Word: bankrupting
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...President's plan for refinancing Social Security is in similar trouble. The Senate Finance Committee has already voted 11 to 3 against the use of general tax revenues to shore up the near-bankrupt fund; the House is expected to do the same. In addition, Carter wants to boost payroll taxes for employers alone, but Congress is expected to approve a stop-gap hike in taxes for both employers and employees. Welfare reform is coming under increasing attack from groups that feel threatened by it. Labor, for example, is worried that the creation of 1.4 million public-service jobs...
...heart attack; in Miami. Impish and softspoken, the London-born Walters made and spent millions on his lavish supper clubs in Boston, New York and Miami. His cavalcade of performers included Frank Sinatra, Marlene Dietrich, Milton Berle and Mae West. A hit-and-miss Broadway producer, Walters went bankrupt in 1966 when his deals started to sour. In his glory days, his celebrity circle surrounded Daughter Barbara, who was never awed by stars in her later-life role of interviewer...
...difficult digging in mountainous Panama than had been necessary in the Middle Eastern sands. Few of the celebrated French engineers De Lesseps invited to inspect his plan approved it (among the doubters: Gustave Eiffel, the tower builder). The doubts were soon borne out: in 1889, De Lesseps' company went bankrupt. By that time, the French had moved 50 million cubic meters of earth?two-thirds of the amount moved at Suez. In the process, some 20,000 workers died of malaria and yellow fever (whose causes were thought to be noxious jungle vapors and immoral living rather than bacteria-carrying...
...York Governor Hugh Carey, a friend, recruited him as the state's superintendent of banks, at a big pay cut (to $47,800 a year). Last year he moved on to become New York commissioner of housing and community renewal and straightened out the state's nearly bankrupt programs in those areas. Heimann was an early backer of Jimmy Carter. Soon after beginning the investigation of Lance's finances, Heimann ordered his top staff to conduct "neither a whitewash nor a witch hunt...
...Paris last week for some pressing business. Although the nations of the world have been borrowing madly from one another and from private banks, many countries, especially underdeveloped nations of the Third World, are still unable to pay the soaring costs of imported oil. To bail out these nearly bankrupt states, Witteveen wants seven Western nations, led by the U.S., and seven OPEC countries, headed by Saudi Arabia, to raise an emergency fund of about $10 billion to be parceled out in loans by the IMF. At week's end Witteveen pronounced the meeting "very successful" and announced that...