Word: bailouts
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With Britain absorbed by the scandal, a London court suspended the liquidation of B.C.C.I. accounts in the country to seek a bailout for 120,000 local depositors, who held a total of $400 million in the bank. The outraged victims of the shutdown, who included Indian and Pakistani families and some 30 municipalities, stood to receive just 75% of their money, up to a maximum of about $25,000. But Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who acquired control of B.C.C.I. for $1 billion last year, was still fuming because the clampdown shuttered the bank...
...thought the savings and loan disaster couldn't get much worse, well, think again. In the gloomiest assessment of the megamess yet, U.S. Comptroller General Charles Bowsher said last week the Resolution Trust Corporation, which is handling the bailout, was in such disarray that government accountants cannot even audit its books. That means Washington has no clear idea of how much the bailout will ultimately cost as the RTC shuts more than 1,000 bankrupt S&Ls and sells off real estate and other assets...
There is little doubt, however, that the price tag is going up. While the Bush Administration has earmarked $130 billion for the bailout, Bowsher said the RTC will require at least $150 billion as depressed real estate markets slash the value of RTC holdings. When interest charges are included, the final cost of the cleanup could approach $500 billion over the next 40 years...
...word went around Buffalo that government representatives were booking local hotel rooms while Goldome honchos were emptying their offices, Washington made it official: the Federal Deposit Insurance Corporation was seizing Goldome in the biggest bailout of a savings bank in U.S. history. The spoils will go to Buffalo's First Empire State and Albany's KeyCorp, which sought the smallest amount of federal aid; the two offered a plan that could cut costs by canning workers. But Goldome's rescue may still cost U.S. taxpayers up to $1 billion...
...shaving, it said, about $8 billion off the cost, but the General Accounting Office pegged the price of this new space station at $40 billion. The long-term cost, the GAO said, could amount to $118 billion, which puts the station in the same league as the S&L bailout and the Advanced Tactical Fighter...