Word: debts
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Dates: during 1990-1999
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...volatile Internet stocks, according to Momentum Securities, where he traded most recently. Some reports said his account there had been closed on Tuesday after he was unable to meet a margin call--a brokerage firm's demand that a customer put up cash to cover a debt caused by falling stock prices. To reopen the account, he reportedly wrote a check for $50,000; it bounced, and he was denied trading privileges Wednesday and Thursday. Momentum was his first stop when he began his shooting spree on Thursday. All-Tech says Barton was a customer but had not traded with...
...1980s. (She has since left the foundation board.) Mark, a board member, worked for Jerry Falwell before founding the DeMoss Group, a p.r. firm for evangelists like Billy Graham's son Franklin. Mark's father-in-law is Art Williams, the insurance magnate who bailed out Falwell's debt-ridden Liberty University with a $70 million gift...
...last avenue of relief--personal bankruptcy--is about to get tougher too. Congress is close to passing a controversial bill that would make it harder for average Americans to write off bad credit-card debt, though Visa and others insist only well-off deadbeats would be affected...
...what better way than with the fine print? Last year the industry mailed a record 3.4 billion solicitations, luring consumers with the promise of low rates and no annual fees. But even as the number of pitches skyrockets, the growth of debt is slowing--and providers of plastic need new ways to bolster their bottom line...
...some extent, the industry is trying to wriggle out of a trap of its own making. Competition has knocked down interest rates, and thus more people can pay down debt. Annual interest income has grown from $52 billion in '96 to $58 billion last year, while charges have risen twice as fast, from $798 billion to $975 billion. In March consumers repaid some 15% of their outstanding balances, a 10-year record, according to Moody's Investors Service. "Since they can't get it at the front end, they get it at the back end," says Robert McKinley...