Word: payouts
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...large. The Federal Savings and Loan Insurance Corp., which guarantees thrift deposits, will spend a record $1.35 billion in cash to pay off insured depositors (up to $100,000 for each account) of Costa Mesa's North America Savings and Loan Association and the American Diversified Savings Bank. The payout, which temporarily slashes the federal insurance fund's cash balance by 40%, to $1.9 billion, is likely to heighten the debate over the adequacy of the FSLIC's resources to deal with the troubled thrift industry...
...assets that the thrift operators gambled away on risky loans are mostly long gone, leaving the FSLIC to pick up the tab. The Government is suing the managers of both thrifts for more than $100 million, charging them with fraud and negligence. But most of the $1.35 billion payout will come from the FSLIC's reserve fund, which is largely composed of premiums collected from...
...recognizing the need to be competitive." Adds U.A.W. Vice President Stephen Yokich: "I can see a totally different attitude. We're meeting and talking about our problems." Working together has its rewards: this year's $636 million profit-sharing disbursement is believed to be the largest such payout ever made by an American company. The workers received average bonuses of $3,700, up from...
...very supposition that decreased annual giving will automatically lead the administration to make up the difference through the endowment falls in the face of budgetary reality. Much as this scenario would excite any administrator, budgets simply do not work in this fashion. Each year the University determines the "payout"--that portion of the endowment's interest that will fund each school's budget. If the amount given to the College in a given year falls, it's not as if the endowment fairy is going to drop extra money on Dean Spence's desk to cover all the programs...
...stakes of Icahn's ventures keep getting larger and riskier. Last week Texaco, in which Icahn holds an interest of nearly 15%, said it lost an astronomical $4.4 billion last year, mainly because of its $3 billion payout to settle an epic takeover dispute with Pennzoil. Yet Texaco's loss might have been far larger had it not agreed to a compromise settlement of Pennzoil's $10.3 billion claim -- a break in the stalemate that Icahn helped bring about. Now Icahn is locked in a struggle with Texaco's management over how to restructure the company and bring it back...