Word: funds
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Dates: during 1980-1989
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Schoolchildren in New York City are about to learn a happy lesson about thrift. Their benefactors are the students of a half-century ago who tucked away small change in savings accounts and then forgot about them. Their spare pennies, nickels, dimes and quarters have grown into a trust fund containing...
...Great Depression and World War II, when the schools urged children to open accounts. Many did not claim their savings when they graduated, and by 1950 the city's public schools had amassed more than $90,000. Later the dormant savings were put in a high-yield trust fund but never tapped. Last week the state assembly passed a bill that will allow the city to use the fund's annual interest of up to $40,000 for college scholarships...
...memories of the October stock crash are fading, but in France aftershocks are still rumbling through the Paris Bourse. Investors were stunned by last week's revelation that $85 million of the $255 million in the reserve fund of the Association of French Stock Exchanges, a stockbrokers' group, had been gambled away on speculative investments. In the wake of the scandal, the president of the association, Xavier Dupont, and one of his top deputies, Philippe Cosserat, resigned...
...risky loans are mostly long gone, leaving the FSLIC to pick up the tab. The Government is suing the managers of both thrifts for more than $100 million, charging them with fraud and negligence. But most of the $1.35 billion payout will come from the FSLIC's reserve fund, which is largely composed of premiums collected from...
...regulators said last week that liquidations will remain a last resort in resolving the industry's widespread insolvencies. Of 3,100 federally insured thrifts, some 200 are considered hopelessly insolvent. The FSLIC's liability for these S and Ls now significantly exceeds its assets on hand, so that the fund posted a deficit of $13.7 billion at the end of 1987, contrasted with $6.3 billion the previous year. But the FSLIC aims to narrow that gap over the next few years, relying on income from premiums and other sources. The FSLIC estimates that it will have $20 billion available...