Word: bailouts
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...trying to give up its responsibility for part of the economy by turning it over to the managers of these enterprises," says a Western diplomat in Moscow. "The real test will come when some of these managers are faced with bankruptcy, and they come to the government for a bailout, and the government says, 'No, that's not our responsibility anymore.' " The more fundamental question is whether the Russian people will come to understand that they, not the government, are ultimately responsible for their entire economy...
...Harvard did in fiscal 1992. If HMC had reached the average (of the top 25 percent of schools) in the last five year, the University would have pocketed an extra $1 billion--half of what it now seeks to raise. As one rankled contributor put it, "This is a bailout...
...savings and loan fiasco, so too are Harvard alumni being asked to bail out the President and Fellows for their egregious lack of oversight in the management of Harvard's money," said one Harvard graduate who is a major contributor to the University. "This is a bailout. It's nothing more complicated than that...
...since World War II, with the stock market trading at less than half its peak value of late 1989 and investors convinced that the government would do little to stop the slide. But last week officials announced an unprecedented $86 billion rescue package. Amounting to 2.3% of GNP, the bailout will increase public works programs, assist small- and medium-size businesses and provide tax incentives for industrial investment. The government also promised to ease stock-purchase regulations and help banks sell real estate they now hold as collateral on bad loans...
...expected the Resolution Trust Corporation, the oddball agency cobbled together in 1989 to undertake the largest federal bailout ever, to liquidate more than 800 savings and loans without a hitch. And the dubious were right. From the beginning, the RTC, whose charter is to find and prosecute the crooked, the greedy and the inept among the nation's thrift managers, has been dogged by questions of efficiency, propriety and conflict of interest. Last week three RTC attorneys had more bad news; they testified on Capitol Hill that they had been blocked from prosecuting former S&L officials...