Word: badness
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Dates: during 1980-1989
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...last week, when the strains of economic change finally caught up with several companies and produced a chilling succession of financial calamities. The shocks came one right after another, starting on Monday, when the First National Bank & Trust of Oklahoma City (assets: $1.6 billion) collapsed from the weight of bad energy loans. It was the second-largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just two days later, BankAmerica (assets: $117 billion), the No. 2 banking...
Smooth though it was, the takeover reminded the rest of the U.S. financial community of the high potential for bank collapses in the Southwest. Conditions for those institutions keep getting worse as the decline of the oil industry spreads to real estate and other investments, creating a cascade of bad loans. Says James McDermott, who studies the region's banks for the investment firm of Keefe, Bruyette and Woods: "The situation is deteriorating, and there is no end in sight to the crisis. Recovery is three to five years away." Indeed, the only gushers in Texas are spouting...
...Francisco's BankAmerica last week is the third time in a year that the company has registered a quarterly deficit. The others: a $338 million loss in the second quarter of 1985 and $178 million in the fourth quarter. The company is staggering under some $4.5 billion in bad loans to a rogues' gallery of shaky borrowers: the Third World, energy companies, farmers and real estate ventures. The deficits have cropped up as the bank sets aside reserves to cover potential losses on those loans...
...airport in full view of TV cameras, reporters and, presumably, drug merchants, U.S. troops needed four days to transport supplies to a base camp north of Trinidad, in Bolivia's lush northeastern Beni region, where most of the coca leaves are processed. "This thing has turned into a bad dream," confessed one Pentagon official...
...made each call easier to handle. Employees, however, say that computer supervision requires machinelike performance from them that takes no account of their personal ups and downs. Says one eight-year veteran: "If I'm ever slow, the company will know. It means I can't have a bad...