Word: hocke
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SARAH FERGUSON Duchess is $4.5 million in hock; Queen won't bail...
What's left of McNall's empire is a shambles. According to bankruptcy-court filings, McNall owes Credit Lyonnais $121 million, the Bank of America $40 million and Merrill Lynch $37 million. What remains of his traceable fortune is in hock. Gone are a couple of his houses, gone his private jet and a few cars, his hockey team, his football team and his stake in a movie company. His coin business is in legal limbo. Creditors are queuing up to sue him. Soon McNall, the former boy tycoon, may not have an old -- or even a plugged -- drachma...
Joseph Williams, an employee of the Bank of America, invents the first all- purpose credit card in 1956. Several years later at the same bank, Dee Ward Hock devises the computer system that processes charges so credit cards can be used everywhere. What a perfect name for the father of the modern Visa card -- Hock...
...chronically weak currency like ours is a sign that the country is living beyond its means. It's a sign that we are deep in hock, and for all the wrong reasons. It's O.K. to go into debt if you put the money to some useful purpose, such as building a new factory or a better computer or a faster airplane. But we've borrowed heavily to buy cars, TV sets and more gadgets to put in the house. Maybe you haven't, but a lot of the neighbors have. Uncle Sam is the biggest offender...
...certainly be willing to do any kind of service to get myself out of hock with these Ivan Boeskys of student finance. As long as my credit rating is crashed, I might as well apply for some kind of Sallie Mae credit card with mileage credit. At least then I'll earn points for every trip I have to make between the Square and Garden Street--not to mention all the calls to my toll-free buddies at Elsi. Getting the paperwork right is important. I just hope Harvard pulls through today...