POSSIBLE BOYCOTT OF CHASE, MANHATTAN BANK | |
1975 March 4, 06:09 (Tuesday)
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LIMITED OFFICIAL USE
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ACTION NEA
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Kuwait Kuwait City [US Embassy]
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ABD DHABI | Bahrain Manama | Department of State | Egypt Cairo | Israel Tel Aviv | Lebanon Beirut | Qatar Doha | Saudi Arabia Jeddah | Syria Damascus
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1. WE UNDERSTAND FROM LOCAL CHASE, MANHATTAN BANK AND COMMERCIAL BANK OF KUWAIT SOURCES THAT CHASE IS BEGINNING TO TAKE STEPS IN RESPONSE TO THREAT OF ARAB BOYCOTT ACTION. WE WERE TOLD THAT LATER THIS MONTH FORMER U.S. AMBASSADOR TO SYRIA RIDGEWAY KNIGHT, WHO IS NOW AN OFFICER OF THE BANK, WILL VISIT BEIRUT, DAMASCUS AND PROBABLY KUWAIT TO DISCUSS THE MATTER. WE DO NOT KNOW IF KNIGHT IS PLANNING ANY OTHER STOPS IN THE REGION. 2. IN ADDITION TO AMBASSADOR KNIGHT'S VISIT, FORMER TREASURY UNDERSECRETARY PAUL VOLCKER, WHO IS AN ADVISER TO CHASE, WILL BE VISITING THE REGION. VOLCKER'S TRIP IS NOT RPT NOT CONNECTED WITH THE BOYCOTT QUESTION. HE IS SCHEDULED TO BE IN KUWAIT MARCH 15. ACCORDING TO PRES REPORTS VOLCKER WILL SOON TAKE OVER AS HEAD LIMITED OFFICIAL USE LIMITED OFFICIAL USE PAGE 02 KUWAIT 01002 040836Z OF THE FEDERAL RESERVE BANK OF NEW YORK UPON HIS RETURN TO THE UNITED STATES. ALTHOUGH THE VISIT IS SPONSORED BY CHASE, KUWAITI OFFICIALS ARE LIKELY TO WANT TO TALK TO HIM IN HIS CAPACITY AS A SENIOR OFFICIAL OF THE FEDERAL RESERVE BANK. STOLTZFUS LIMITED OFFICIAL USE
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