Word: drainings
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...carrying costs on RCA's outstanding debt, which now totals $1.5 billion. By last October, interest payments for the first nine months of 1981 had reached $273.8 million, or nearly $78 million more than for all of the previous year. This created a major cash drain for the corporation as a whole. Said an RCA watcher: "Interest problems are the reason that company earnings collapsed...
...drain on the economy from such losses would be considerably worse were it not for the nation of profit. Small business everywhere is surprisingly strong. In the Tuscan city of Prato (pop. 160,000), for instance, the profits of family-owned textile businesses amounted to $1.5 billion last year, or about as much as Montedison and the rest of the chemical industry lost. Prato has 15,000 "factories," of which 13,000 employ ten people or fewer. The yellow stucco houses present strange sights: family wash hanging out of the upstairs windows, while lower floors are filled with spindles, looms...
...most obvious ones, about 1,000, are detected. The State Department's office of security has responsibility for pursuing passport and visa fraud, but its agents complain that their own superiors have handcuffed them. Says one agent: "The integrity of the passport system has gone down the drain...
...grueling work. He has written to President Reagan, as he did to Jimmy Carter, suggesting a partial return to the days of old, when hunters could stalk horses and sell them to meat factories. "As it is," he says, "thousands of taxpayers' dollars are being poured down the drain." But out on the Colorado range, matching wits and stamina with the proud mustangs, the bottom line seems a faraway concern. "The excitement of bringing those horses in," says Crawford, "is worth more than all the money...
...controversial initiative in Washington, D.C., that would have provided tax breaks for students wishing to attend private schools was resoundingly defeated. The proposal, which would have allowed credits of up to $1,200 against District of Columbia income taxes for tuition, was opposed on the grounds that it would drain the city treasury and only further damage the already strapped District of Columbia school system. Senator Daniel P. Moynihan of New York, who has been a leading proponent of tuition tax credits. criticized the plan as a "caricature" because of the large sums involved. President Reagan favors the tuition...