Word: loused
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Dates: during 1980-1989
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...acquisition of all was in 1979, when it paid $1.3 billion, or 40% over market value, for C.I.T. Financial Corp., a consumer loan and insurance firm. To raise the money, the company had to borrow heavily on the commercial paper market, where big corporations sell multimillion-dollar short-term lOUs to banks and other institutional investors...
...Treasury does it. So do states and corporations. Now financially pinched private universities are catching on. Chicago's Roman Catholic Loyola University has become the first such institution to raise cash by issuing lOUs in the crackling-hot short-term money market. Needing building funds, Loyola issued a total of $53.5 million in tax-exempt corporate paper for terms ranging from 15 to 93 days at an average interest cost of 3.86%. Loyola intends to keep reissuing the paper until long-term interest rates (now as high as 9½% for 30 year tax-exempts) decline...