Word: bailouts
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...Bailout of the Decade...
...lots of sharp characters to make lots of money in lots of sharp ways. The most extreme example is the savings and loan scandal, which features fraud, bribery, favoritism and freewheeling incompetence. Some 800 of the 2,600 remaining S&Ls are now insolvent or nearly so, and the bailout will ultimately cost the taxpayers at least $150 billion to $200 billion and possibly a good deal more...
Meeting Malta's ambitious goals will take tough bargaining. U.S. business experts are pessimistic about helping Poland. The $300 billion S&L bailout could be dwarfed by a new crisis...
...Because many thrifts are only marginally profitable, raising the funds to meet the standards may prove impossible for them. Some analysts warn that half the nation's 2,900 thrifts could eventually fail or be merged, voluntarily or involuntarily, adding billions to the $300 billion cost of the industry bailout. An early casualty: City Federal Savings Bank, New Jersey's largest thrift, was taken over by federal regulators on Friday, after recording huge losses from real estate ventures...
...than $1 million is tantalizing: the smoking gun is being waved for all to see. Charles Keating is a former owner of California's Lincoln Savings and Loan and a defendant in a lawsuit involving racketeering, fraud and conspiracy in using the institution's funds. After the smoke clears, bailout of this S&L is expected to reach $2.5 billion, making it the nation's costliest thrift failure. When asked whether his fat contributions to the five Senators influenced them to take up his cause, Keating replied, "I want to say in the most forceful way I can: I certainly...