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...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...
...President provoked a general strike by leftist and conservative trade unions, angry over a recently announced hike in gasoline prices, from $1.24 to $1.49 per gal. In a country where the average annual income is barely $600 a year, the increase was stunning. Though Aquino finally declared a partial rollback of the hike, thousands of Filipinos walked off their jobs and out of their classrooms in the largest show of protest since Aquino assumed the presidency. After the strike went into a second day, the military cracked down, arresting more than 120 labor activists. Several union leaders have been charged...
...danger, people still want to own seafront property. And why not? They are still protected -- and encouraged -- by knowing that they can write off storm damage on their taxes.* In many cases, they can depend on federal flood insurance for at least partial reimbursement in case of disaster. Environmentalists believe the insurance program actually encourages building in high-risk locales. Says Town Councilman Neil Wright, of Surfside Beach, S.C.: "It's an incentive to build in dangerous places. The feds need to change the rules...
Several of the corporate deaths indeed seem to fit that pattern. A partial listing of recent victims...
...taxes."Last week nine-year-old Carmin Fisher of Junction City, Ore., found out that the Internal Revenue Service had seized the $70.76 in her account at a local bank. Her grandmother Bettye Fisher received a bank statement indicating that the IRS had taken the girl's money as partial payment for a delinquent tax bill of $21,182 owed by her grandfather Charles Fisher. Since the age of two, Carmin had been putting pennies into a coffee can labeled with another adage reflecting Franklin's sentiments -- A PENNY SAVED IS A PENNY EARNED -- and gradually transferring the money...