Word: bailouts
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Though Volcker testified last week that he neither initiated nor guided the negotiations for any loans to the Hunts, his continual monitoring of the situation was interpreted by bankers to mean that the Federal Reserve, despite its credit restraint policy, favored some kind of bailout to keep the Hunts from going under...
Later in the week the city council agreed to sell some $200 million in new financial notes, which should allow the board of education to meet past-due payrolls and fund school operations for as long as 90 days. By then, a long-term bailout plan, based on the anticipated sale of $500 million in new bonds, could be in place. Still, the future remains clouded by a demand of the newly created school finance authority that the board of education, which has already cut $60 million from its $1.4 billion budget, slice an additional $106 million by September...
...bountiful Uncle Sam has ever given a U.S. company. Just before recessing for the holidays, Congress last week agreed to extend an extraordinary $1.5 billion loan guarantee to the ailing Chrysler Corp. and sent the measure to the White House for Jimmy Carter's signature. The gigantic bailout, dwarfing the $250 million Lockheed loan guarantee of 1971, is designed to save from bankruptcy the nation's third largest automaker and tenth ranking manufacturer (1978 sales: $13.6 billion). With Chrysler's losses mounting daily, its 1979 deficit is almost sure to exceed $1 billion, the gaudiest splash...
...work up House and Senate support. Much of the pressuring was concentrated on Wisconsin's Proxmire, who had let it be known that he would be in no great hurry to have his committee report out an aid bill before Christmas. Though Proxmire's opposition to the bailout is genuine enough, by last week he had agreed to a Riegle request that his hearings on the bill be moved forward from Nov. 19 to next week, so that they could be finished before the Thanksgiving recess...
...praise was by no means unanimous, and among the most vocal critics of the bailout plan was Wisconsin Democrat William Proxmire, chairman of the Senate Banking Committee, which must consider the actual legislation involved. He blasted the proposal as "a massive giveaway for the taxpayers, and a massive windfall for the banks, stockholders and others who have the main stake in a Chrysler bailout." He also pledged to make any aid terms "as tough as possible...