Word: cleanups
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...done little to recoup the vast S&L losses. "We won't see any recovery near to the amount of losses," says Edward Dennis Jr., an assistant U.S. attorney general. "We won't even get close." The Congressional Budget Office estimated last week that the Government's S&L cleanup bill may total $150 billion, three times as much as Congress approved for the job last year. With interest, the final total could run as high as $500 billion over 40 years. Without another infusion of federal money, the bailout fund will be broke by year...
...work load keeps growing; the CBO estimated last week that as many as 1,700 thrifts in the U.S. may collapse, more than half the S&L industry. The RTC has only enough money to deal with another 120 institutions at best. After that, the cleanup will come to a halt unless Congress comes up with more money...
...been shelved. Brady told Congress last week that the size of the disaster is much bigger than he predicted. The Secretary estimated that as many as 1,037 institutions -- almost half of all U.S. thrifts -- may have to be merged or closed to stabilize the industry. For the cleanup, the Government will have to borrow $90 billion to $130 billion. Adding interest charges and other costs, the bill could top $500 billion during 30 years...
...along the Love Canal in Niagara Falls abandoned the neighborhood after the discovery that thousands of buried barrels of toxic waste had been leaking into basements and backyards. Their homes were bought by the Government, and 200 or so were torn down. Now, after $275 million for relocation and cleanup, the Environmental Protection Agency says the area is again safe. Next month 236 remaining houses are scheduled to go on sale...
...Cleanup workers have already carted away 1,000 cu. yds. of contaminated soil. Last week a judicial restraining order prohibited the church from building new shelters or occupying existing ones. Said church spokesman Murray Steinman: "Protection of the environment is our No. 1 priority...