Word: bailouts
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...financial techniques involved, but the whole field is evolving so rapidly that new legislation may be obsolete by the time it passes. "No one has any idea what the policy should be," says Bert Ely, a banking consultant who in 1989 correctly predicted that the savings-and-loan bailout would cost taxpayers about $150 billion. "It's a problem for all the industrialized countries. Computers are allowing the creation of purer and purer financial plutonium, and frankly, the regulatory process cannot keep...
Four employees of the Resolution Trust Corporation, the S&L bailout agency, have filed suit against their bosses for allegedly cracking down on them when they tried to expose waste and fraud. The suit, filed Thursday in U.S. District Court in Washington, claims the RTC has systematically targeted employees who testified before Congress, cooperated with General Accounting Office probes or alerted the agency's inspector general about problems...
...illegal for existing health-care organizations, such as Kaiser Permanente, the largest nonprofit HMO (enrollment: 6.6 million people), to restrict their patients to a carefully chosen roster of physicians employed full time by the plan. Says Dr. David Lawrence, who heads Kaiser Permanente: "This is a massive Chrysler bailout for inefficient doctors. We don't take just any doctor. This strikes at the heart of what we've been doing for 50 years: trying to find the best doctors and figure out the best ways of helping patients...
...instantly earning himself a place in Chilean infamy, by speculating in copper futures for the state-owned mining company. In Germany the giant conglomerate Metallgesellschaft dwarfed even those losses when it dropped $1.3 billion last year by betting the wrong way on oil-futures contracts. Only a last-minute bailout by the company's banks saved it from bankruptcy...
With impressive government experience already behind him, Altman probably felt confident that he knew the rules of the game when he joined Clinton last year. As Jimmy Carter's Assistant Treasury Secretary, Altman helped engineer ) the Chrysler bailout. Thanks to his talent and good luck (he and Clinton became friends in college), Altman is now Lloyd Bentsen's understudy. He is also acting head of the Resolution Trust Corporation, an assignment he accepted to fill a temporary vacancy in the RTC's chairmanship. This is the chore that has sullied...