Word: bailouts
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Simon's harsh, free enterprise medicine is easy to take because it is spiced with considerable wit, especially at the expense of dissembling politicians. During New York City's 1975 fiscal crisis, he was cast as the villain because he would not offer a federal bailout. In private, some New York politicians told him to continue to hang tough for the good of the city; when he asked for their public support, they recoiled in horror. Yet conservatives were frequently no better, writes Simon. "As is so often the case in our society, when the liberals orchestrate...
...taking so many chances." He did not do so only because Bill Robertson, one of the owners of the mail service for which Lindbergh was flying, "came into my office in the Department of Commerce while I had on my desk the report [on that last bailout]. Bill persuaded me not to do it because he said they were still trying to get the last $2,000 or $3,000 to build the plane for you and if you were grounded for any reason they would never get the rest of the money." The plane that MacCracken referred...
...premium price set off speculation that the deal was as much a political as a financial bailout for Lance. Smith, a Republican, and his financial adviser, former Business Executive Henry Woodbridge of Pomfret, Conn., insisted that they conceived their plan to buy into a bank before they learned of Lance's problems. But Smith told TIME he had another purpose as well: "I wanted to contribute my little part to knocking out the hassle within the Government. Bert hadn't done anything wrong...
...billion loan from the International Monetary Fund. The transaction will still leave the government holding 51% of BP?at least if British courts let the Bank of England hang on to a 21.5% block of BP stock that it picked up two years ago in a bailout of cash-strapped Burmah Oil Co. (Burmah has petitioned to get the shares back...
With the constantly increasing height and mobility of college big men, the ref underneath has a chore tantamount to untangling gregarious octopi. "The referee on the outside is the key to the whole game" explains Hannon. "He has the best picture. He's the bailout...