september 9, 1991 the stars and stripes b Page 17money matters today s tip the Campbell soup co. Has launched a new line of soups lower in cholesterol fat and Salt hoping to lure health conscious Consumers. The nation s largest soup maker introduced a line of 11 varieties of healthy requests soups that will be available in supermarkets around the country in several weeks. A we have been following the entire health and nutrition aspects for years now a said Campbell spokesman Kevin Lowery in Newark. A a it san area where we think there Are significant growth  the move will put Campbell which controls about two thirds of the $2.6 billion soup Market in head to head Competition with its rival Colagra inc. That company already has launched a variety of Low sodium soups under its healthy Choice  rates 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 s348 55 an ounce Silver at $3 97 sept 5 sept 6 British Pound .16930 16965 German Mark. 1 7390 1 7374 French franc .5 9065 5 9010 dutch Guilder. 1 9585 1 9564 belgian franc. 35 7825 35 75 italian lira .1.297 1.2995 70 Swiss franc.1 5265 1.5255 greekdrachma.192 31 191.86 turkish lira.4,626.30 4.633 70 saudi arabian riyal.3 7501 3.7501 Spanish peseta.108.41 108.21 portuguese escudo.148.80 148 47 Canadian dollar.1.1408 1.1397 austrian schilling.12.2430 12.2210 norwegian krone.6.7975 6.7850 danish krone.6.7175 6.70 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 1.69 through monday based on fridays noontime  lays off 890 Houston a Continental airlines Laid off 890 employees Friday As part of the troubled carriers continuing efforts to Cut costs. The Houston based airline said the layoffs would affect management clerical and support workers including nine vice presidents. Employees were informed of the layoffs Friday morning and they took effect immediately. Last month Continental eliminated 600 jobs Cut 133 flights and took 22 planes out of service. Continental which has been in bankruptcy court since december also said it would reduce senior management compensation but would not Cut other employees pay. The senior management payroll will be reduced by 14.3 percent including the layoffs and pay reductions. The layoffs Are part of a company wide re examination that has reduced operating costs by $117 million for the rest of 1991. The Carrier also said it was continuing a discussions with potential investors and merger partners who have expressed interest in participating in the airlines financial  race for a slice of Bocci pie shapes up As demolition Derby by Rob Wells the associated press new York a seizing the Bank of credit and Commerce International a called a a full service Bank Quot for drug lords and dictators a was easy. Dividing what s left of by Cir a global Empire among depositors and creditors will be the hard part. Without a referee the scramble for a bigger piece of Bocci s remnants stands to turn into a demolition Derby. The governments of at least 21 nations have started proceedings to dismantle Bocci branches and sell off assets to get their piece of the multinational Bank. Some like the British want to make claims on Bocci assets in another country. The accounting firm touche Ross named As by Cir a receiver by British and Luxembourg authorities is trying to assert leadership in the liquidation. But lawyers say no one seems to be in charge of the global picture. A a there a no real forum for these claims to be resolved worldwide a said Thomas Meeks a Miami attorney representing the Panama government in the Case. �?o1 done to think the system is working very Well to ultimately wind up the Bocci a said Hal s. Scott a professor of International finance at Harvard Law school. Disagreement remains Over whether Bocci should be liquidated at All. The Bank a shareholders in Abu Dahabi United Arab emirates want it cleaned up and reopened a a plan opposed by British and . Regulators. Two months after Bocci was seized Many of the Bank a 1.1 million depositors have no More than limited Access to the $19.5 billion on Deposit. Even the United nations is trapped it has $500,000 Frozen in Bocci accounts in Africa. Businesses worldwide that dealt with Bocci Are suffering colossal headaches As they try to gain Access to their accounts or collateral pledged by the Bank. Shipping Trade financed by Bocci Frozen after the shutdown now faces Long delays As paperwork is sorted out and new financing obtained. Other Bank services also suffered. The san Francisco based visa services International association told a bankruptcy judge in new York last month that $500,000 Worth of traveler a checks issued through Bocci were defaulting daily. Bank regulators in 13 countries moved to shut Down Bocci in Early july after auditors said the Bank was riddled with fraud. Bank management allegedly papered Over huge losses from securities trading and multimillion Dollar Loans made to a Circle of favored clients and never repaid. The Federal Reserve charged that Bocci illegally infiltrated the . Bank the Western Isles Council whose Headquarters is in Stornoway Scotland is facing a budget crisis because its Bocci account was Frozen leaving $38 million out of its grasp. Ing system by secretly acquiring through front men and insider Loans. First american Banks arcs inc. Of Washington and Independence Bank of Encino Calif. As the scandal broke worldwide reports surfaced that Bocci served As a banker for terrorists and helped finance illicit Tetide in narcotics and weapons. Criminal investigations against Bocci continue in the United states Peru Britain and Canada. In july a new York grand jury charged Bocci and two top officers with fraud theft and Money laundering. A second round of congressional hearings resumes this week. Former defense Secretary Clark Clifford and his Law partner Robert Altman Are scheduled to testify about their roles in the takeover of first american. As investigations and court cases drag on As More and More Loans become irrecoverable. And As by Cir a banking franchise deteriorates the Bank a estimated assets of $23.5 billion Are expected to shrink meaning less will remain for final payout to depositors. The economic wounds reach around the world. In Scotland a hard bitten Northwestern islands for example a local government Agency the Western Isles Council in Stornoway is facing a budget crisis because its Bocci account was Frozen leaving $38 million out of its reach. A there will be a considerable problem for a number of years unless there is outside help available a said Brian Lawrie the Agency a Deputy finance director. The Bocci shutdown in Britain and the United states set off Bank runs in Hong Kong Egypt and Pakistan until governments scrambled and came up with limited payout plans for Bocci depositors. In Britain 53,000 depositors with $1.84 billion in Sterling accounts have limited Access to their funds As a result of a subsidy plan financed by Bocci s Arab owners in Exchange for extra time to plan a restructuring of the Bank. The shipping gridlock has hit British Trade hard. Bocci financed letters of credit for import Export transactions and an estimated 500 deals were Frozen when regulators seized the Bank. Touche Ross said. The Bank continues to operate in More than a dozen countries though under close supervision or control of Central Banks. In most cases the closely watched Bocci offices Are open for limited Deposit withdrawals and cannot Exchange currency. Several lawyers said the liquidation is proceeding without Central coordination. A no one to my knowledge is purporting to direct the International liquidation of Bocci a said Frederick i. Holden jr., an attorney representing the California state banking department which has a piece of the Bocci Puzzle. But the Federal reserves top lawyer said receiver Brian Smouha of touche Ross is trying to assert Central control of by Cir a Fate. Quot he a coordinating the bigger pieces before he gets to the smaller ones Quot said the feds Virgil Mattingly. Smouha has been unavailable for comment occupied with meetings in Abu Dahabi with by Cir a owners a spokesman said. Hoax blamed for $4 drop in firm s Stock Norwalk Conn. A United states surgical corp. Asked Federal authorities to investigate a hoax it blames for a $4 decrease in its Stock Price last week. The hoax began with an advertisement that covered one Quarter of a Page in the new York times newspaper spokesman William k. . The and asked shareholders to join a proposed class action suit against the company a major Developer of surgical Staples and instruments. It referred to Quot irregular trading patterns in . Surgical Stock and said corporate insiders have been Selling their shares. Shareholders were urged to Contact the a had hoc shareholders committee through a new York Law office. In the two Days after the and appeared the company a Stock dropped More than $4, a loss to shareholders of $242 million said Marianne Scipione spokeswoman for . Surgical. The Stock closed Friday at $68.50, up 121/�?T cents. On Friday a week earlier it closed at $73.25. The company has asked the securities and Exchange commission to investigate the hoax the advocate of Stamford reported saturday. The hoax was discovered when . Surgical tried to Contact the Law office and found no such company and no such address. The company notified the times which cancelled a second printing of the and.  whoever placed the and first called the limes classified and department and then faxed a detailed order on what appeared to be authentic Iclet Thad stationery. The limes hits safeguards against phony ads including random spot checks but the usual warning signs weren to there. . He also said the newspapers lawyers were trying to identify the culprits