Word: borrowers
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Banks have been virtually forced to make riskier loans because they have lost some of their best customers. Blue-chip corporations, which used to borrow from commercial banks, now increasingly raise money by issuing securities through investment banks. But the Glass-Steagall Act of 1933 bars commercial banks from underwriting most types of securities. That competitive inequity has led Wisconsin Democrat William Proxmire, chairman of the Senate Banking Committee, to push for a revision of Glass-Steagall that would let commercial banks into the securities business. His proposed bill appears stalled at the moment, but the eventual passage of something...
...court for refusing to obey his order to help private developers build 800 units of moderate-income housing. The judge began levying fines that doubled daily against the city and would leave it bankrupt later this month. Yonkers promptly lost its already poor bond rating, rendering it unable to borrow. Fines of $500 a day were imposed on the recalcitrant councilmen...
...based Sunbelt Savings Association is suing former Chairman Edwin McBirney III and other ex-managers for $630 million. The suit alleges in part that McBirney paid "excessive commissions and fees" to friends and relatives. In one instance, McBirney is accused of allowing a company owned by his wife to borrow more than $200,000. McBirney / calls the allegations "an effort by current management personnel to cover up their own mismanagement...
...life, as the Joyces moved from Trieste to Rome to Zurich to Paris, facing eviction everywhere they stayed in their early lives together. Money was a continual problem. Although they did not have much money, they used up whatever credit they had and were continually forced to borrow money from Joyce's brother Stanislaus and other friends...
...leading gold producer, and KN Energy, a natural-gas company, have fizzled. Because of the continuing slump in the oil patch, profits at his Mesa Limited Partnership have dropped from $70.6 million in 1986 to $31.9 million in 1987, a performance so poor that Pickens has had to borrow money to pay dividends...