Word: bail-out
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Corner Grocer. But opposition to the bail-out plan is already forming in Congress, where approval is necessary before the money actually starts flowing. "I will do my best as a Senator to oppose this proposal," said William Proxmire, who figured heavily in the defeat of the SST. House Banking Committee Chairman Wright Patman, who helped defeat the Administration's initial loan proposal to save Penn Central from bankruptcy last year, also has his knife out. Others are opposed to the rescue plan unless, as Indiana's Vance Hartke says, "the corner grocer gets...
...suffer in taking over Good-body. At week's end, it was still uncertain whether Merrill Lynch will absorb Goodbody by itself, or sell some Goodbody offices to other firms. Such sales would please both federal trustbusters and some competitors who grumble about how much bigger the Goodbody bail-out will make Merrill Lynch. Some exchange members may balk at voting for the assessment but,if necessary, officers of 35 wealthy firms are ready to round up the money themselves...
...Congress. Most distressing of all is the thought of what would happen if another major firm staggers to the brink. The Goodbody bail-out was the sort of thing that can be done only once; not even Merrill Lynch has the resources to rescue a succession of failing houses. If Congress passes the bill to set up a Securities Investor Protection Corp., with authority to tap the Treasury for as much as $1 billion to restore stock to customers of failing brokers, all may be well for investors, though not necessarily for their brokers. The Goodbody furore has improved...
...Mali's 250 most important foreign enterprises, mostly French, had pulled out. The trade deficit stood at $26 million and reserves had shrunk to a minuscule $5,000,000. In Paris the French listened with almost saintly patience to Mali's pleas for a massive bail-out loan; when all is said and done, France is expected to come across with the cash. As an exporter of peanuts and beef (its cattle are north of Africa's tsetse fly zone), self-sufficient in rice and other staples, Mali just might make the grade, despite the Marxist trappings...
...engine quit with a grating, rasping jolt. Rankin hopefully eyed the slumping panel needles, tried vainly to coax juice from an emergency electrical generator to rouse his radio, kept his aircraft from nosing over into supersonic speed. But only for an instant; a hundred battle missions and a bail-out in enemy fire over Korea had honed his survival instincts, and Rankin knew the choice. To his wingman, Lieut. Herbert Nolan, he snapped a message over his faltering transmitter: "Power failure. May have to eject." To himself he said: "This is going to be a pretty high...