Word: barone
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Charles Knapp, whose passion for vintage planes and daredevil business tactics earned him the nickname Red Baron, bailed out last week as chairman of California's troubled Financial Corp. of America (assets: $32.7 billion). The company is the parent of American Savings and Loan Association, the nation's largest thrift institution. Knapp says that he resigned voluntarily, but many industry observers believe he was pressured to leave by the Federal Home Loan Bank Board, which regulates S and Ls. Knapp's biggest mistake was to make too many fixed-rate loans that became unprofitable when interest rates...
Other owners, however, can draw on vast wealth to keep the U.S.F.L. alive. The Generals' Trump is a New York City real estate tycoon who built the $200 million Trump Tower on Fifth Avenue. Alfred Taubman, a Detroit real estate baron who owns the Michigan Panthers, is believed to be worth more than $500 million...
...pilot who likes to restore vintage aircraft in his spare time, Knapp enjoyed being known as the Red Baron of the S & L industry. His biggest mistake was to gamble heavily that interest rates would fall. While other S & Ls hedged their bets by offering homeowners variable-rate mortgages, Knapp aggressively marketed fixed-rate mortgages at about 12.5% in the expectation of making big profits when interest rates fell. Instead, they rose slightly in the second quarter, putting the squeeze on F.C.A. To make matters worse, Knapp had permitted large institutional investments, many of which have deposits that exceed...
...Olympic Games today could be a symbol of unity among all members of the human race." The question is what power such a symbol has, and how long its effects survive. It is easy to point to the 1,503-year hiatus between Emperor Theodosius' suspension and Baron De Coubertin's resuscitation of the Games and conclude that the world did not need them, but the world has only painted itself into its deadly corner in the past 40 years. If, as Stone says, the Games really are a symbol of the "human fraternity," who these days would remove such...
...official residence, she quips, "is something between a private home and a public drinking place." The energetic and outspoken author (two novels plus travel and humor works) peoples her pieces with a lively cast of capital types. Melvin Thistle Jr. from State always arrives late; the elderly Baron Spitte switches place cards if he is positioned below the salt, and bitchy Partygoer Popsie Tribble typically advises, "Remember, you're sitting next to a job, not a person." Gotlieb's columns, in the form of letters to a fictional friend back in Ottawa, cast wry glances at officialdom...