Word: loans
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Dates: during 1980-1989
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...issue after issue since his second term began--loan guarantees for farmers, the MX missile, aid to the Nicaraguan contras--the President has been talking almost as tough as he does on taxes. He left no doubt that his approach is deliberate. Addressing the Magazine Publishers Association the morning after his "make my day" speech, Reagan noted, "Some stories recently (have suggested that) remarks of mine on taxes and defense and freedom in our hemisphere have been--well, shall we say, plain and direct." The stories, the President happily confirmed, were entirely correct: "We have an obligation...
...Cincinnati, nervous depositors formed lines up to a block long and even slept on sidewalks overnight while waiting to withdraw their savings last week. Ohio Governor Richard Celeste finally stepped in and declared a three- day bank holiday for 71 savings and loan associations, probably the most extensive closure of U.S. financial institutions since the Great Depression. In Memphis, board of education officials were anxiously checking their investments. Elsewhere, communities from Beaumont, Texas, to Pompano Beach, Fla., were badly shaken...
...deposits. That triggered a statewide panic when depositors at other thrifts, which had no dealings with E.S.M., rushed to withdraw their money, fearing that their savings were in jeopardy. At mid-week, the Ohio legislature created a $90 mil- lion emergency fund to supplement insurance for the savings and loan associations, but even that soon seemed inadequate in the face of mounting withdrawals. When he declared the bank holiday on Friday, Celeste explained that legislators and federal and state banking officials were working round the clock to formulate a plan to restore confidence in Ohio's financial institutions...
...lender, a Boston-area investment firm named Marriner & Co., got a note that was convertible into 20% of the stock in Millard's company. Last week a California jury ordered Millard to pay up, and the verdict may cost him $525 million, or 2,100 times the original loan. Reason: Millard built a sister company of IMSAI into ComputerLand, the giant retail computer chain (1984 revenues: $1.4 billion), and 20% of ComputerLand's stock is worth a fortune...
...billion or so that criminals "greenwashed" through institutions in the U.S. last year represents a manyfold increase since 1974. By following these illicit funds to their sources, federal agents hope to nab the high rollers of drug dealing, loan sharking, illegal gambling and prostitution. And since banks are often a key link in the laundering process, the Feds want to get tough about the Bank Secrecy Act of 1970, which instructs banks and other financial concerns to file a report (Internal Revenue Service Form 4789) whenever they accept more than $10,000. By running the forms through computers, investigators...