Word: loaned
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Dates: during 1970-1979
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After plunging from their lofty peaks of mid-1974, interest rates are drifting up again, raising concern that higher borrowing costs could discourage business and consumer spending and hamper the budding recovery. Manhattan's pace-setting First National City Bank has raised its prime loan rate to businessmen from a low of 6¾% in June to 7½% recently. And last week most other major banks followed suit and lifted their prime ¼% to 7½%. The effect is to lift the level of other short-term credit costs to business because many bank loan rates are scaled...
...Harvard's five major financial aid programs, Malin cited the Student Employment Opportunity Grant, the College Work Study Program and the National Defense Student Loan program as the most likely to be affected by cutbacks in federal spending...
...Washington Post (circ. 536,000). For another, the Star is in the middle of a remarkable transformation. Allbritton, 50, took over the paper last September with a $5 million payment to descendants of the Adams, Kauffmann and Noyes families that have owned it since 1867, plus a $5 million loan to the paper. He brought in James Bellows, 52, the highly regarded former editor of the old New York Herald Tribune and associate editor of the Los Angeles Times, to put some light back into the burnt-out Star...
...rather than face layoffs. Daily circulation has dropped 3% since Allbritton took over, and recession-hit 1975 advertising revenues are down 11% from last year. According to the purchase agreement, Allbritton can pull out of the deal at any time and get back his $5 million loan. He has carefully avoided threatening to withdraw if the FCC refuses to give him relief, but he would have little incentive to suffer Texas-size losses. In the absence of any other acceptable buyer, the Star's owning families could elect to fold it and live off broadcasting...
...finance company-so it will not be taken away. To protect the borrowed $800, the client then deposits it in an S and L account, which is exempt from seizure. After being discharged of his debts by the court, the freshly minted bankrupt withdraws his $800, pays off the loan and thus keeps his car-entirely legally. Using such techniques, one Californian was able to retain as much as $30,000 in cash and property, while having all his debts permanently wiped...