Word: poole
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Dates: during 1980-1989
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...many of the more elaborate loan clubs, participants bid for the privilege of taking the pool. Whoever offers the highest interest rate wins, although each member can take the pot only once. The entire interest payment is immediately deducted from the fund and paid out to the other members. Rates can run as high as 20%, vs. about 14% for an unsecured bank loan. But the loan club may be an immigrant's only source of funds. "I would have spent months convincing a bank that my expansion plan made sense," says a New York City printer from Jamaica...
...successful without a great deal of trust. Individual members may not be acquainted with one another, but they must all know and believe in the organizer, called a keh-ju in Korean or a chu-hui in Vietnamese. She covers any defaults. As compensation, the first pool is traditionally hers; in a bidding club, she receives it interest-free. Even so, the organizer benefits from strong community ties. When a new Chinese immigrant asks to join a hui, for example, "it does not take much effort to establish his life history," says Tom Tai, director of the Chinese Business Association...
...Harvard were a reason for Michael Dukakis not to go there. He believes deeply in meritocratic distinctions, which are blurred (if not reversed) by social influence. He went, instead, to the Quaker school Swarthmore, where his love for discipline would be rewarded. The school also gave him a smaller pool in which to establish (as he did) his dominance...
...know. The reporters following Dukakis organized a pool on his Veep choice. The bets: John Glenn, 13; Al Gore, 6; Richard Gephardt, 1; Lloyd Bentsen...
...best summer ever. Israel was throwing a lavish 40th- birthday party, and the Ministry of Tourism expected the crowds to break all records. Foreign visitors would flock to the festivals or the spectacular $12 million staging of Verdi's Nabucco in the 5,000-seat Sultan's Pool. They would sample the rich history of Jerusalem, the flashing, clear waters of Eilat, the archaeological drama of Masada. Bracing for a flood of guests, Hyatt International unveiled a $60 million, 500-room hotel in Jerusalem. Airlines scheduled extra flights, and car-rental agencies planned to plump up their fleets. Israeli tourist...