Word: lumped
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...almost exclusively to corporations. Norwest Bank Minneapolis grants lines that typically total about $25,000 and can exceed $100,000. Norwest also offers lending programs for cars and boats that can cut monthly payments nearly in half. The loans run for several years and then come due in a lump sum. Automakers too are extending easier terms. Ford Motor Credit estimates that 45% of its 1985 lending has been for 60 months, rather than the 36-month period that was previously typical...
General Dynamics responded that it had "no idea of the origin of the figures quoted." The Pentagon is undecided as to how it will recoup the money. Said a Pentagon spokesman: "We could continue to withhold overhead payments until the account is filled, or we could ask for a lump payment." The Northrop Corp., a competitor, last week suggested one form of punishment for General Dynamics: to share some of the Government contracts with it. Northrop offered to sell the Pentagon about 400 of its newly developed F-20s, sleek fighter jets it is having trouble marketing, for substantially less...
...Lehman last week announced a plan to grant cash payments of up to $36,000 for Navy aviators who sign up for four to six additional years in the service. In the past such bonuses were made in annual installments of $6,000, but the new program will offer lump-sum distributions. The Navy estimates that the bonuses will cost the Government $9.3 million for the remainder of the fiscal year. Even so, this outlay is a cheap alternative to the price of training new flyers. The estimate for that: $1 million or more per pilot...
...customary wage demands in exchange for job-security guarantees. But no Canadian auto plants have been closed, and no Canadian GM workers are on layoff. Robert White, the aggressive head of the Canadian U.A.W., has let it be known that his members do not want the profit sharing or lump-sum payments that are part of the just approved U.S. agreement. In addition, he claims that Canadian labor costs are $7.50 an hour less than the $22.50 an hour that GM pays in the U.S., because of the shrunken value of the Canadian dollar and the fact that the Canadian...
...unsettling. As members of the United Auto Workers voted last week on a new three-year contract with General Motors, word leaked out that at least 22 of the union's 149 locals had turned down the agreement. Many workers were dissatisfied with the proposed wage hike and lump-sum payments that would average 2.25% annually. But after U.A.W. President Owen Bieber warned that rejection would mean an immediate nationwide strike the vote totals began to shift in favor of the contract. At week's end union officials predicted approval by a 55% to 60% majority