Word: iou
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...small blackboard, noted with IOU's, hangs on one wall of the store. If the old Senora is behind the counter alone, and if you buy a few things, then she will have to go out and find the younger Senora, her daughter-in-law, who will go and get her young child, or her husband, if he is home from the fields, to come and figure the sum. Otherwise the Senora adds one more note to the board...
...corporations rushing to borrow at a bargain prime rate; the 6½% prime that Burns has temporarily forced down the banks' throats is significantly lower than the 7% or so that the corporations would have to pay if they sold commercial paper, a form of unsecured IOU, to investors. But Burns is building dikes against a rising tide. So long as the economy booms and the Federal Reserve exercises some restraint in pumping out new money, the price of loans, as Burns and Patman both know, will trend inexorably upward...
...nation's largest railroad, went bankrupt. The Penn Central had long been a victim of mismanagement and executive infighting, but it was pushed right off the tracks by its inability to refinance $152 million of its commercial paper. Such paper is a form of unsecured, short-term IOU. When money became difficult to borrow from banks, scores of corporations issued commercial paper to raise funds. Because such securities are usually bought by other companies that have spare cash to invest, a series of defaults could have spread financial shock waves throughout the U.S. business community. The Penn Central debacle...
There's more than one way to collect an IOU. Freelancer Fred Shapiro, for instance, was hired as a speechwriter for Arthur Goldberg, New York's Democratic gubernatorial candidate. Shapiro's credentials for the job were that he had never written a speech before, and that he prided himself on his political virginity-he seldom read past the headlines of political stories. Two weeks and two unsuccessful speeches later he quit, billing the former Supreme Court Justice for $587.50. That was in April, but it wasn't until two days after the September issue of Esquire...
...name were an individual's, that would sound like the sort of marker a winning gambler might pick up in some fantastic, high-stakes crap game. In fact, it is a similar form of IOU-a sample of the unsecured and loosely regulated kind of corporate credit known as commercial paper. Until the collapse of the Penn Central, commercial paper was the nation's fastest-growing type of credit, but now it has become a prime source of financial worry. By issuing commercial paper, U.S. corporations have saddled themselves with an enormous burden of short-term debt that...