Word: high
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Dates: during 1970-1979
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...inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized recession." Now no one can be sure how high the cartel will push oil prices beyond their present official maximum of $23.50 per bbl., but demand for petroleum makes a substantial increase certain. Single shipments of crude are being sold on the spot market for as much as $40 to $45 per bbl. This shows just how much people...
...cost of the confrontation may be high for U.S. banks
...gutter language is seldom heard in the world of high finance, but a lot of strong oaths were echoing last week through the paneled offices of private bankers. Fearful that they might be trapped in the crossfire of the U.S.Iranian economic war, many European moneymen were distressed at the haste with which U.S. banks have declared Iranian loans in default and have seized Tehran's overseas assets. Complained an angry Luxembourg banker: "Third parties are being unnecessarily drawn into the conflict. The Americans are displaying Wild West manners and throwing clubs that will boomerang." Countercharged a U.S. banker...
...lengthy meetings with Mrs. Catherine Rohter, Carey's replacement as school board president, two of Hannon's top financial officials resigned. Mrs. Rohter let it be known that she had been unable to obtain an accurate fix on school finances, despite round-the-clock investigation by a high-priced firm of accountants. Even so, depressing details began to dribble out: to meet expenses, administrators had failed to set aside $15.9 million in federal withholding taxes due the Federal Government and $5.3 million in teachers' pension funds and annuities. "This money belonged to our employees," said Mrs. Rohter...
...just why, and how much, Chicago's schools had gone into the hole, by week's end nobody could tell. Current deficit estimates still began at Joe Hannon's original $43 million. But tallies of total indebtedness to bondholders and others ran as high as $700 million. There was plenty of blame for everyone, though. Hannon; the mayor, who should have seen the problem coming; and the school board's finance committee, which did not even meet between January 1978 and March 1979, owing to "personality conflict," as one member recalls. Why did the board fail...