Word: loaning
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Former employees say they made desperate, unreturned phone calls to Evans. Meanwhile, he rejected several loan offers requiring him to cede control of the company's finances. In early May, claims of drug use among Evans' hangers- on gained credence when police arrested three at his Manhattan town house, charging them with possession of cocaine residue...
...thought the savings and loan disaster couldn't get much worse, well, think again. In the gloomiest assessment of the megamess yet, U.S. Comptroller General Charles Bowsher said last week the Resolution Trust Corporation, which is handling the bailout, was in such disarray that government accountants cannot even audit its books. That means Washington has no clear idea of how much the bailout will ultimately cost as the RTC shuts more than 1,000 bankrupt S&Ls and sells off real estate and other assets...
...army, something that is so powerful. You're with the elite. Your word is law, you're like the judge and jury. Anything you say is final. You feel that you're so superior and that you're chosen. I had 100 to 150 guys with me: bookmakers, loan sharks, drug dealers, union guys, politicians, doctors. There was nothing we couldn't penetrate. We had the sports-betting business, the numbers, loan- sharking, the shakedown business, union kickbacks. But, you know, it really wasn't me. It was the wall around me that was so powerful...
Meanwhile, bankers laden with bad credit have remained reluctant to make new loans. That has helped perpetuate a credit crunch that began last year when bank regulators tightened loan standards to avoid a repeat of the savings and loan fiasco. Even the Fed's lowering of interest rates in recent months has scarcely encouraged bank lending to pick up. Asserts Hugh Johnson, chief economist for First Albany, a securities firm: "More than at any time in the past, banks are dragging their feet...
...from his capos with the lofty dignity of an Indian raja being given his weight in gold by his subjects. And he could discuss, with almost Socratic detachment, the subtleties of when or whether to "whack" a customer who had fallen behind in paying the vig on an extortionate loan...