Word: loans
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...thing--"We don't go to war over washing machines," said Republican Congressman Richard Pombo of California--but energy is a different story. With the Chinese government subsidizing the deal--CNOOC's parent company, wholly owned by the state, will give it an $8.5 billion, 30-year loan at just 3.5% interest--cries of predatory financing are inevitable. So too are complaints (accurate enough) that there is little chance a Western oil major could buy outright one of China's biggest energy companies if it wanted to. A level playing field China is not, and with trade tensions between Washington...
Friedland, 47, a state senator from 1977 to 1981, was convicted in 1980 of taking $360,000 in kickbacks to arrange a $4 million loan from New Jersey Teamsters Local 701 to a shady West Coast businessman. To reduce his imminent prison sentence, Friedland agreed to act as a federal informant. Meanwhile, he apparently headed a plan to defraud Local 701's pension fund of 520 million. In Friedland's hometown, few who knew the wheeler-dealer raised an eyebrow at his scuba scam. "We're from Jersey City," Lawyer Jack Russell told the New York Daily News. "We understand...
...Geneva summit is not the only sign of a thaw in U.S.-Soviet relations. While Ronald Reagan was preparing to meet with Mikhail Gorbachev, a group of American banks was quietly deciding to loan money to the Soviet Union. The First National Bank of Chicago and three New York banks--Bankers Trust, Morgan Guaranty and Irving Trust--have joined the Royal Bank of Canada in giving the Soviets a $200 million credit line to help buy American and Canadian grain. Other U.S. banks are expected to participate in the loans...
...Yunnan province, Liang Weifeng got a state bank loan of $965 to buy a two-wheel tractor; he earned enough hauling firewood, bricks and grain for his neighbors to pay off the loan in eight months. Liang now clears about $1,660 a year from his business, which his wife Su Yongchang supplements with about $230 earned by raising rice and vegetables on a plot of a bit less than an acre. Su claims to know little about Deng or politics: "I only know that the policies now are good, so that we can get rich...
...savings and loan industry also had its troubles. In March customers of 69 S and Ls in Ohio stampeded to withdraw money when the failure of a Cincinnati thrift threatened to bankrupt the state's private deposit-insurance fund. Ohio Governor Richard Celeste temporarily closed the S and Ls and required them to apply for federal insurance. Two months later, Maryland Governor Harry Hughes seized temporary control of 102 institutions after a similar panic developed...