Word: closeouts
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Dates: during 1990-1999
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Wall was facing a deadline. On Dec. 31, the enormously generous tax benefits that could attract new investors would expire. So he mounted a closeout sale, adding profit guarantees and other subsidies for all comers. The big-money boys came running. In just four months, his agency unloaded some 114 shattered thrifts -- 71 in December alone -- at a cost to taxpayers calculated at nearly $70 billion...