Word: bail
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Dates: during 1980-1989
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Stunned Whoops bondholders grumbled about "hometown referees" who were making investors all over the U.S. pay for mistakes made by officials in the Northwest. Recalling the famous New York Daily News front page describing President Gerald Ford's refusal to bail out a financially floundering New York City, one Manhattan bond trader growled, "If you could write a headline about the whole sorry affair, it would read, WASHINGTON STATE TO INVESTORS: DROP DEAD!" Critics point out that the Northwest has very low electric rates as a result of its cheap hydroelectric power. If the entire cost of all Whoops...
Some Northwesterners and Whoops bondholders think that Uncle Sam should bail out the power system. One argument for such action is that BPA, a federal agency, encouraged Whoops to build the five nuclear plants. Energy Secretary Donald Hodel, who headed BPA from 1972 to 1977, accepts some of the blame. "We looked at the energy forecasts," he recalls, "and said, 'Jiminy crickets, the Northwest is going to run out of power.' " Nonetheless, he says, "the Administration strongly opposes any bailout, and I don't sense any sentiment for one in Congress." Opponents argue that using federal money...
...bonds will ever recoup their losses. Says Bettie Fullmer: "The only people who are going to make money are the lawyers." Many victims have already sold the securities at a tiny fraction of their face value to speculators, some of whom are betting that the Government will eventually bail out Whoops, giving them a big profit...
...past year. According to conservative estimates, the unemployment rate stands at 22%, but if all those holding part-time jobs were counted, it might top 44%. The U.S. has promised Honduras $98.6 million in economic aid this fiscal year. Even so, the amount is not enough to bail out the country and finance its ever increasing military expenditures. Says Honduran Industrialist Miguel Facussé: "Our economy is a complete mess...
DiNovi says that while he is grateful for the council bail-out, he echoes the call of many when he calls for change in the way the council gives out grants: "The council should fund the general operating budgets for several organizations instead of funding weird causes...