Word: junks
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...deep slump could inflict heavy damage on overleveraged companies and troubled banks whose books are already filled with junk bonds and sour real estate loans. According to Veribanc, a Massachusetts-based firm that rates banks and S&Ls, bad loans at U.S. banks rose a sharp 7.5%, to $48.6 billion, in the first quarter of 1990. Overall, nearly 1,400 banks, or about 11% of the U.S. total, lost money in the first quarter. That represented an alarming jump of nearly 20% over the same period a year...
...need for cash infusions, the RTC has begun to speed up the pace. Last week Seidman announced the details of a "fall inventory-reduction sale," in which the agency will unload shuttered thrifts and seized assets by the end of the year. Up for grabs will be everything from junk bonds to golf courses to shopping malls. The $50 billion asset sell-off will refuel the bailout process, but it will take its toll on the U.S. by depressing, to some extent, an already weak real estate market in many parts of the country. And taxpayers will be stuck...
...boom-and-bust '80s may be history, but the banking rough-and-tumble is + now more pronounced than ever. In the U.S. the battered industry is selling assets to recapitalize itself after the debacles of Third World debt, the decay in value of high-risk junk bonds used for corporate buyouts and the collapse of the real estate market in several sections of the country. The mighty Japanese, now far and away the world's biggest banking players, are also being squeezed. Japanese banks face rising interest rates that boost their costs at home and new international capital-reserve requirements...
Japanese money is invested everywhere, from Tokyo skyscrapers to RJR Nabisco junk bonds to shares in Britain's newly privatized water companies. The scope of the Japanese surge abroad has been breathtaking. In 1984 Japanese banks held a little more than 20% of international banking assets, meaning the sum of all outstanding loans. Today the share is almost 40%. "There is hardly a major deal put together anywhere in the world that does not include Japanese banks," says J. Brain Waterhouse, a British securities analyst in Hong Kong. "It used to be that 1 out of 4 banks involved...
Which is not to say that many of them are not junk food. In Curiosity Kills, last month's USA entry, C. Thomas Howell and Rae Dawn Chong play a photographer and his neighbor who suspect a new tenant of being a killer; despite some bloody violence, it's routine Nancy Drew hokum. USA's Dead Reckoning contrived to place a rich doctor (Cliff Robertson), his wife and her former lover on a pleasure boat together in the middle of the ocean, then promptly sank in a sea of implausibility...