Word: oiling
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Dates: during 1980-1989
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...Millions of people know the secret of Skin So Soft. Do you?" reads the advertisement. Avon, the door-to-door cosmetics giant, is coy about the bath oil's secret. But it seems to be this: when mixed in equal parts with water and applied to the body, Skin So Soft (price: $8.99 a pint) makes the wearer smell like a flower bed, but for some reason repels bugs. Avon claims to be baffled about why this is so, but the bath oil's reputation has spread by word of mouth. Among the devotees: former President Jimmy Carter, who uses...
Although he is one of Mississippi's leading businessmen and wealthiest citizens, Robert Hearin has moved quietly through his 71 years. The reclusive executive has amassed a fortune worth $200 million in oil and gas development as well as banking and insurance. To neighbors in the elegant Jackson suburb of Woodland Hills, "Big Bob" and his wife Annie were distant figures. But five weeks ago, Annie Hearin, 72, disappeared, the victim of a bizarre revenge...
...billion or less, and it could keep right on shrinking until they are no longer "big rich," as Texans refer to the truly wealthy. The brothers are fighting a complex and heated battle with creditors to retain control of the two pillars of their crumbling empire, Placid Oil and Penrod Drilling...
Despite five years of expansion by the U.S. economy as a whole, many banks and savings and loan associations are racked by troubles in the farm belt, depressed conditions in the oil patch and unwise real estate ventures all over the country. While the large majority are solidly in the black, the weakest institutions are in such bad shape that they threaten to exhaust the multibillion-dollar Government insurance funds that protect depositors. If that happens, taxpayers will have to come to the rescue. Federal regulators are confident they can clean up the mess before it overwhelms the financial system...
From 1982 to 1987, the FDIC, which collects premiums from member banks and insures deposits up to $100,000, shut down or bailed out 600 banks at a cost of $9.99 billion. By far the worst trouble spot is Texas, where the woes of the oil and real estate industries have caused 192 banks to fail since 1982. The First RepublicBank case almost guarantees that the FDIC will operate at a loss this year for the first time in its history. Its reserves now stand at $15.8 billion, down from $18.3 billion in January, and the fund is likely...