Word: loaned
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Dates: during 1990-1999
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Richmond has a reprieve -- for now. Last week a superior-court judge ruled that if a district cannot pay for the rest of the semester, the state must. Officials in Sacramento promptly devised an emergency loan package, which the judge approved, and appointed an administrator to negotiate new employee contracts. Governor Pete Wilson, meanwhile, has appealed the decree, saying it sets a dangerous precedent by using state money to bail out schools...
...auditing. Over five months, the Gearys say, they spent $130,000 for services, plus $50,000 for "gold-embossed, investment-grade" books signed by Hubbard. Geary contends that Scientologists not only called his bank to increase his credit-card limit but also forged his signature on a $20,000 loan application. "It was insane," he recalls. "I couldn't even get an accounting from them of what I was paying for." At one point, the Gearys claim, Scientologists held Dorothy hostage for two weeks in a mountain cabin, after which she was hospitalized for a nervous breakdown...
Like most ambitious developers, Trump often faced bigger loan payments than he could hope to come up with. But leverage is one thing, recklessness something else. As the loans flooded in, Trump the builder became Trump the financial playboy. Says a former top aide: "He overpaid for almost everything -- the Shuttle, the Taj, the Castle. But I'll say this for him, he fleeced the banks. He got them into a terrible position on lender liability...
...collapse of Denver's Silverado Banking, Savings & Loan Association will cost taxpayers more than $1 billion. Last week a major figure in that disaster, presidential son Neil Bush, was judged to have engaged in "unsafe or unsound practices and breaches of his fiduciary duties involving multiple conflicts of interest." In making that pronouncement, Timothy Ryan, director of the Office of Thrift Supervision, ruled that if Bush again serves as director of a financial institution, he must seek legal advice on his responsibilities, disclose potential conflicts of interest and abstain from voting on matters in which he has a personal stake...
Nothing unusual about taking a building condo to help pay the mortgage. But Donald Trump raised eyebrows last week when he announced plans to convert most of New York City's 84-year-old Plaza Hotel into condominiums to pay off his $300 million loan on the place. He plans to charge an average of $1,600 per sq. ft. for the luxury apartments, or about three times the price of other prime residential buildings in Manhattan -- and most of the apartments won't have kitchens...