Word: credited
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Dates: during 1970-1979
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Texaco announced Friday it has no immediate plans to increase its heating oil prices. The corporation is also making credit terms more favorable to wholesalers and some retail customers...
...billion dollars in debt. And its repeated boostings of its loss estimates have not reassured the lending institutions, which seem to have written Chrysler off as a bad risk: the Federal Reserve concluded last week that the commercial banks have only lent Chrysler 50 per cent of the credit they can legally extend...
...AMOUNT OF FINESSE in style, however, could mask the coarseness and presumption of Chysler's plea. The goal was an unprecedented tax credit, carved out just for Chrysler, that would have let the company count its losses as profits--allowing it to deduct the cost of capital improvements from its federal taxes, something only profitable companies are normally allowed to do. If Chrysler failed to turn a profit again, its losses would become the government's losses, a neat trick by anyone's standards. Chrysler's strategy for achieving this goal was a mixture of guilt-tripping and blackmailing...
...Miller, Carter and the congressmen who came out for the guaranteed loan were playing political footsie, not political hardball, with Chrysler. The politicans seem to believe that the government-guaranteed loan is somehow radically new and different from Chrysler's original proposal of a tax credit. Just this weekend, Miller issued a curt statement that the tax credit "would not be acceptable...
...difference between the loan guarantee and the tax credit is, however, more one of form than of content. If the government guaranteed a loan of $750 million to Chrysler, and the company went bankrupt, the government--through the tax-payers--would foot the bill. If the government advanced Chrysler the money through the tax credit instead, it would take the risk of never getting its money back. But the choice between the two is like a choice between apples and oranges--pay now, pay later, it's all a matter of taste...