Word: bankrupts
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...specializes in the riskiest end of the market, such as oil-rig activity and communications satellites. Lloyd's structure also sets it apart. It is like a club, a society of underwriters who write policies in various specialized fields. If Lloyd's were a company, it & could go bankrupt, and stockholders would lose only their investment. Instead, Lloyd's gets its funds from investors known as names, who must show assets worth at least $410,000 to join in underwriting syndicates. In good times the names share their syndicate's profits; in bad times they are liable...
Robinson's affinity for pictures began at age 8 with an Ansco camera; he went on to become an Army photographer. With a bankroll of $40,000 from later work as a still photographer, he bought his first business, a bankrupt Baltimore company that removed shipping wax from imported autos. Over the ensuing years, he bought and expanded a Subaru distributorship and developed commercial office space. "In 1987 I looked at the economy and said it's time to be out of the automotive business. I sold my distributorship, lightened up on my real estate and moved to Hollywood...
...Charles Bowsher said last week the Resolution Trust Corporation, which is handling the bailout, was in such disarray that government accountants cannot even audit its books. That means Washington has no clear idea of how much the bailout will ultimately cost as the RTC shuts more than 1,000 bankrupt S&Ls and sells off real estate and other assets...
...irony of global conservation is that the most pristine areas remaining on earth are in remote, often anarchic regions where instability and lack of facilities keep the world at bay. In near bankrupt and chaotic Peru, bad roads and a State Department travel advisory warning about the insurgency of the Shining Path guerrillas cut the number of American visitors to the Manu in 1990 to 80, fewer than those who chose to visit Beirut. The area, however, is one of the few places in South America where the primordial Amazon is on display...
Harvard's morally bankrupt practice of awarding preferential treatment to athletes and children of alumni in its admissions process also demonstrates a gap between Harvard's words and Harvard's deeds. It shows a need for a new kind of oversight--one that holds Harvard to a more rigorous ethical standard, and not just a Harvard scale that defines the pool of possible misdeeds...