Word: excessions
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...changed the rules by requiring savings and loans to sell their high-yield bonds, and the market for those securities fell. Then Drexel faced yet another rule change, when the regulators suddenly raised our capital requirements. Literally overnight, they said we could no longer touch the $300 million in excess capital in our brokerage subsidiary...
Unlike most farm programs, the sugar quotas guarantee all U.S. producers a profit by inflating prices to double the worldwide level while severely restricting imports. The big winners are the nation's 12,600 sugar producers, who are enriched by about $260,000 a year apiece in excess profits. The big losers are U.S. consumers: the sugar program amounts to a hidden sales tax of more than $3 billion a year...
Despite the expected increase in property taxes, the city remains $8 million below its levy limit established by Proposition 2 1/2. Because of this excess levying capacity, which allows the city to respond to "unforeseen expenditures" and decreased local aid, city administrators do not expect the city to show major effects from the decreasing state aid until next year...
...there a moral to this event? Only the obvious one: that we owe it to the sanctimonious, inflated racket that the art industry has become. The theft is the blue-collar side of the glittering system whereby art, through the '80s, was promoted into crass totems of excess capital. Sotheby's and Christie's tacitly recognized this last week when, after conferring with the museum board and the FBI, they volunteered the $1 million reward money for the Gardner -- a touching p.r. gesture, like a cigarette company giving money to a cancer ward...
...profit from failing companies by buying them and turning them around. Sam Zell, chairman of Chicago-based Itel Corp. (1989 revenues: $2 billion), is raising up to $1 billion for a fund that would acquire firms at fire-sale prices. Says he: "Anytime you have a period of excess, you're going to have a period of distress that follows. Our sole purpose is to buy good companies with bad balance sheets. Our goal is to restructure their finances and come out the other end with a viable company." Zell is hardly alone in his ambition. Texas investor Thomas Kelly...