Word: loans
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Dates: during 1980-1989
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...deal that could have been made only in the political otherworld of the two Germanys: deutsche marks in exchange for closer ties between people. The government of West German Chancellor Helmut Kohl last week approved backing for a private bank loan of more than $330 million to East Germany, the second time in two years that Bonn has guaranteed such a deal. In the language of diplomacy, the loan carried no conditions. But in the world of Realpolitik there were clear requirements, and it came as no surprise when the West German government also announced that East Germany will ease...
There appeared to be another important reason for the relaxations: East German Communist Party Leader Erich Honecker is due to make a four-day visit to West Germany in late September. Earlier this year Honecker allowed 27,182 East Germans to emigrate to the West. The loan accord is viewed as another "goodwill backdrop," in the words of a Western diplomat. A senior aide to Kohl hailed the transaction as the kind of step "we could only dream of years...
...Chrysler had accumulated nearly $500 million in losses, as well as the industry's largest backlog of unsold vehicles. Chairman Lee Iacocca, hired shortly after being fired as president of Ford, went to Washington with pleas for aid that in December 1979 netted Chrysler $1.5 billion in loan guarantees. The controversial bailout proved to be a good investment. Three weeks ago, Chrysler reported a record $802.9 million in profits for the second quarter of 1984, more than it had previously earned in any full year. Last summer the company paid back the remaining $813 million that it had borrowed...
...1970s began because of development outlays for its Tri-Star jumbojet, which never made money and is now out of production, and vast cost overruns on the giant C-5A military cargo carrier. In 1971 the Senate, by a one-vote majority, approved $250 million in now expired loan guarantees. Last year Chairman Roy Anderson was able to report that booming military business had helped Lockheed achieve record profits of $263 million...
...Central. The 1968 merger of the Pennsylvania and New York Central railroads was the largest corporate consolidation up to that time. But management squabbles and a crushing debt load derailed Penn Central in June 1970, three days after the Nixon Administration rejected a company plea for $200 million in loan guarantees. Bankruptcy, however, turned out to be only an intermediate stop. To keep the railroad running, the following year Washington provided up to $125 million in guarantees and later absorbed the company's rail operations into Conrail, the Government-run railroad. Now a diversified manufacturer (1983 sales: $2.5 billion...