Word: default
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...Christmas buying season brought little cheer to corporate raider and would-be retailing tycoon Robert Campeau. Citibank notified his Allied and , Federated stores, owners of Bloomingdale's and Abraham & Straus, that the bank might formally place loans totaling $2.3 billion in default as early as Jan. 10. Many Campeau suppliers and investors concluded that the chains would soon be forced to seek Chapter 11 bankruptcy. "You would have to be out of your mind to ship to either of these companies under current conditions," said one supplier...
...last month, the General Accounting Office described the same pattern of sloppy accounting and slack Government supervision that allowed the S&L debacle to go unchecked. Because many agencies kept such poor books, GAO auditors could not even determine how much of the $5 trillion is at risk of default. "The ignorance, incompetence and corruption in many of the Government loan and loan-guarantee programs are appalling," says Dingell...
With only 17 hours to spare, Congress passed and George Bush signed a bill lifting the U.S. debt ceiling to $3.12 trillion, thus averting a default. Granted authority to draw on an additional $250 billion of other people's money, the Treasury is again able to pay the Government's bills...
...Waive the Johnson Debt Default Act, which prohibits private loans to Moscow...
...Follow the West German example of encouraging joint ventures by establishing a fund that would insure companies against Soviet default or expropriation...