Word: basses
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...Rick Bass...
Already this first collection of stories is attracting heavy he-man literary comparisons to Jim Harrison and others. But while Rick Bass, 30, a Southerner who now lives in Montana, can fight the bears with the best of them, there are more unusual reasons to praise him. His writing is so assured that he can do handkerchief tricks on the page. Just try to spot the magic. His characters, mostly country people, along with some layabout Houstoners ("We drank margaritas as often as we could stand it"), are portrayed with rare tenderness; Bass is even tolerant of his blackhearted...
...that it was a great deal is a gross understatement. It was unbelievable," says a high-ranking savings and loan executive. So goes the industry's scuttlebutt these days about Robert Bass's takeover in December of the crippled American Savings & Loan of Stockton, Calif. In one of the sweetest deals ever bankrolled with taxpayer money, the intensely private Fort Worth billionaire, 40, stands to benefit hugely from a decade of regulatory laxity. His purchase of American Savings is the pre-eminent episode in a string of controversial bailouts last year in which regulators handed out gilt-edged gratuities...
...Federal Home Loan Bank Board seized American and installed fresh management. But the new team gambled and failed in a multibillion-dollar investment in mortgage-backed securities. When the Bank Board went looking for help again, it eventually decided to grant exclusive bargaining rights to the Robert M. Bass Group, which had already taken over such properties as the Westin hotel chain and Bell & Howell...
...total amount of cash that the Federal Savings and Loan Insurance Corporation will pump into the thrift to make it lucrative for the new owners is estimated at $1.7 billion to $2.5 billion. The arrangement clearly adds up to a sure-thing profit for Bass. American Savings will be split into two entities: a "good" S & L to hold $15.4 billion in healthy assets and a "bad" one that will liquidate $14.4 billion in sour loans and other assets. For a total investment of only $500 million, the Bass Group gets 70% ownership of the good thrift. FSLIC controls...