Word: paid
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Dates: during 1980-1989
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...right, joined the trend. He led a group that agreed to put up $550 million in capital to take over the financially comatose American Savings and Loan Association (assets: $30.8 billion) of Stockton, Calif. If he can turn American Savings around, Bass, like many other new owners who have paid fire- sale prices for their S and Ls, stands to earn an enormous profit. The deal seems virtually guaranteed to succeed: as part of the rescue, the Federal Home Loan Bank Board pledged a record $2 billion to help prop up American Savings...
...bolder the reach, the more it suits him. Sanford Weill, who resigned as president of American Express in 1985, has since made daring but unsuccessful bids to take over BankAmerica and the consumer-loan subsidiary of Manufacturers Hanover Trust. Last week Weill's persistence paid off. Commercial Credit Group, the Baltimore-based consumer-finance company (assets: $4.4 billion) he now heads, agreed to take over Primerica, a Connecticut-based financial-services firm that has three times the assets of Weill's corporation and owns the Smith Barney brokerage firm...
...financed mostly by giving Commercial Credit stock to Primerica shareholders, marks a triumphant return to Wall Street for Weill, 55, who built the investment firm that has become Shearson Lehman Hutton. What gave Weill his opportunity was a strategic miscalculation by Primerica Chairman Gerald Tsai, 59, who paid a lofty $750 million for Smith Barney just a few months before last year's crash. The debt he incurred in buying the firm became burdensome when Smith Barney's brokerage business sagged after Black Monday. Weill, as head of the combined firm, intends to sell Primerica's mail-order businesses...
...secret, in essence, is a labor force that is industrious (a six-day workweek is standard), well educated (literacy rate: 93%), extraordinarily thrifty (savings rate: 35.8%) and modestly paid (average income of manufacturing employees: $409 a month). Parts of this spartan work ethic, which enables South Korea to produce everything from steel to videocassette recorders at some of the world's lowest costs, are beginning to change. In recent months there has been a wave of labor unrest, much of it centered on winning higher wages. Even so, most economists expect South Korea's industrial machine to continue to grow...
...campaign. But each time Dukakis stumbled there were new rumors of a resurrection. Last week, as the overconfidence of August gave way to the desperation of September, the summons finally came. "Almost a year ago, John Sasso made a very serious mistake," Dukakis told reporters. "He has paid the price...