Word: loaned
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Dates: during 1980-1989
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...programs, which include a community service clearinghouse, a summerinternship fund, a public service award and anexpanded loan forgiveness program, mark a shift inpriority toward public service at the KennedySchool, according to K-School officials...
...school gets a little older, a littlemore mature, it's time to revisit the notion ofpublic service in this country," said AssociateDean Calvin M. Mosley, who has coordinated thepublic service loan forgiveness plan since itsinception in March...
...Savings and loan officers in Texas, all with six-figure salaries and bonuses, loot their institution to buy Rolls-Royces and trips to Paris...
...some thrifts, the new arrangement proved a bonanza. Columbia Savings & Loan Association of Beverly Hills (assets: $9.7 billion) has earned a rate of return on capital that has ranged between 44% and 114% annually for the past four years, vs. 11% to 13% for the 500 biggest companies traded on the New York Stock Exchange. Columbia invested heavily in high-yield, high-risk junk bonds and volatile mortgage-backed securities, which provide greater profits at lower cost than traditional home mortgages. That kind of speculative strategy works well when interest rates are declining, but it could be disastrous...
...reform that allowed the thrifts to expand their business proved a major disaster in the Southwest, where a sizable number of thrifts stampeded into risky real estate loans and other questionable investments. In many cases the institutions also succumbed to old-fashioned peculation. A spectacular case in point was the Vernon Savings & Loan Association of North Dallas, which was shut down in March with a deficit of more than $350 million. Vernon was purchased in 1982 by Don Dixon, 48, a North Dallas real estate developer. In six years Dixon pushed Vernon's assets from $82 million to $1.7 billion...