Word: loans
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Dates: during 1980-1989
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...many, those kind of practical disincentives work against the commitment to public service. High loan payments and a lack of experience in common pro bono fields discourage young attorneys from taking the extra effort to provide the poor with legal...
That is why the scandal involving five U.S. Senators and the Arizona businessman who gave them more than $1 million is tantalizing: the smoking gun is being waved for all to see. Charles Keating is a former owner of California's Lincoln Savings and Loan and a defendant in a lawsuit involving racketeering, fraud and conspiracy in using the institution's funds. After the smoke clears, bailout of this S&L is expected to reach $2.5 billion, making it the nation's costliest thrift failure. When asked whether his fat contributions to the five Senators influenced them to take...
Keating sought to keep his savings and loan operating even though the Federal Home Loan Bank Board (FHLBB) in San Francisco had found enough bad loans and shaky business practices to shut it down. After Keating purchased Lincoln in 1984, he switched from investing in safe, single-family mortgages to go-go deals in raw land, junk bonds and huge development projects like the $900-a-night Phoenician Resort in Scottsdale, Ariz...
...signals across the barriers of culture, class and age. They realize that their ability to adopt her baby depends finally on Lucy's whim. So, effectively, they adopt Lucy. She is an '80s Eliza Doolittle in the Spectors' pristine palace, getting a tantalizing glimpse of the good life on loan. Should her child live there? She's not sure. Could she live there? In a minute. Forever...
Such advice has often placed Sachs in a cross fire between U.S. bankers, who oppose large-scale debt forgiveness, and populist foreign critics, who resent his calls for fiscal austerity. Walter Wriston, the former chairman of Citicorp, whose Citibank unit has more than $8 billion in outstanding Latin American loans, calls Sachs "a paid flack for the countries of Latin America." Wriston argues that widespread loan write-offs would prevent Latin countries from receiving new credit. At the same time, Julio Bravo, finance secretary of the Bolivian Worker's Central Union, charges that as a result of Sachs' advice, "salaries...