Word: maes
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Dates: during 1980-1989
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...think it would be fair for you to criticize that as a discrimination on their part but just a characteristic of the loans they participate in," says David B. Laird of Springston, Inc... a St. Paul firm that advises several state loan authorities, "Sallie Mae has historically said to the small banker. "We'll take your high balance loans where the student is still in school, but for all the rest of them we're going to give you a discounted price...
...Longenescher says he blames part of Sallie Mae's reluctance to buy the small loan on the way Congress set up the company. "They structured a strange beast there one that has got a profit motive while serving a public purpose. When you create a profit seeking organization it would be unrealistic tie not to expect it to make a profit. I think that if they had created a non profit organization with the same goals it might have been different. I don't blame Sallie Mae I just don't like...
Edward A Fox, Sallie Mae's president since the company was formed agrees that the firm was very risk averse during its early years, but with good reason. "When we first started out in 1973, we had no capital no net worth no funds to speak of. We were sort of held together by wax and tobacco juice," Fox says...
When Sallie Mae tried to hold a stock offering in 1973 and got no takers the 46 years old Fox says "the board reached an absolute consensus that in order for this corporation to attract capital, which is important for its social mission we had to have a balance sheet that could encourage investors to want to participate in the corporation. If we couldn't attract capital all the social goals that we had could not be satisfied...
...Sallie Mae tried in 1974 to sell a $25 million stock issue and found buyers including Harvard in the educational and financial communities...