Word: moneys
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Dates: during 1990-1999
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Smith, it turned out, was badly in need of a joke writer. The line he keeps using in speeches is, "We have a character in the White House; what we need is someone with character in the White House." This was going to be easy money...
...extols. But his shop in the port city of Inchon is a good place to see some of the changes sweeping Korea. After losing his job as a purchasing manager at a now bankrupt equipment-manufacturing firm, Kim noticed people were spending more on shoe repairs to save money during the turndown. Demand was also rising as paternalistic companies cut back on the coupons for new shoes they used to hand out to employees as part of Korea's benevolent corporate welfare system. So over his wife's objections, Kim found a partner and poured his savings into the shoe...
Corporate Korea may also be getting the message that it needs to change. The Housing & Commercial Bank, for example, was a clunky, state-run institution until two years ago and the only bank in Korea allowed to make mortgage loans to home buyers. Lending money used to be a relaxed affair. Loan officers decided what a property was worth after a quick look at the house and a chat with the owner or a local real estate agent. Assessments were so rough that the bank could count just 30% of the assessed home value as collateral, and could only lend...
...medication. Since January she has been working as a clerk in a government-sponsored public works program, which pays for food and the tiny, unheated basement apartment she moved into after being laid off. But Kim doesn't know what she and her son will do when the money from her subsidized program runs...
...access to ATMs. Both NetBank, which last week said it had signed up 8,000 new customers in the first quarter (bringing its total to near 25,000), and Telebank offer about 3% on checking. That compares with an average of .95% at most U.S. banks and thrifts. Meanwhile, money-market accounts, many of which offer checking privileges, pay a healthy...