Word: bankrupting
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...parent company that owns Marine Midland, the 14th largest U.S. bank, with assets of $12 billion and more than 300 branches in New York State. Other foreign banks have followed the buy-in route too: European American Bank, which is owned by six European banks, bought out the bankrupt Franklin National in 1974 and now has 97 branches in New York City and Long Island. But takeovers are a small part of the trend. Most foreign banks coming to the U.S. open up quietly on their own and expand slowly into bigger and better things...
...increase was needed to rescue the Social Security system, which was rapidly going bankrupt. But the boost outraged many Americans, especially those who pay the maximum levy for Social Security ($1,071 this year) and resent the fact that they are paying an increasingly large share of the nation's taxes. According to the Treasury Department, the most affluent households-those with annual earnings of $17,000 or more-received half of the nation's personal income in 1976 but paid 70% of all federal, state and local taxes, up from 68% in 1970. Next year the maximum...
...VACATION approaches once again, the prospect of traveling home via Amtrak looms large for many students from the Northeast Corridor. The federally-sponsored and seemingly always-bankrupt railroad has a unique sort of charm. If you like crowded, eternally late trains and continually climbing ticket prices, you'll love Amtrak. Every experienced Amtrak rider has had several brushes with destiny during the long rides to school and back. the railroad comes complete with a stock of weirdos, winos, and generally pitiful people, all of whom seem hellbent on telling you their life stories or annoying you as much as possible...
What happened was that Atlanta simply became overbuilt. New buildings failed to fill up, and high-cost real estate loans went unpaid. Late in 1976 the huge Colony Square commercial-residential redevelopment went bankrupt; last August Lance's National Bank of Georgia skipped a dividend. That same month, C & S cut its own quarterly dividend from 13? a share to 6?. In January it omitted the dividend for the first time since 1906, an alarming step for a bank of its stature. Then the Comptroller of the Currency ruled that even the slim profits C & S had reported...
...those firms responsible for making decisions about investing Harvard's $1.5 billion endowment. At times that decision-making structure, which includes the Treasurer's office, the Advisory Committee on Shareholder Responsibility (ACSR), the Corporation, and independent investment firms, seems designed mainly to spread the responsibility for Harvard's morally bankrupt investment policy and to provide a justification for maintaining the investment status...