Word: bankrupted
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Dates: during 1980-1989
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Seven years ago, Congress enacted legislation to assure that private pension programs will pay workers the benefits they are promised. If a company goes bankrupt, the Government-backed Pension Benefit Guaranty Corporation will make payments. But the failure of a large firm like Chrysler could virtually drain the $332 million now available to bail out private pensions...
...rare retreat, he said of Social Security, "Our feet were never embedded in concrete on this proposal." Besieged by mounting pressure from within his own party and a fire storm of increasingly effective rhetoric from Democratic leaders, the President decided to shelve any major reforms of the all-but-bankrupt Social Security system as part of his second round of budget cuts. He had hoped to confront the issue head-on during his televised speech. Instead, he merely recommended again changes that Health and Hu man Services Secretary Richard Schweiker and OMB Director David Stockman had formulated and that...
...though, attention is focused on current troubles rather than on latent-and later-possibilities. Millions of families cannot afford loans for new homes or automobiles. Thousands of small businesses are going bankrupt. Says Dwayne Walls, 49, a home remodeler in Chapel Hill, N.C., who is stuck with ten unsold houses because of towering mortgage rates: "I really don't see any end to 20% money. The bankers just keep telling me to hang on, but I'm just one little itty-bitty speck in this whole thing. I don't understand what's going...
...this year, 11,076 companies, most of them small, have gone bankrupt. That is 42% more than during the same period in 1980. Most big companies have been able to handle their cash flow problems. The balance sheets, though, are getting tighter and tighter. Warns William Silber, a New York University professor of finance: "With interest rates at these levels, there could be major bankruptcies within months...
...government and the party for a decade of mismanagement under Edward Gierek, who was ousted last year after the rise of Solidarity. Poland has a skilled labor force, ample farm land and considerable mineral wealth, but Gierek's grandiose heavy-industry schemes have left the country virtually bankrupt and $27 billion in debt to the West. And Solidarity now goes further: it has zeroed in on mismanagement at the local level and is pressing for a program of "self-management" under which factories and other enterprises would be run not by state-appointed managers but by directors chosen...