Word: loaned
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Dates: during 1980-1989
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...profitable cornerstones of small farming towns. Now, however, many of the lenders have become both unwilling villains and victims in the grim drama unfolding in the American farm belt. Caught between their sympathy for the farmers' plight and their own fight for survival, banks have had to foreclose on loan after loan. But in many cases the foreclosures have not prevented banks from failing. Says James McDermott, senior vice president of Keefe Bruyette & Woods, a Wall Street investment firm that specializes in bank stocks: "The farm-belt mom-and-pop banks are in a state of crisis...
...have been assaulted by angry customers. Nebraska farmers have taken to wearing black armbands to protest foreclosures. Bankers have also become the target of a bitter joke making the rounds in the Midwest: "Question: What's the difference between a dead skunk on the road and a dead loan officer? Answer: There are skid marks by the skunk." That kind of talk deeply offends the bankers, who in many cases grew up with and went to school with their customers...
...really feel like a failure," says Charles Boehmke, 44, who is clinging to his Minnesota farm after losing his animals and machinery because he could not repay a $136,000 loan. One of his neighbors, David Honsey, 40, filed for bankruptcy and said it made him feel like going into the barn and "doing something you shouldn't do there." He has since rejected thoughts of suicide, deciding "there is a higher power than the Federal Deposit Insurance Corporation. But I think they'll find a few farmers in the barn rafters before this is over." (Actually, there are signs...
...occasions, the University does not believe in divesting its shares in all American companies doing business in South Africa. But Harvard neither owns nor will own any shares in companies doing the majority of their business in South Africa, nor will it hold any debt securities in banks that loan to the South African government. On two occasions Harvard has divested such debt securities. Harvard will also vote its shares and seek other means of persuasion to induce companies in its portfolio to implement each of the following anti-apartheid principles...
...loan money was used to fund an expanded government, but Mexico's new leaders are technocrats who lack the political savvy and personal forcefulness of their predecessors. Miguel de la Madrid, K-School grad and Mexico's current President, has grown increasingly unpopular as he has responded to the nation's financial straits by slashing social programs. The current budget cuts are the first for many years in Mexico, where presidents since the 1930s have spent to keep the myth of the just revolution alive and forestall social unrest...