ECONOMIC CONDITIONS: Oklahoma City bombing; Dot-com bubble period begins; World Trade Organization founded
REGULATORY CHANGES: Changes to the Community Reinvestment Act allow mortgage lenders to receive credit toward their affordable-housing lending obligations for buying subprime securities; Final version of FASB 123 allows for use of ‘intrinsic value’ accounting treatment of employee stock options
PRESIDENT: Bill Clinton
SECRETARY OF THE TREASURY: Lloyd Bentsen; Robert Rubin
SECRETARY OF STATE: Warren Christopher
SECRETARY OF DEFENSE: William J. Perry
SUPREME COURT:
CONGRESS: Speaker, Newt Gingrich (R)
FEDERAL RESERVE CHAIRMAN: Alan Greenspan
NY FEDERAL RESERVE: William J McDonough, President
HIGHEST PAID CEO: Stephen Hilbert – Conseco
$39,6102,000
Inflation adjusted: $55,262,000
BUSINESS ROUNDTABLE: John Snow, CEO & Chairman of CSX Corporation, Chairman
COUNCIL ON FOREIGN RELATIONS: Peter Peterson, Chairman
KEY BANK MERGERS: NBD and Deerbank; First Chicago and NBD; BB&T and Southern National; Fleet and Shawmut; Mitsubishi Bank and Bank of Tokyo
KEY NON-BANK MERGERS: Walt Disney and Capital Cities-ABC; Westinghouse and CBS; Time Warner and Turner Broadcasting; Burlinton Northern and Santa Fe Railroad; IBM and Lotus Notes; Lockheed and Martin Marietta
CORPORATE GOVERNANCE: ISS sold to CDA (Thomson) on 3 June; Jim McRitchie launched corpgov.net, corporate governance news site; International Corporate Governance Network (ICGN) founded 29 March, in Washington, DC, first meeting chaired by Bill Crist