Word: gibsonized
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...they were in the early 1980s, by having to pay high rates to depositors while receiving low yields on long-term mortgages. Furthermore, real estate prices in the Southwest cannot stay depressed forever. "We're at or near the bottom of the cycle for the Texas economy," says William Gibson, a former Continental Illinois banker who, with other investors, last month paid $48 million for twelve troubled Texas S and Ls (combined assets: $2.4 billion...
...would have cost an estimated $4 billion to $5 billion, twice the price tag for last week's rescue. Thus the Bank Board must find buyers for the distressed S and Ls and, in the worst cases, offer huge loan guarantees to make the transactions virtually risk free. In Gibson's deal the Bank Board agreed to provide $1.3 billion in guarantees and other assistance that will allow the investors a decade to return their newly merged S and Ls to financial health...
...that could ultimately cost the Government $6.8 billion. First, the Bank Board conducted a fire sale of twelve failing Texas institutions, including Richardson Savings (assets: $707.8 million) and Mercury Savings ($332.9 million). The S and Ls will be merged and turned over to an investment group led by William Gibson, an executive vice president at Chicago's Continental Illinois bank, for a token $48 million. To attract the investors and revive the S and Ls, the Bank Board agreed to provide financial aid that may run as high as $1.3 billion over the next decade...
Half the states have parental-notification laws but most, like Ohio, have not enforced their statutes because of legal challenges. Of the ten states with such laws in force, only Minnesota requires notification of both parents, regardless of divorce, separation or desertion. Judge John Gibson of the Eighth Circuit, writing for the majority, rejected the argument that Minnesota's requirement would often add to family problems: "Although some parents may be abusive, or at best unhelpful to their minor child faced with the decision whether to have an abortion, that is hardly a reason to discard the pages of experience...
Atlantic is making a strong bid with Debbie Gibson, 17. She may sing like a Muppet baby, but her first album has already fostered four Top Five singles. Capitol counters with Tracie Spencer, 12, whose first album came out last month, while A&M has Shanice Wilson, 15, who landed her record contract by winning a talent contest. Even Tracy Chapman, 24, a singer-songwriter out of Boston, sounds like a flashback. Her warmly praised debut album resounds with high purpose, in marked contrast to the growing legions of pube rockers, but to anyone who actually made it through...