Word: oiling
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Dates: during 1980-1989
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...Soviets had insisted on high-level representation at the anniversary festivities. "It wasn't an invitation, it was a summons," he said. Envoys elsewhere in the region observed that Ortega's announcement followed a Soviet decision to supply Nicaragua with an additional 100,000 tons of badly needed oil this year, and questioned whether recent strains between Moscow and Managua had been anything more than a propaganda ploy...
...agency JANA called the raid a "combined Franco-American military action" and charged that Washington and Paris were "behind the aggression against Libya." In Paris, Libyan diplomats accused France of bearing "direct responsibility" for the escalation of the war. Libyan Ambassador Hamed el Houderi warned that "those who put oil on the fire risked getting burned...
...happened is a typical tale of oil-patch woe. When petroleum prices were high in the late 1970s, First City lent extensively to oil-rig builders and small supply firms. When prices later plunged, loan defaults skyrocketed. First City then boosted its presence in real estate loans -- and that market softened. As foreclosures mounted, First City's management offered Arabian horses, Porsches or 40-ft. yachts to new customers who maintained accounts of $100,000 and up. The gimmicks did not lure enough high rollers to stanch First City's losses, and talk of a takeover, bailout or shutdown mounted...
...course, a hard-edged manager may be just what First City needs. Despite a partial recovery in petroleum prices this year, the Texas economy is still stagnant and oil-patch lending remains a risky business. The FDIC has already rescued eleven Texas banks, while 38 others went belly up. Last week, as Abboud set up temporary quarters in a First City Tower conference room, he said he will aggressively seek new business, and predicted that First City will be profitable "very shortly" after the influx of FDIC and private funds. "As this bank emerges, it's going to be formidable...
...mullahs have wisely taken great care not to provoke their powerful northern and eastern neighbors. Iran's ambitions lie to the southwest, where, if it can just get past Iraq, it faces states so weak they hardly deserve the name. With hegemony over the gulf, the oil and the holy places awaiting it in what is a veritable geopolitical desert, Khomeinism will push on until it encounters the shock of some irresistible outside force. Until then, Iran can be as crazy as it wants...