Word: loan
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Dates: during 1980-1989
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When renegade House Republicans made a last-ditch attempt to soften President Bush's tough savings-and-loan bailout bill last week, there was nothing wimpy about his response. As the House debated the legislation, the President corralled congressional leaders and took his cause to the people. "It is time for the American public and our Administration to say that enough is enough," Bush said. If the House weakened the stringent new regulations of the bill, the President warned, he would veto it. By week's end Bush prevailed when the House approved a strong bailout bill by a vote...
While the bailout plan may reassure S & L depositors, the tough capital requirements will spell trouble for many marginal thrifts. James Barth, chief economist of the Federal Home Loan Bank Board, which regulates S & Ls, estimates that 674 thrifts, or almost one-fourth of all federally insured U.S. savings institutions, would fail to meet the new capital standards. As a result, many thrifts would be forced to liquidate or combine with healthier institutions...
...Time-Warner combination would take on a heavy load of new debt, as much as $14 billion. The company (estimated total revenues: $10 billion) would have an estimated cash flow of $2 billion, which would be tapped for loan payments. "These are great organizations with very good cash flows, so the debt doesn't have to be a negative," observes William Farley, chairman of Chicago- based Farley Industries, which took over West Point-Pepperell in a hostile bid this year. But, he adds, "it takes a certain kind of management to deal with that kind of debt. You're that...
...economic recovery quite another. In Beijing, much of the public transportation system has been destroyed or damaged. Losses to the national economy are estimated in the hundreds of millions of dollars. Japan, China's largest foreign-aid donor, has announced a halt in negotiations for a $120 million loan for an oil project. The U.S. and Britain have suspended all public and private arms sales to China for the foreseeable future: the P.L.A. alone needs to replace more than 300 vehicles smashed or burned in the taking of the square...
...chaos were known to have stopped some operations. Work ceased at Shanghai factories owned partly by Massachusetts-based Foxboro, an electronics company, and aircraft-making McDonnell Douglas. Chemical Bank suspended its efforts to organize a syndicate of U.S. and Japanese banks that would share in a $120 million loan to Sinopec, China's national oil company...