Word: loaning
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...million on a painting occasionally need a little help. And in recent years, as art prices steamed ever higher, Sotheby's, the international auction house, has been happy to oblige. When a particularly coveted painting came on the block, Sotheby's told favored customers that it would loan them up to half of whatever they bid and let the painting itself serve as collateral. With terms like those, skeptics mused, is it any wonder that art prices (and Sotheby's commissions) soared? "The auction houses turned the art market into a financial market," charges Manhattan art dealer Richard Feigen...
...concern is that the art market be a credible place," says Ainslie, explaining why he was dropping the loan arrangement he had until recently so staunchly defended. If anything had cast doubts on the market's credibility, it was news that Sotheby's most flagrant loan deal seemed to be coming unraveled. As has been rumored for months, the world's most expensive painting, Van Gogh's Irises, appears to be headed back on the market...
...Chairman Richard Breeden announced the formation of a new 25-person SEC unit to combat securities violations at financial institutions. One of the group's goals: to prevent more disasters like the case of Lincoln Savings & Loan, whose chairman, Charles Keating, managed to run up $2.5 billion in losses, driving the California thrift into bankruptcy. With S&Ls foundering almost daily, the gesture seems like an afterthought -- and an undersized one at that...
...excuses for leaving the bride at the altar. California Senator Alan Cranston, 75, indefinitely postponed his Christmas Eve wedding to real estate broker Cathy Pattiz, 49, on account of the turmoil caused by his receipt of $850,000 from Charles Keating, the former owner of Lincoln Savings and Loan. "When the press pounced upon us before we filled out the marriage-license forms, it became clear to me that this is not an appropriate time to start a marriage," said Cranston, who has started two marriages before. "It would not be fair to Cathy to bring her into the middle...
...just a reduction in official regulations but also a relaxation in law enforcement ranging from antitrust to safety regulations. That may have been beneficial, but it enabled lots of sharp characters to make lots of money in lots of sharp ways. The most extreme example is the savings and loan scandal, which features fraud, bribery, favoritism and freewheeling incompetence. Some 800 of the 2,600 remaining S&Ls are now insolvent or nearly so, and the bailout will ultimately cost the taxpayers at least $150 billion to $200 billion and possibly a good deal more...