Word: recoups
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Dates: during 1990-1999
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Last year the German government reasserted its ownership, setting off a legal battle. Now it has decided to settle the dispute and pay the heirs $1 million to recoup the artworks. Several museum curators criticized the decision. Robert T. Buck, director of the Brooklyn Museum, told the New York Times, "The timing is horrible as a lesson to every American G.I. There's a . lot of art over there in Iraq." Klaus Maurice of the Cultural Foundation of the States in Germany, defended the deal his agency made. "Had we pursued the lawsuit," he argued, "the legal fees would have...
...lawsuit filed last week, the Federal Deposit Insurance Corporation is trying to recoup some of the $1 billion that the government spent to bail out the failed Silverado. "Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," said Douglas Jones, the FDIC's senior deputy general counsel. In the Denver hearing this week, the Office of Thrift Supervision aims to persuade an administrative-law judge that Bush should be banned in effect from ever again serving on the board of a financial institution. Bush...
...executives contributed $34,000 to his campaign. In fact, the company funneled additional thousands to Pena through back channels. To disguise the extent of its political influence, former employees say, M.D.C. coerced many of its building subcontractors into making contributions to Pena and then allowed them to recoup the money by submitting phony bills for construction work. Asked about these contributions, a Pena spokesman said, "We have absolutely no knowledge of this...
Fiat, which has produced cars in Poland for more than 50 years, is shifting into high gear. Next year the Turin-based company will start building the first of 1.5 million Micro subcompacts in a ten-year venture with FSM, one of Poland's major car companies. To help recoup its investment, Fiat plans to export one-third of the Micros (estimated retail price: $6,000) to Western Europe...
...convictions, while satisfying for taxpayers, have done little to recoup the vast S&L losses. "We won't see any recovery near to the amount of losses," says Edward Dennis Jr., an assistant U.S. attorney general. "We won't even get close." The Congressional Budget Office estimated last week that the Government's S&L cleanup bill may total $150 billion, three times as much as Congress approved for the job last year. With interest, the final total could run as high as $500 billion over 40 years. Without another infusion of federal money, the bailout fund will be broke...