Word: loaned
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Dates: during 1970-1979
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...Provenzano's New Jersey associates of committing the crime. The trio: Salvatore Briguglio, 47, an ex-con described by Government agents as an enforcer for Tony Pro in the rackets and union affairs; Gabriel Briguglio, his brother and a union underling; and Thomas Andretta, 38, a collector for loan sharks who was once imprisoned for threatening borrowers' lives...
...Abboud well remembers stories about the day more than 40 years ago when his father, the son of a Lebanese farmer, was denied a loan by a Boston banker. As a result, the family's heating and ventilating business went bankrupt, and Alfred Abboud was forced into teaching to pay off $5,000 owed to creditors. The incident, says A. Robert Abboud, taught him that one of the worst things a banker could do was to turn down a borrower of good character...
...banking, Abboud, 46, took over as chairman and chief executive of First Chicago Corp., parent of the First National Bank of Chicago, the nation's ninth largest bank (assets: $18.2 billion). If confronted today by a borrower in the same situation as his father, Abboud would make the loan that the Boston banker turned down. Abboud feels that banks have forgotten character and loaned money to "too many high rollers...
Whatever the reason, banks will write off a record volume of bad loans this year-perhaps more than $3 billion. First Chicago has had its share of trouble. Its reserves to cover bad loans swelled from $12.8 million in last year's third quarter to $27 million in the same period this year; this year's nine-month total of $80 million slightly exceeded reserves for all of 1974. It indicates that the bank expects a rise in bad-loan losses, and of course, money put into reserves to cover bad loans has to be subtracted from profits...
...Pavlovich incident is "the first case in which a Harvard student has been charged with falsifying information on his loan application since Harvard began to participate in the federally-insured loan program," Steiner said...