Word: direction
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Dates: during 1980-1989
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Alan Greenspan. In 1985 Keating hired the current chairman of the Federal Reserve Board, then a private economic consultant, to convince the Federal Home Loan Bank Board (FHLBB) that Lincoln was sound and should be exempt from a rule limiting direct investments in risky enterprises to 10% of a bank's portfolio. Though Greenspan wrote to the board on Lincoln's behalf in February 1985, the board turned down the exemption request. But Government officials who let Keating keep control of the S & L still brandish the Greenspan study when they come under fire. If Keating could fool...
...House chief of staff Donald Regan. Henkel's stint on the board lasted only five months. Although he was cleared of any wrongdoing, he resigned after the Justice Department and the FHLBB investigated his first official act: a motion that would have specifically benefited Keating by exempting Lincoln from direct-investment limits...
...more importantly, it means abolishing the middle-class welfare state that is hidden in the tax code. Tax breaks for employer-sponsored pension and health benefits cost the government far more than direct government spending on the poor. The home mortgage interest deduction costs far more than government housing subsidies. Yet these generous subsidies go practically unnoticed because no checks are written...
...suitably cinematic twist, the deal turned the feuding companies into close business partners. Under terms of the agreement, Sony agreed to sell Warner a 50% interest in Columbia House, the largest U.S. direct-mail club for records, tapes and videocassettes. Warner Bros., which is controlled by Time Warner, also received exclusive cable-TV distribution rights for all Columbia feature films, television movies and mini-series. Included were the 2,700 movies in Columbia's film library. In addition, Warner Bros. will become sole owner of the valuable Burbank Studios -- which the two companies now jointly hold -- by acquiring Columbia...
Perhaps most troubling is that Japanese direct investment in the U.S. is not only three times America's investment in Japan but is also growing at a remarkable pace. According to figures compiled by the U.S. Department of Commerce's Bureau of Economic Analysis, Japan's direct investment (ownership of at least 10% of any one firm) in the U.S. stood at $53 billion in 1988, a 52% increase since 1987. Even so, Japanese direct investment was only one- fourth that of all Europe, about half that of Great Britain and roughly equal to that of the Netherlands...