Word: loaned
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Dates: during 1960-1969
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...savings-and-loan business, no one rivals Charles A. Wellman of Los Angeles as a surgeon for sick companies. In the past three years, he has substantially cured five firms that were suffering from serious financial maladies. Last spring, Wellman succeeded the ousted Bart Lytton as president and chief executive officer of California's Lytton Financial Corp., a huge but ailing holding company with total assets of $682 million. Now Wellman is involved in conducting his most intricate operation yet, which, if successful, will transform three weak S&Ls into one thriving $1 billion enterprise...
When the securities actually change hands next month, Lytton S&L plans to merge with two smaller Southern California savings-and-loan associations, Equitable of Long Branch (assets: $318 million) and Mission of Santa Ana (assets: $39 million). The mammoth merger was approved by the Federal Home Loan Bank Board two weeks ago, but financial men are more fascinated by the audacity of the move than by its size. Says one competitor: "Wellman is converting three alley cats into a pedigreed lion...
...born Centimillionaire S. Mark Taper, the chairman, who had long run the company as a private fief. "My biggest problem has always been dealing with tycoons," Wellman says. "Perhaps it's because at heart I'm one myself." The two strong-willed men clashed over everything from loan policy to salaries for other executives, and Wellman resigned...
...similar quarters have been built with a combination of funds provided by localities, the Rosenberg Foundation and the Economic Opportunity Act. Kingsberry Homes, a division of Idaho-based Boise Cascade Corp., sells $4,750 prefab packages to Alabama and Louisiana farm laborers under a little-known self-help loan program of the Farmers Home Administration. Kingsberry's customers pay only $100 down, save money by erecting the homes themselves, and have 33 years to repay the 4% loans. Most of them formerly occupied plantation shacks that lacked even such basic amenities as running water...
...record on retirement benefits and recruiting techniques, and will almost certainly want to discuss a proposal to remove the ceiling from senior Faculty salaries. The Dunlop Committee handled the issue of paying for the schooling of Faculty children with a compromise--no direct grants, even for college, but a loan program that includes secondary schools as well as colleges. The recommendation can and may be attacked, either for being ungenerous or for implicitly slapping the Cambridge school system...