Word: largest
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Dates: during 1980-1989
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General Motors (1982 sales: $60 billion). The largest automaker currently has 43.1% of the U.S. market. GM brought out its completely redesigned Corvette (suggested retail price: $23,835). "It can compete with anything in the world," boasts Robert Lund, GM vice president for sales and marketing. This month the company introduced its two-seater, the mid-engine Pontiac Fiero ($8,000-$ 11,000). Transmission problems have delayed the arrival of GM's new full-size Cadiliac de Ville and Buick Electra until early next year...
...institution would probably have to be written off as a failure and merged with a healthier bank to keep the FDIC's losses to a minimum. The agency loaned First National $ 100 million to keep it alive while merger bids were sought. It was one of the largest FDIC loans ever made to a distressed bank...
...this week; the FDIC will collect First National's bad loans. The passing of the institution into the hands of out-of-towners left some Midland residents gloomy. Said Mayor Thane Akins: "I feel like hanging a black wreath on my door." The merger was one of the largest commercial bank failures in U.S. history, based on the institution's deposits of $622 million. The biggest bank to go under was New York City's Franklin National, in 1974 (deposits: $1.4 billion...
...death in 1979, at the age of 84, Newhouse had amassed a nationwide communications empire that included not only newspapers but magazines, radio and television stations, printing companies and delivery services. His 31 daily newspapers had a total readership of more than 3 million, making them the third largest U.S. chain after Gannett and Knight-Ridder. But the value of those immense holdings remained a well-kept family secret that outsiders could only guess...
...however, the Internal Revenue Service is shining a spotlight on the inner workings of the Newhouse empire. In what is by far the largest U.S. action of its kind, the IRS is charging that Newhouse's heirs and advisers grossly undervalued his estate at the time of his death. As a result, says the IRS, the Newhouse family owes the Government a staggering $914 million in taxes and penalties. That sum is more than 20% greater than the $750 million that the IRS collected from all estate tax cases...