Just how bad off are the large New York banks?
All the top New York banks were represented on the board, usually by their chairman.
New York banks reduced the average money market yield 6 points to 3.14 percent.
Now, a few days later, the same fellow had to deal with a major New York bank.
They had deposited the money right into the New York bank as required.
He was a career executive with a major New York bank.
New York banks, though, have taken a number of steps recently to improve security.
New York banks have cut yields by about 14 basis points, to 4.16 percent, he said.
Major New York banks would consider a company with $100 million in sales to be small.
"By and large the New York banks are no longer in those markets."