Word: debts
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Dates: during 1990-1999
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Discussing the Sperm Bank Solution is a favorite pastime of Harvard males. The holy grail of term-time employment, it's tossed around in conversations as a sure fire way to get out from under escalating debt, the perfect way to make back all that money spent on foot, books and beer...
...South Korea is the world's 11th largest economy, America's fifth biggest trading partner, and home base for 37,000 U.S. troops who guard the border with a hostile, if starving, North Korea. Nearly every nation, from the U.S. to Slovenia, had a piece of Korea's foreign debt, and none held more than Japanese banks, which, by the standards of U.S. bank examiners, are themselves in varying states of insolvency. It didn't take much imagination to see how the dominoes might fall. A default in Korea would almost certainly trigger a massive banking crisis in Japan...
...many in the industry, profits have melted under the costs of these incentives. They fell 24% in 1996--dropping 300% from the mid-1980s--and remained flat last year, pounded by a wave of delinquencies as consumers maxed out their debt. "The credit-card free-for-all has come back to haunt the industry," says Robert McKinley, president of RAM Research. To stanch the southern flow of profits, card issuers are seeking to edge up their income by retrenching on offers and charging penalties, new fees and higher rates...
...trend gained momentum last September when GE Capital, the finance arm of General Electric, announced it would slap a $25 annual penalty on holders of its GE Rewards MasterCard who did not accrue interest-bearing debt. Since then, issuers have come up with a slew of punitive measures--er, fees--that squeeze responsible cardholders as well as slackers. Just two years ago, no company charged a late fee of more than $18; today almost half do. Even grace periods are shrinking from the average 25 to 30 days to 20 days, which means some customers could get hit with...
...business. He bought back his old meatpacking operation in 1994 and added adornments such as a barge business in the Pacific Northwest and a group of golf courses in Montana. Have the bankers lost their marbles again? Yes and no. Sure, Gillett went bust by taking on too much debt, but he was a proven operator who increased Vail's yearly profits from $5 million in 1985 to more than $45 million in 1991--still not enough to avert catastrophe...