Word: loan
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Dates: during 1980-1989
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...November revelation that Kennedy School Dean Graham T. Allison '62 had attempted to swap a $500,000 gift in exchange for University Officer status. The K-School, with only a small pool of alumni but ever-expanding programs, badly needed the money to bolster the school's loan forgiveness program. Administrators let the demands of fundraising overshadow Harvard's ethical guidelines...
...elsewhere and to open at least some ears to Dukakis' time-for-a-change argument. While the unemployment rate has dropped to 6.8%, it is well above the national average of 5.6%. Texas continues to reel from bank closings -- 93 as of last week -- and failures of savings and loan associations. Says Luan Tatum, Democratic chair in Angelina County: "I watch the TV and hear them talking about how good things are for folks, but it's not here...
...bolder the reach, the more it suits him. Sanford Weill, who resigned as president of American Express in 1985, has since made daring but unsuccessful bids to take over BankAmerica and the consumer-loan subsidiary of Manufacturers Hanover Trust. Last week Weill's persistence paid off. Commercial Credit Group, the Baltimore-based consumer-finance company (assets: $4.4 billion) he now heads, agreed to take over Primerica, a Connecticut-based financial-services firm that has three times the assets of Weill's corporation and owns the Smith Barney brokerage firm...
Danny Wall, the chief U.S. regulator of savings and loans, is on a bailout binge. Last week the Federal Home Loan Bank Board, whose Federal Savings and Loan Insurance Corporation guarantees thrift deposits, said it would spend $1.9 billion to rescue 14 ailing Oklahoma S and Ls. The Bank Board merged the thrifts into six larger institutions in the hope of selling them to private investors. With the Oklahoma rescue, the agency has laid out a total of $9.8 billion in the latter half of August to salvage 45 thrifts, most of them in the financially troubled Southwest...
...acknowledges. The regulator wants to expedite bailouts before the current fiscal year ends, on Sept. 30, so that next year's FSLIC spending will stay within the confines of the Gramm-Rudman deficit-reduction law. Wall's next rescue candidate could be a whopper: the American Savings and Loan Association of Stockton, Calif., whose bail-out may cost $2 billion...