Word: bailouts
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Dates: during 1970-1979
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...financial experts across the country to change their minds about a federal rescue of New York. When members of the American Bankers Association arrived in Manhattan for a convention last week, a New York Times poll found heavy opposition to a federal bailout. But the bankers' resistance softened after speeches on the city's crisis from, among others, Mayor Beame, Carey, Rohatyn and Brenton Harries, president of Standard & Poor's Corp., the investment-research firm. Harries warned that civil disorder might follow a default and added: "As unpalatable as the specter of federal intervention is, the social and economic consequences...
...state had already issued $250 million in notes as part of its share of the bailout scheme. But some of the financiers who handled the deal had been stuck with an estimated $100 million in notes they could not sell. After Levitt's refusal to buy more Big Mac bonds, the bankers told MAC Chairman Rohatyn that they could not sell the remaining $500 million of the state's $750 million share at this time...
...Washington, President Ford met for 45 minutes with Carey and again turned down pleas for any form of federal bailout. Said Treasury Secretary William Simon: We "will do nothing to help the city avoid default or lead it out of bankruptcy." Chairman Arthur Burns reiterated that the Federal Reserve Board would not guarantee the city's bonds and notes to make them marketable. The Fed argues that even if New York City defaults on all its paper, no large bank will fail...
...leader of the movement is Anthony Wedgwood Benn, the Secretary of State for Industry. His policy, called "Bennery" by his many critics, is to force cash-squeezed companies to accept government control in return for government bailout money. His biggest takeover so far is of British Leyland, the nation's largest auto-and truckmaker (Austin Morris, Rover, Jaguar, Triumph), which could not raise funds for plant modernization. The Labor government has already committed $2.2 billion to Leyland, but the total outlay may exceed $6 billion. The rescue plan, however, does not call for cutting back employment, though overmanning...
Packard was noted for a candor that sometimes put him in opposition to the Nixon Administration. Initially, for example, he argued against the bailout of ailing Lockheed Aircraft with Government funds. In recent months, Packard has privately expressed irritation at taking orders from White House aides. But he did not resign out of any hard feelings. He exchanged letters of lavish praise with the President. He plans to stay for a while in Washington to advise Laird, who is looking for a replacement for him. Two replacements, in fact. Considering the burden of the job, the White House is asking...