Word: loaned
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Dates: during 1980-1989
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...sprightly lyrics "You're doin' fine, Oklahoma! Oklahoma, O.K." of the famous Rodgers and Hammerstein tune suddenly sound tinny and surreal. The state was beset by 13 bank failures in 1985, more than in any year since the Depression, as well as more than 6,000 bankruptcies and farm-loan defaults. Still, Sooners were not prepared for the latest bad news: the oil well on the lawn of the state capitol in Oklahoma City has gone dry. Nicknamed Petunia when drilled in a flower bed in 1942, the well and the derrick atop it became a symbol of Oklahoma...
...suffer greatly if the fall continues. Says Frank Anderson, director of financial research for Weber, Hall, Sale & Associates, a Dallas brokerage: "The real problem will come if the contract price gets to $15 per bbl. and stays there for six months to a year. Then you'll see serious loan losses, a restructuring of bank portfolios and possibly even a reorganization of banks...
...soon as he acquired control, Glick testified, he was told to place Frank Rosenthal, a Stardust employee, in charge of the casinos. The order came from Frank Balistrieri, 67, a Milwaukee crime boss who had helped Glick get the Teamsters loan. (Balistrieri pleaded guilty after the trial began. So did DeLuna, 58.) Glick complied, but when he later wanted to fire Rosenthal, he was given a blunt warning. Glick testified that Rosenthal said to him, "I was told not to tolerate any nonsense from you because you are not my boss. If you don't do what you're told...
BankAmerica is losing money because it is saddled with many shaky loans. Most of them were extended by Armacost's predecessor, A.W. Clausen, who now heads the World Bank. Like other big banks, BankAmerica made risky loans to developing countries and to real estate and shipping firms. But it also became the world's largest commercial lender to farmers, who are now under severe financial pressure. Concedes Stephen McLin, a BankAmerica senior vice president: "Our credit standards were not the greatest." The bank wrote off $1.6 billion worth of loans last year. Other low-grade credits are still...
Each of the three managers put up $200 to set up the grill last spring. They also received a $400 loan from the House Committee, Russo says. Along with a food allowance, the 10 to 12 employees and three managers of the grill get paid $18 per night...