Word: loaned
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Dates: during 1970-1979
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...Mafiosi have large sums in secret bank accounts overseas, most notably in Switzerland and Liechtenstein, as nest eggs in case they ever have to flee abroad. Other mobsters keep their escape money in bank safe-deposit boxes or hiding places called "traps." Anthony ("Fat Tony") Salerno, a gambler and loan shark who was indicted last week on charges of running a $10 million-a-year numbers operation in Manhattan, used to keep more than $1 million in small bills packed in shoe boxes stacked from floor to ceiling in a closet of his apartment on West End Avenue...
...their washday efforts, top Mafiosi can never launder more than a fraction of their illegal earnings. Thus a valued member of each clan is the "money mover," who specializes in finding ways of putting Mob money to work. Loan-sharking is a favorite because of its quick and huge returns. California officials estimate that Chicago mobsters have invested $50 million in Palm Springs bars, restaurants, hotels and real estate. As the Mafia defector said: "Money layin' around in your pocket don't do nothin' but get wrinkles...
...Enacting stronger legislation. The Carter Administration last week moved in this direction by proposing laws that would prohibit the laundering of Mob money, tighten loan-sharking statutes and provide stiff prison sentences for operating racketeering syndicates. The proposals, however, do not solve the central problem: the very difficulty of proving charges of money-washing, loan-sharking and running illegal rackets...
...worth of insulation theoretically can pick up a $410 tax credit free. If Carter's program passes, the homeowner can arrange financing through his utility, which will add repayments to his monthly gas or oil bill, but his savings on fuel will cancel out the loan payments -or so says the Government. By federal calculation, the average person's share of money raised by a proposed tax on crude oil and returned to consumers through income tax credits will...
...boom is being fueled by lending institutions stuffed with available mortgage money. During the past two years many cautious consumers fattened their savings accounts instead of spending. The country's savings and loan institutions, prime source of housing mortgage money, not only replaced the cash that drained out of them during the money squeeze of 1973-74, but grew heavy with funds that no one wanted to borrow. Now mortgage interest rates have declined to a national average of 8½% to 8¾%, v. 9% at the height of the money squeeze, and S and Ls are requiring...