Word: bailouts
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...doing business with those banks. In short, what was at stake in Continental's crisis was the stability of the entire international banking system. Said Democratic Senator William Proxmire of Wisconsin, a vocal opponent of the Chrysler and Lock heed rescues: "For the first time I favor a bailout. In this case it was absolutely essential...
...ominous implication of the Continental bailout is that nationalization might become a common way to salvage large banks that run into trouble. FDIC Chief Isaac, a lawyer who favors deregulation of banks, argues that the rescue is a long way from nationalization. He contends that his agency will not be come involved in the day-to-day running of Continental. If the Chrysler case is any precedent, however, the Government can easily be tempted to involve itself in a company's affairs. While federal watch dogs were scrutinizing Chrysler, Washington bureaucrats were even deciding whether the company could keep...
...spent on Continental because the rescue funds will come from FDIC reserves, which are made up of earnings collected on insurance premiums from banks. Yet the chairman of the House Banking Committee, Rhode Island Democrat Fernand St Germain, objects to any Government agency committing itself to such an expensive bailout without getting congressional approval. Said St Germain: "If there are enough Continentals, then we can rest assured that Mr. Isaac will be standing here, hat in hand, asking for congressional appropriations to replenish the funds...
...lines and into such new businesses as insurance, stock brokerage and other financial services. Politicians and regulators are likely to be more cautious about allowing banks to enter different fields. In fact, some reregulation of banks may result. St Germain plans to hold hearings in September on the Continental bailout, which he believes shows why banks should be forbidden to expand too far afield...
...nearly $500 million in losses, as well as the industry's largest backlog of unsold vehicles. Chairman Lee Iacocca, hired shortly after being fired as president of Ford, went to Washington with pleas for aid that in December 1979 netted Chrysler $1.5 billion in loan guarantees. The controversial bailout proved to be a good investment. Three weeks ago, Chrysler reported a record $802.9 million in profits for the second quarter of 1984, more than it had previously earned in any full year. Last summer the company paid back the remaining $813 million that it had borrowed with...