Word: bail
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Dates: during 1970-1979
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...news of the talks outraged many members of Congress because city and state officials had testified that without federal help, default was inevitable. Fumed Republican Senator Bob Packwood of Oregon: "Those guys sat here and lied to us. I don't think we should bail those liars out." Governor Hugh Carey told congressional leaders that the plan had virtually no hope of succeeding because of legal snarls; indeed, Big Mac Chairman Felix Rohatyn called it a "20-to-l shot." Even so, the dustup further damaged New York's already bankrupt credibility...
...fails to recognize that because the federal government, through the Federal Reserve Bank, has time and again subsidized major corporations nearing default, he owes aid to the city. Lockheed is a classic example of federal subsidies keeping a corporation afloat, although Ford now likes to think of that bail-out as "I don't know, it might have been a mistake." When Con Ed skipped its regular stock dividend in 1974, banks' loans to electric utilities, as a result of Federal Reserve Bank officials' pressure, jumped from $5.9 billion to $8.4 billion. The Fed will most certainly use similar backdoor...
...officials, however, are in no position to fight these evils. They themselves are the chief beneficiaries of the patronage system, and municipal unions and welfare recipients wield an immense amount of political clout in the city. No elected official can stand against them. If the Federal Government is to bail the city out, municipal government as we have known it in New York City must come to an end. This may not be so bad. While it is hard to wax rhapsodical over the prospect of Burns, Simon and Ford running the city's finances, at least such a troika...
...talk shows and a movie role in California Split, was arrested by his home-town police in Amarillo, Texas, last week. Charged with felonious bookmaking on football games, the lanky, slow-talking gambler drew a short stay in Potter County jail before his release on $25,000 bail. "I was at the wrong place at the wrong time," complained Preston later, adding that he would surely win his case when all the cards were down...
What we need is tough federal laws making a prison sentence mandatory for anyone who points a gun at the President [Oct. 6] whether it is loaded or not. Also no bail, no pardons...