Word: bankrupting
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...back. No, not Arnold Schwarzenegger. It's Rupert Murdoch, who's trying to prevent the termination of the bankrupt New York Post. Five years ago, after Murdoch bought a New York TV station, federal regulators forced him to sell the tabloid. A series of inept owners followed; the latest, Abe Hirschfeld, was so despised that his workers aboused him with headlines like WHO IS THIS NUT? In desperation, New York pols are importuning Washington to let Murdoch buy the Post again. Though staff members cheer, they may still face demands to tighten their belts one more notch...
...Victoria's Secret, Toys "R" Us and the Gap. Armchair shoppers could browse with their remote controls, see video displays of the products that interest them, and charge these items on their credit cards with the press of a button - a convenience that will empower some folks and surely bankrupt others...
Hamilton had been noticeably dry-eyed back in January, when bankrupt Post owner Peter Kalikow unloaded the guns-'n'-buns tabloid on shadowy New York financier Steven Hoffenberg. At the time, Hoffenberg was under federal investigation for fraud. Even so, Hoffenberg had initially seemed an acceptable owner to most of the future Post mutineers. Hoffenberg hired as his editor Pete Hamill, the open-necktie Post alumnus whom he paid $500,000 a year to reprise his long-running I'm-just-a-working-class-stiff...
With inflation at 7,000%, banks are closed and people shop clutching sacks full of almost useless paper currency. Zaire's central monetary authority, which Mobutu has in the past treated as a personal piggy bank, is virtually bankrupt. Not long ago, a private German printer, claiming it had not been paid, halted shipments to Kinshasa of thousands of metric tons of new Zairian currency needed to keep up with local inflation...
Last week the General Accounting Office, the investigative arm of Congress, issued a harsh report accusing Bush's Justice Department of failing to put enough resources into investigating the criminal dealings that resulted in the collapse of hundreds of S&Ls. Nearly 2,800 financial institutions went bankrupt in 1981 and 1992, with losses that could eventually total $300 billion. The Justice Department has almost 10,000 investigations under way, and its defenders point out that it has so far won 95% of its prosecutions for S&L fraud...