Word: badness
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Dates: during 1980-1989
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...make it lucrative for the new owners is estimated at $1.7 billion to $2.5 billion. The arrangement clearly adds up to a sure-thing profit for Bass. American Savings will be split into two entities: a "good" S & L to hold $15.4 billion in healthy assets and a "bad" one that will liquidate $14.4 billion in sour loans and other assets. For a total investment of only $500 million, the Bass Group gets 70% ownership of the good thrift. FSLIC controls the rest...
Bass has thus managed to buy a huge, healthy S & L, complete with a network of 186 branches, for a relatively tiny amount of capital. More than half of his thrift's assets consist of another sure thing: a $7.8 billion loan to the "bad" S & L that is fully guaranteed by FSLIC to pay a handsome 2% more than the going cost of funds. That will pump some $160 million in annual interest into the Bass thrift, no matter how much trouble FSLIC has in getting rid of the bad assets...
...Boston and Washington to cool off race riots during 1968. He eagerly ticks off the Presidents he has met and supported, including George Bush. "I've been the American Dream," Brown plaintively notes. "When you say Old Glory, I'm a part of it. It's just very bad that sometimes the country forgets...
...despite the requisite dramatic difficulties, made his family's building and loan association a pillar of the community. But in real life, the outcome has been much different. America's failed savings and loans have become the country's biggest, most scandalous financial mess. Devastated by a legacy of bad management, rampant fraud and inept Government supervision, more than 500 of the 3,150 federally insured thrifts had fallen into insolvency as of the beginning of last year. Because the U.S. failed to own up to the problem and launch a major rescue soon enough, the cost has now grown...
Maybe that's not such a bad idea...