Word: bankrupting
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...many people who were West Germans until this week, the main responsibility seems to lie in paying bills. East Germany is bankrupt. Most of its 8,000 decrepit enterprises are on the verge of failure, and unemployment is heading toward 2 million out of a work force of 8.9 million. Since economic and monetary union in July, the East's economy has been running mainly on subsidies from Bonn...
...Eighties, Charles Keating commanded an estimated $100 million personal fortune, controlled $1 billion in financial assets and counted a handful of U.S. Senators among his powerful buddies. Last week he stood as a wretched symbol of the past decade's financial follies. After the former owner of California's bankrupt Lincoln Savings and Loan was indicted on 42 counts of criminal fraud and was unable to raise the $5 million bail, police handcuffed and jailed him. California alleges that Keating bilked investors who bought $250 million of now virtually worthless junk bonds. The state's charges were the latest...
Unfortunately, Weld has endorsed the Citizens for Limited Taxation (CLT) petition--a proposal that would indiscriminately bankrupt the state government and leave schools, health care facilities and other state services on the brink of financial collapse. Although he says he would seek to delay the CLT petition's implementation as governor, Weld's position reveals too much of antigovernment Ronald Reagan and not enough of his Yale counterpart. We are also disappointed by his staunch support of the death penalty--a position he shares with Pierce and Democratic candidate Frank Bellotti...
...enemy has been all but forgotten. That foe is the soaring federal deficit. In the four months since President Bush and congressional leaders convened their budget summit, Administration estimates of this year's deficit have exploded from $100 billion to $149 billion, not counting the $100 billion bailout of bankrupt savings and loans. The gap could grow even larger if the economy, already on the brink, is pushed into a recession by surging oil prices from the Persian Gulf crisis...
...then received whopping federal subsidies for doing so. In 94 cases, entrepreneurs like Ronald ! Perelman, owner of Revlon, and Texas billionaire Robert Bass wound up reaping, on average, $78 for each dollar they invested. Some who received this windfall have argued that their intervention was cheaper than allowing the bankrupt S& Ls to pile up losses. The House and Senate have scheduled hearings to question whether such generosity to the wealthy was really necessary...