Word: bankrupting
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Dates: during 1980-1989
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...Chase Manhattan, the third largest U.S. bank, suffered after-tax losses of more than $117 million from interest payment defaults on loans to Drysdale Government Securities Inc., an obscure and thinly capitalized Wall Street trading firm that went bankrupt four months after it opened for business. Other big names involved in the Drysdale collapse included Manufacturers Hanover, the fourth largest American bank...
Budget for a "bankrupt...
...check the growing sense of alarm, Finance Minister Allan MacEachen unveiled a new budget, his third in less than 18 months. But as Canadians studied his belt-tightening measures-and a projected deficit proportionately double that of the U.S.-few felt reassured. Said a Toronto stockbroker: "The government is bankrupt, literally and figuratively...
Julio Abreu, general director of the financially shaky hotel and ticket consortium Mundiespaña, blamed the general recession. Ajusting his once Olympian ambitions, he says: "We will not go bankrupt." But despite reports of severe losses to operators of travel, merchandising and ticket sales abroad, FIFA is still bragging that its eventual gross-helped along by revenue from three special Spanish lotteries-will more than cover the Spanish government's $40 million outlay...
Banks and other creditors claim they could recover at least one-quarter of their $6 billion annual losses to bankrupt debtors if the rules were tightened up again, and they have been lobbying hard for just that. They ask, among other things, that chapter seven bankruptcies be restricted to those who can prove their inability to make future repayments, and that the exemption of assets be reduced. The Senate is expected to pass such a bill this summer, though the House may well delay action...