Word: bankrupter
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Dates: during 1980-1989
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...they were approved by the banks' directors. The comptroller's attempts to reduce or eliminate these loans were thwarted by a Federal Reserve Board that contended that loans to foreign countries should not be criticized, and by bank executives who argued that such countries could not go bankrupt or fail to exist. In view of the current situation, the Fed and the bankers should remember that they were told that even in lower Manhattan the chickens would come home to roost...
...about 6 million active and retired civil servants. Barely had the commission's final report appeared, when FAIR began mounting a $3 million lobbying and public relations campaign against a proposed requirement that newly hired federal employees participate in the system. FAIR charges that the switch would bankrupt the healthy $96 billion civil service retirement fund, saddle Congress with $185 billion in future uncovered pension obligations, and deprive the Government of $2 billion in taxes now paid on their benefits by federal retirees...
Seafirst revealed that its portfolio contains $800 million in problem, or nonperforming, loans that have not been written off, a figure that is some $200 million more than analysts had thought. The trouble spots include a $40 million credit to Mexico's bankrupt Grupo Industrial Alfa, the largest private firm in Latin America. The so-called nonperforming loans amount to nearly 8% of Seafirst's $10 billion in total assets; the banking industry average is about 3%. What is more, the loans exceed by 7% the sum of the bank's shareholders' equity and loss reserves...
...overturn the advanced increases in payroll taxes, contending that employers and workers are already overburdened with taxes. Senior citizens groups may protest the slowdown of benefit increases. Whatever the pressures on Congress, something must be done to salvage the system before July 1, when it is scheduled to go bankrupt in the absence of remedial legislation...
Economists seem bankrupt just when their ideas are needed most...