Word: loan
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Dates: during 1980-1989
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Until last week financier Charles Keating had insisted on being the final witness at congressional hearings on the $2.5 billion disaster at Lincoln Savings & Loan, so that he could rebut the witnesses who had accused him of staving off a federal crackdown on his troubled thrift by lavishing money on influential politicians. But as the aggressive ex-fighter pilot, Olympic swimmer and pillar of the Phoenix business community was being sworn in before the House Banking Committee, his right hand trembled noticeably. His tanned face flushed, his 6-ft. 5-in. frame slumped, Keating, 66, demanded that television cameras...
Some museums, however, have continued to make remarkable purchases. The Kimbell Art Museum in Fort Worth, under the direction of Edmund Pillsbury, is a leader here (as New Yorkers can currently see from a loan show of its holdings at the Frick Collection). At least one museum, the Getty in Malibu, Calif., with its $3.5 billion endowment and almost limitless spending power, seems unaffected by the rise in price. In May it was able to buy Pontormo's Portrait of a Halberdier at Christie's for $35 million and last week Manet's acridly ironic view of a flag-bedecked...
Bond arranged with the financial services division of Sotheby's for an open- ended bridging loan of half the hammer price, whatever that would be. The other half he borrowed from an Australian bank...
...Bond was trying to shift more than $9 billion in debt. When payment on Sotheby's bridging loan of $27 million fell due, he could not meet it, and Sotheby's rolled it over for another year...
Last month Sotheby's $27 million loan to Bond, which up to then had been a closely guarded secret, was disclosed by Bond's own company. How much has been repaid? Sotheby's won't say; a spokesman for Dallhold soothingly announced that "all is in order" and only "10% to 25% of the picture price" (between $5.4 million and $13 million) remained to be paid. The balance would be satisfied by the sale of Bond's Manet, La Promenade, at Sotheby's last week...