Word: bailouts
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...dubious distinction. The Farm Credit System, a network of 37 banks and 708 credit associations that is the largest single lender to American farmers, has joined the ranks of Chrysler and Lockheed in pleading for a federal bailout to save it from collapse. FCS officials last week went before Congress and in dire tones declared that the system needs $6 billion in federal aid to stay afloat. Said Ray Moss Tucker, a Kentucky dairy farmer and the group's chief spokesman: "Our request for assistance is one of the most difficult decisions we have ever made. But we have...
...called "Boston Bailout" bill, passed by the State Senate on Monday, would help protect tax-exempt property holders, such as Harvard, from any payment increase and at the same time would allow the financially troubled city to raise capital to meet public obligations, Bok said...
...asked about what caused the Ohio panic and what should be done to halt future outbreaks at an earlier stage. The episode is the latest in a string of U.S. banking calamities that include a surge in shaky farm loans, management scandals and the $4.5 billion federal bailout last July of Continental Illinois...
What to do? Congress almost certainly will force the Administration to make more loan guarantees than it wants to do. That sort of bailout would keep some farmers in business a while longer. But farmers would still face a decline in land values that Administration experts think has some way to go. Says one Agriculture Department economist: "If you go out to Iowa and have to pay $3,500 an acre for land, there is no way you can raise enough corn or beans on that land to make it pay for itself, assuming 12% interest. You just cannot...
...shocked the banking industry in mid-December by requesting the removal of the 10 senior members of the 16-member board of directors of Continental Illinois Corporation, for decades one of the nation's most powerful banks. The move is the latest step taken by the FDIC following its bailout of Continental Illinois last spring, and, in view of its unconventional nature, should sound a warning to the entire industry. It should also raise questions about responsibility to shareholders and the accountability of directors for actions that might have catastrophic consequences...