Word: loaned
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Dates: during 1990-1999
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...from a business entity unless one is a partner in it.'' Most of First International's income came from the interest on a promissory note issued by Corridor Broadcasting Corp., a firm formed by Hill during the 1980s. In 1986 Corridor borrowed $26 million from a Texas savings and loan to buy two TV stations. The thrift later failed and was taken over by the Federal Deposit Insurance Corp. Two years after Corridor's 1991 default, the FDIC sold off the loan for $3.1 million, declaring a $23 million loss to taxpayers in 1993. But in 1994 Hill paid more...
...problem making for jumpy nerves was evident: Mexico, and the hurdles the Clinton Administration was facing in trying to pull together a $40 billion loan-guarantee package for the battered neighbor. The scare that had afflicted financial markets in the wake of Mexico's debilitating Dec. 20 devaluation of the peso was developing into something more serious: a general skittishness about markets in countries embracing tariff cutting, deregulation and the sale of state-owned assets on the road to modernization. The new, skeptical mood was in fact spreading beyond the Third World to affect countries like Spain, Italy and Sweden...
Anxiety was fueled by political tussling in Washington, where the White House was striving mightily, and unsuccessfully, to persuade a majority in the U.S. Congress to endorse proposed loan guarantees for Mexico. ``Failure to act could have grave consequences for the Mexicans, for Latin America, for the entire developing world,'' warned President Clinton, who got support from both the Democratic and Republican leadership as well as from Wall Street and the always cautious Federal Reserve Chairman Alan Greenspan. Greenspan urged Congress ``to halt the erosion in Mexico's financial capabilities before it has dramatic impacts far beyond those already evidenced...
...Mexican crisis. As it was, the chairman's effort had only limited impact on Congress, where populist Republicans have been joining forces with anti-free trade Democrats to make passage of the bailout package unlikely in the near future. Democratic Senator Ernest Hollings of South Carolina denounced the loan-guarantee legislation as a ``billionaire bailout'' to save the fortunes of rich investors on both sides of the border. Though House Speaker Newt Gingrich expressed backing for the Clinton proposal, he said, ``It's clear from polling data that there's just no base of popular support out there...
...midweek, Mexico got a measure of relief when the International Monetary Fund approved a $7.8 billion loan, the largest it has ever made, to help stabilize the peso. Argentina, Brazil, Chile and Colombia also jointly opened a $1 billion credit line for Mexico. But the infusions were not large enough to solve Mexico's most serious challenge: finding sufficient funds to pay off or refinance $26 billion in mostly foreign-owned short-term bonds maturing during 1995. The government got a hint of the difficulties ahead last week when it put at auction $400 million in U.S. dollar-denominated bonds...