Word: bailouts
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...McDonnell Douglas, agreed to ask taxpayers to pick up a big share of the excessive costs, which may be up to $4 billion. If Defense Secretary Dick Cheney approves the plan, Congress will be asked to vote the funds. But there may be serious resistance on Capitol Hill. "A bailout at taxpayers' expense," says House Armed Services Committee member Andy Ireland, "is unconscionable...
...financier. Marx, an heir to a toymaking fortune, supplied Bush with $2.3 million in government- guaranteed financing to bankroll Apex Energy, an oil exploration firm the President's son started in May 1989. Marx's venture-capital firms were declared insolvent a year later, triggering a $25 million federal bailout. As a result, taxpayers may once again have to underwrite a Neil Bush venture. Bush financed his earlier firm, JNB Exploration, with loans from two Silverado customers whose $130 million in defaults helped escalate the cost of the S&L's bailout...
...widespread bank collapse. The trigger could be a protracted war in the Persian Gulf, which could, in turn, deepen the recession and force debt-laden companies into massive loan defaults. Collapsing banks would aggravate the downward spiral by drying up credit and leaving taxpayers with another painful bailout bill. The disaster scenario may be plausible, but most experts doubt that bank failures will come close to the magnitude of the S&L fiasco, which will cost Americans as much as $1 trillion over the next 30 years. Despite the banking industry's problems, 89% of U.S. commercial banks were profitable...
...sides want to rescue the FDIC fund. The Administration is considering plans to levy a special assessment on banks or raise their insurance premiums to add at least $25 billion. The proposals would limit depositors to a total of $100,000 in federal insurance; in the S&L bailout, some big customers are being repaid the full $100,000 for each of several accounts...
...since an episode in the Commons in 1976 when, irate over a demonstration staged by Labour M.P.s, he seized the ceremonial mace and brandished it over his head. Heseltine's sense of judgment was called into question again in 1986 when, after a bitter argument with Thatcher over the bailout of the privately owned Westland helicopter company -- she favored an American, he a European partner -- Heseltine stalked out of a Cabinet meeting and announced his resignation. An able orator and administrator, Heseltine, 57, has spent the past four years campaigning quietly but persistently against Thatcher, waiting for the right moment...