Word: largest
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Dates: during 1980-1989
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...economy has deteriorated so badly that the country could only expect to "feel greater pressure and difficulties as our programs ... set in." Inflation is running at 50% a year, and the government is desperately seeking to restructure a $25.6 billion foreign debt. Banco Filipino, the nation's largest savings institution, was forced to call on troops last week to hold back angry depositors who were demanding that they be allowed to withdraw their money from one of its branches. In addition, 35% of the work force is now unemployed, though the government insists that the figure...
...institutions have diminished public confidence in all U.S. banks. Even though each deposit up to $100,000 in a federally chartered financial institution is insured, many Americans began wondering about the safety of the money in their banks. Financiers feared that the failure of Continental, once the eighth-largest U.S. bank, could spark a chain reaction of similar collapses and set off financial panic...
Chrysler. The 1970s energy crisis left Detroit's third-largest automaker almost out of gas. The company was slow to convert to fuel-efficient small cars and faced increasingly tough opposition from both the Big Two and Japan; by mid-1979, Chrysler had accumulated nearly $500 million in losses, as well as the industry's largest backlog of unsold vehicles. Chairman Lee Iacocca, hired shortly after being fired as president of Ford, went to Washington with pleas for aid that in December 1979 netted Chrysler $1.5 billion in loan guarantees. The controversial bailout proved to be a good...
Penn Central. The 1968 merger of the Pennsylvania and New York Central railroads was the largest corporate consolidation up to that time. But management squabbles and a crushing debt load derailed Penn Central in June 1970, three days after the Nixon Administration rejected a company plea for $200 million in loan guarantees. Bankruptcy, however, turned out to be only an intermediate stop. To keep the railroad running, the following year Washington provided up to $125 million in guarantees and later absorbed the company's rail operations into Conrail, the Government-run railroad. Now a diversified manufacturer (1983 sales...
American businessmen sometimes think of Japan as the cradle of modern manufacturing innovation and efficiency, but competition in Japan is keen and failure is common. Last week Japan's Riccar went bankrupt the old-fashioned way. They earned it. This was the fourth-largest bankruptcy in Japan since World...