Word: loaned
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Dates: during 1980-1989
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...young men felt obliged to repay Sawyer's largesse. Working out of his apartment, Sawyer organized them into a roving gang responsible for at least 23 holdups in 18 months that netted more than $81,000. FBI agents and police finally closed in during a savings-and-loan robbery last August...
Thus, while the thrifts are doing better, many moneymen are still cautious about the long-term prognosis. Concedes Ted Ingersoll, executive vice president of Columbia Savings & Loan Association (assets: $1.4 billion) in Denver: "No matter how bright and innovative we are, we're at the mercy of interest rates. If they turn against us, we're in trouble again." The patient may now be off the critical list, in other words, but he is not yet Out of danger...
...other economic failings, the Federal Government is normally not guilty of reckless stock market speculation. Nonetheless, Washington gambled on a very long shot a few years back and now stands to make a $200 million killing in Chrysler stock. The story begins in 1980, when a $1.2 billion loan-guarantee package was being assembled to save Chrysler from bankruptcy. The Chrysler Loan Guarantee Board, which had been set up by Congress, demanded that the Government be given the right to buy, at some future time, 14.4 million shares of Chrysler stock for $13 a share. No one outside Chrysler thought...
...three years have made quite a difference. Chrysler stock is now $27.50, and the Government could clean up if it exercised its right to buy the shares. Therefore, Chrysler Treasurer Frederick Zuckerman last week appeared before the Loan Guarantee Board in Washington and asked the Government to forgo its right to buy the stock. The company, which two weeks ago announced that it was about to repay $400 million of the Government-guaranteed loans, argued that it would have to float a new stock issue to provide the shares for the Government. The result of that action, Chrysler claimed, would...
Chrysler critics, though, were many and loud last week. "Outrageous," said Kenneth McLean, staff director of the Senate Banking Committee when Congress passed the loan agreement. Said David Healy, an auto-industry analyst with Drexel Burnham Lambert: "They're trying to change the score of the game after it's over...