Word: loans
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Dates: during 1980-1989
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...electronic parts. As part of her campaign for more investment, she promised Japanese businessmen that her government would keep taxes low and let them repatriate profits. Aquino's pitches for increased Japanese aid met with some success. By the time she left Tokyo, she had obtained a $250 million loan for a coal-fired power station, part of a grant-and-aid package that Aquino optimistically predicted may total as much as $625 million. Aquino called the promises of economic assistance a "very clear message to the Filipino people that the Japanese government strongly supports the Aquino government...
...office towers, and now owns Canadian real estate worth $1 billion. Allied rejected his first offer of $58 a share last August, when the stock was trading at 48. But Campeau eventually won Allied's consent with an offer of $69 a share, helped by a $1.8 billion loan from First Boston. Said Allied Chairman Thomas Macioce last week: "We got our shareholders the best price possible...
...estate and oil and gas investments in a complex tangle of public and private firms said to be worth some $8 billion. U.S. holdings include Manhattan-based First City Capital, a subsidiary of Vancouver's First City Financial (assets: $2.9 billion); Far West Financial, a large California savings and loan; Connecticut-based Scovill, an industrial firm that makes Yale locks and other consumer products; and substantial stakes in about 20 other major U.S. firms...
Many other institutions have run into difficulty by straying into new lines of business during the recent years of financial deregulation, which enabled S and Ls to cut their reliance on home mortgages and expand into riskier fields such as securities trading, commercial loans and real estate developments. Example: Territory Savings & Loan in Seminole, Okla., became insolvent last year, in part because of more than $10 million in losses on securities transactions. In Boynton Beach, Fla., Sunrise Savings & Loan fueled its growth with risky commercial loans on which it could charge high interest rates. Sunrise was reorganized by the bank...
Some thrift executives used financial deregulation as an opportunity to become big shots. In the early 1980s, Centennial Savings & Loan of Guerneville, Calif., bought a Cessna company plane, imported a French chef for its executives and invested in projects as diverse as a mushroom farm and a highway construction company. The S and L failed in 1985, and the bank board had to take it over and replace almost all the high-ranking managers. Says Jack Steele, dean of the University of Southern California School of Business Administration and a member of the new board of directors: "The first thing...