Word: bailouts
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...German state export-insurance program, but as much as $1.2 billion in trade with Iraq and Kuwait is not insured. Large diversified conglomerates like Daimler-Benz, Mannesmann and Ferrostaal can absorb such shortfalls, but smaller firms with proportionately larger exposure are talking about hardship and calling for a government bailout...
...Pravda bailout plan is a bold answer to desperate circumstances. During the past two years, the newspaper's circulation has slipped from 10 million readers to 7.7 million, and it is expected to drop to 3 million in 1991. Pravda's declining appeal is in part caused by higher subscription costs, imposed while the economy is virtually at a standstill. But a more profound reason is the simple fact that Soviet citizens no longer need to put up with an unappetizing diet of Communist propaganda. Rather, they can turn to a welter of new publications at street kiosks, from...
...sent the economy into a tailspin. The $40 billion in deficit reduction the plan is supposed to achieve this year -- half from spending cuts and half from tax increases -- amounts to 0.5% of the nation's total output of goods and services. Once the costs of the S&L bailout and the Persian Gulf mission are factored in, the real reduction for 1991 will probably be closer to $30 billion. Says Rudolph Penner, former director of the Congressional Budget Office: "In an economy of this size that's just noise...
...formulate one of his own, which he believes is a President's role, not a Senator's. Congressional colleagues, including some Democrats, fault Kerrey as unfocused and naive about Senate customs. Early this year, for example, he introduced a bill to revamp the savings-and-loan bailout agency, the Resolution Trust Corporation, even though he is not a member of the Banking Committee. "Kerrey should have known better," says a House Republican. "With five members under investigation in the Keating scandal, the Senate isn't about to revisit the S&L scandal in an election year...
When he joined the Wall Street Journal in 1983, reporter Bryan Burrough could barely tell a buyout from a bailout. But Burrough, 29, co-author of the best seller Barbarians at the Gate, has become a formidable chronicler of Roaring Eighties-style shenanigans and greed. In a deal befitting a literary superstar, publisher HarperCollins last month agreed to pay Burrough $1 million for a book on American Express and the smear campaign it waged in the 1980s against international banker Edmond Safra. "I was absolutely stunned," Burrough said of the cash advance. "To me, the money is not a real...