Word: buy
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Dates: during 1980-1989
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Previously Maung Maung and the party faithful had only agreed to discuss a referendum on one-party rule. If they hope their latest concession will buy some time, they are almost certain to be disappointed. In the wake of the election announcement, loudspeaker trucks raced through the streets, calling for new demonstrations to bring down the ruling clique. The same kind of insurgent spirit has gained the upper hand in most of the rest of the country...
CHESS (RCA Victor). You missed the show, now buy the record: not a rock musical at all, but the most eclectic score of the '80s and the hottest night in Bangkok since Yul Brynner met Deborah Kerr...
...buy a troubled S and L? For starters, once the bad loans have been excised, the thrift institution's traditional business of writing mortgages can be quite profitable. Now that many home loans have adjustable interest rates, few S and Ls should be savaged, as they were in the early 1980s, by having to pay high rates to depositors while receiving low yields on long-term mortgages. Furthermore, real estate prices in the Southwest cannot stay depressed forever. "We're at or near the bottom of the cycle for the Texas economy," says William Gibson, a former Continental Illinois banker...
...greatest incentive for investors to buy large bankrupt S and Ls is that the Government will often promise to reimburse the new owners for any existing loans that are not repaid. Reason: the Federal Savings and Loan Insurance Corporation, a Bank Board unit that insures S and L deposits, would soon run out of money if it simply shut down the troubled giants. Paying off all American Savings' F.S.L.I.C.-insured depositors would have cost an estimated $4 billion to $5 billion, twice the price tag for last week's rescue. Thus the Bank Board must find buyers for the distressed...
...much money as possible from private investors, since the cost of bailing out the savings industry could run as high as $100 billion. Fortunately, the message seems to be getting out. In San Francisco last month, more than 350 potential investors attended a Bank Board seminar on how to buy an S and L, and 500 others were turned away for lack of space in the meeting room. Just as important to the S and L industry as transfusions of money, though, are infusions of management skill. The economic convulsions suffered by the savings industry in the 1980s have proved...