Word: borrowers
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...warrants, which are rights to buy stock and which sell for much less than the stock itself. His "ideal" investment is the convertible debenture, a bond that the owner can convert into stock and which, at its best, combines high yield with growth. Investors who are willing to borrow heavily can get considerable leverage with debentures, because bankers commonly lend from 75% to 90% of the purchase price...
...abuse of industrial development bonds is a good example of how a well intentioned system becomes distorted. The system first developed in Mississippi 20 years ago. A city will borrow money to construct a building and then lease the structure to a private corporation. Because the city bonds are free, the interest rates are lower than they would be if the corporation itself borrowed the money and the lender had to pay taxes on the interest. Originally, the system benefited both struggling businesses and depressed areas. But as the practice has grown in the last few years, large corporations have...
...December 1965 and 1966, in the absence of a major tax increase by the Administration, which took steps to increase interest rates and make money more difficult to borrow in order to reduce inflationary pressures. The result was the tightest credit situation in the U.S. in 40 years; the housing industry was particularly hard hit by the absence of mortgage money. This approach hurt the sections of society which were least able to bear it economically: small businessmen, farmers, and homebuyers...
...present, there are three different ways a college student can borrow money. At Harvard, for example, a student can obtain a loan directly from the University, from the University's supply of federal National Defense Education Act (NDEA) funds, or through the Guaranteed Insured Loan Plan (GILP...
...about a year ago the President attempted to phase out the NDEA plan and to replace it with GILP. Under GILP, students borrow money directly from banks; under NDEA they borrow funds from the federal government which were channeled through the college. To increase the banks' willingness to cooperate with GILP, the federal government guarantees each loan and pays part of the interest for borrowers whose families earn less than $15,000 per year...