Word: bondses
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The main player is Maxxam, a Houston conglomerate that issued junk bonds in order to purchase the lumber firm that formerly owned the forest. Among the bond buyers: the infamous Columbia Savings & Loan of Beverly Hills, which was seized by the government in January. The seizure has left Uncle Sam...
In an effort to protect the forest, California wants to buy from the Federal Government some $60 million of Maxxam bonds, hopefully at a discount. The state would then hand the bonds back to Maxxam, freeing the company from ever having to repay that debt. In return for the bonds...
Happy ending: the Federal Government unloads some bonds, Maxxam gets rid of some debt, Californians get to keep some 1,700-year-old redwoods and Governor Pete Wilson upgrades his image with environmentalists, who opposed his election.
The result was that, instead of closing the bank, regulators in 1988 agreed to let CenTrust float $200 million in bonds to shore it up. B.C.C.I. contributed $25 million of that amount. Bank regulators thus postponed CenTrust's death by more than a year and raised the cost of the...
The trying task of policing ghetto America was perhaps best described by the Kerner Commission following the urban riots of the 1960s, most of which were ignited by police violence: "Police responsibilities in the ghetto have grown as other institutions of social control have lost much of their authority: the...