Word: layoffs
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After a ten day layoff, the Crimson (2-4 overall, 1-1 Ivy) now begins a brutal schedule, playing two games a week for the rest of the season. And the opponents lying in wait are an ominous bunch. Brown. Yale. Massachusetts. Princeton...
...enough already. Staggered by the avalanche of distressed real estate loans that has flattened banks across the country, First American lost $182.5 million in 1990, its first red ink ever. The deficit last week led to the resignation of C. Jackson Ritchie, the company's chief executive, and the layoff of nearly 100 of the bank's 6,000 employees. Regulators were worried that First American's secret parent, itself in financial trouble, would start siphoning off funds that would deepen the loss and conceivably fatten the bill to U.S. taxpayers should First American have to be bailed...
Movin' Down: The two week layoff enabled other ECAC teams to catch up to Harvard in number of league games played, and the Crimson subsequently dropped to a tie for fifth place in the league standings...
...right-wing Republicans and liberal Democrats revolted on the floor of the House, overwhelming and sinking a bipartisan plan to rein in the rampaging deficit. The uprising left the government without a budget or the authority to spend money for the fiscal year that began Oct. 1, forcing the layoff of thousands of nonessential government employees, at least temporarily...
...federal tax receipts down too. In mid-June Darman boosted his 1991 deficit estimate to $159 billion, up from $138 billion just a month before. Unless a plan for cutting almost $100 billion could be produced by Oct. 1, spending cuts required by Gramm-Rudman would force the layoff of thousands of government workers. Within days, Administration officials began to utter dire predictions. It was the perfect opportunity for a sudden conversion, and Bush took...