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| Hans H. Angermueller, 90, Dies; Banker Helped Free U.S. Hostages in Iran | |
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| Hans H. Angermueller, a runner-up for the top job at Citicorp in the 1980s who helped devise a financial deal to free American hostages in Iran, died on July 11 in Westerly, R.I. He was 90. | Hans H. Angermueller, a runner-up for the top job at Citicorp in the 1980s who helped devise a financial deal to free American hostages in Iran, died on July 11 in Westerly, R.I. He was 90. |
| His daughter Susan Twombly confirmed his death. | His daughter Susan Twombly confirmed his death. |
| Mr. Angermueller rose to the highest levels of Citicorp in an era when the Wall Street bank was emerging as an international powerhouse. In the early 1980s, he was appointed as one of three senior executive vice presidents in line to succeed the chief executive and chairman, Walter B. Wriston, who had transformed Citicorp into one of the world’s largest and most innovative banks. | Mr. Angermueller rose to the highest levels of Citicorp in an era when the Wall Street bank was emerging as an international powerhouse. In the early 1980s, he was appointed as one of three senior executive vice presidents in line to succeed the chief executive and chairman, Walter B. Wriston, who had transformed Citicorp into one of the world’s largest and most innovative banks. |
| Born on Oct. 7, 1924, in the town of Neudorf in a region that is now part of the Czech Republic, Mr. Angermueller came to the United States in 1929 and graduated from Harvard Law School in 1950. He rose to become a partner at the New York law firm Shearman & Sterling and joined Citicorp, now Citigroup, as general counsel in 1973. | Born on Oct. 7, 1924, in the town of Neudorf in a region that is now part of the Czech Republic, Mr. Angermueller came to the United States in 1929 and graduated from Harvard Law School in 1950. He rose to become a partner at the New York law firm Shearman & Sterling and joined Citicorp, now Citigroup, as general counsel in 1973. |
| In the months after the American Embassy in Tehran was seized in November 1979, he was part of a team of bank executives that monitored the situation in Iran. Citicorp was one of many banks embroiled in litigation with the Iranian government over its outstanding debts. | In the months after the American Embassy in Tehran was seized in November 1979, he was part of a team of bank executives that monitored the situation in Iran. Citicorp was one of many banks embroiled in litigation with the Iranian government over its outstanding debts. |
| “Since we were involved in litigation with Iran on four continents, I hoped that sooner or later one of these contacts might develop into some kind of negotiation,” Citicorp’s legal adviser, John E. Hoffman Jr., recalled in Senate testimony. | “Since we were involved in litigation with Iran on four continents, I hoped that sooner or later one of these contacts might develop into some kind of negotiation,” Citicorp’s legal adviser, John E. Hoffman Jr., recalled in Senate testimony. |
| That opportunity developed when Citicorp’s lawyer in Germany was approached by Iran’s lawyer in Germany about the possibility of opening back-channel talks over the frozen deposits. | That opportunity developed when Citicorp’s lawyer in Germany was approached by Iran’s lawyer in Germany about the possibility of opening back-channel talks over the frozen deposits. |
| Mr. Angermueller helped create a secret plan to use Iran’s frozen bank deposits in European banks to pay off the country’s creditors. In exchange, the hostages would be freed. | Mr. Angermueller helped create a secret plan to use Iran’s frozen bank deposits in European banks to pay off the country’s creditors. In exchange, the hostages would be freed. |
| In his self-published autobiography, Mr. Angermueller said the bankers applied a version of the “golden rule” to the Iranian situation: “He who has the gold rules!” | In his self-published autobiography, Mr. Angermueller said the bankers applied a version of the “golden rule” to the Iranian situation: “He who has the gold rules!” |
| The financial deal, involving multiple banks and months of covert negotiations, helped lead to the hostages’ release in January 1981, according to the Senate testimony. | The financial deal, involving multiple banks and months of covert negotiations, helped lead to the hostages’ release in January 1981, according to the Senate testimony. |
| Mr. Angermueller was eventually tasked with Citicorp’s lobbying efforts, a particularly critical role in the early 1980s, when the bank’s balance sheet was weighed down by risky loans to emerging economies like Argentina, Brazil and Mexico. At the time, banks like Citicorp desperately needed the International Monetary Fund to rescue the financially troubled nations of Latin America, or else these banks would face big losses. | Mr. Angermueller was eventually tasked with Citicorp’s lobbying efforts, a particularly critical role in the early 1980s, when the bank’s balance sheet was weighed down by risky loans to emerging economies like Argentina, Brazil and Mexico. At the time, banks like Citicorp desperately needed the International Monetary Fund to rescue the financially troubled nations of Latin America, or else these banks would face big losses. |
| As the debt crisis unfolded, Mr. Angermueller lamented the public anger toward the big banks in comments that would be echoed by the frustrations of bankers after the 2008 financial crisis, when Wall Street faced intense criticism. | As the debt crisis unfolded, Mr. Angermueller lamented the public anger toward the big banks in comments that would be echoed by the frustrations of bankers after the 2008 financial crisis, when Wall Street faced intense criticism. |
| “Out of an almost Pavlovian sense of vindictiveness against banks — especially big ones — a great many people, particularly in the political and media fields, say that today’s problems were created by excessive and irresponsible bank lending,” Mr. Angermueller told a London investment seminar in 1983, according to an account in The New York Times. | “Out of an almost Pavlovian sense of vindictiveness against banks — especially big ones — a great many people, particularly in the political and media fields, say that today’s problems were created by excessive and irresponsible bank lending,” Mr. Angermueller told a London investment seminar in 1983, according to an account in The New York Times. |
| Still, Mr. Angermueller argued that banks would have to be part of the solution to liquidity problems in developing countries. “Private commercial bankers are not acting out of any deep-seated sense of public duty but rather out of self-interest — enlightened self-interest, in my judgment,” he said. “They want to get their earlier loans back, and to do so, they have to decide to make new loans.” | Still, Mr. Angermueller argued that banks would have to be part of the solution to liquidity problems in developing countries. “Private commercial bankers are not acting out of any deep-seated sense of public duty but rather out of self-interest — enlightened self-interest, in my judgment,” he said. “They want to get their earlier loans back, and to do so, they have to decide to make new loans.” |
| In addition to his daughter Ms. Twombly, his survivors include two sons, Hans Paul and Victor, and two other daughters, Katherine Knetzger and Marianne Lynner. Mr. Angermueller’s wife, Katherine, died in 2013. | In addition to his daughter Ms. Twombly, his survivors include two sons, Hans Paul and Victor, and two other daughters, Katherine Knetzger and Marianne Lynner. Mr. Angermueller’s wife, Katherine, died in 2013. |