Fannie Mae and Freddie Mac have staved off an effort by lawmakers to impose a multibillion-dollar tax on debt sales by the agencies to fund a massive transportation bill, sources say. Page 2


the Milwaukee area's largest publicly owned thrift has been ordered to pay $1.8 million to seven borrowers who got home improvement loans in 1995. Page 7


Rep. Jim Leach is considering legislation that would place Treasury Department officials on the boards of Fannie Mae and Freddie Mac. Page 10


Bankers Trust's London investment banking unit lead-managed the first near-leveraged debt issue by a Spanish company. Page 12


First Union is mulling the future of 170 bank branches in the Middle Atlantic states in the wake of its recent purchase of CoreStates. Page 5

Firstar of Milwaukee is on the hunt for acquisi-tions after a two-year hiatus for an intensive restructuring, according to chairman and chief executive officer Roger L. Fitzsimonds. Since last fall the company has been looking for bank and nonbank deals but so far has found prices too high. Page 6


Barclays Group is promoting a new subsidiary that will offer the mass market a guaranteed savings account linked to a stock mutual fund. Page 13

Marketing One's new CEO plans to keep building its innovative Web site, CyberLink. Page 13


Citibank assigned its European credit card chief to head the bank's branch operation in Spain. Page 14


As many as 300 of NationsBank's Florida branches lost their connections to customer information Wednesday when a satellite failed. Page 17

Bankers Trust is turning to the corporate intranet to retain and develop its work force. Page 17


Bank stocks rose as interest rate stability prevailed over potential fallout from the scuttling of Bank of New York's bid for Mellon Bank. Back page


Despite political and economic turmoil in Asia, Chase Manhattan is planning to step up equity investments there, and so reportedly is Bankers Trust. Page 8

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