Word: repaid
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...greatest incentive for investors to buy large bankrupt S and Ls is that the Government will often promise to reimburse the new owners for any existing loans that are not repaid. Reason: the Federal Savings and Loan Insurance Corporation, a Bank Board unit that insures S and L deposits, would soon run out of money if it simply shut down the troubled giants. Paying off all American Savings' F.S.L.I.C.-insured depositors would have cost an estimated $4 billion to $5 billion, twice the price tag for last week's rescue. Thus the Bank Board must find buyers for the distressed...
...bought his way into the business with winnings from horse bets. The Pittsburgh Steelers' owner, Art Rooney, really the city of Pittsburgh's Art Rooney, died last week at 87, still penciling the racing form. Rooney shared his hugest track windfall with his brother, a China missionary who unknowingly repaid him in soybeans. Based on a Hong Kong weather report from Father Dan, Art made another big score in the commodities market. A saloonkeeper's son, he knew a remarkable variety of athletic pleasures. As a schoolboy football star, he basked in the attention of the Notre Dame coach Knute...
Both Iraq and Iran will need a long period of recovery. To finance its arms purchases, Baghdad has run up $40 billion in debt to Western Europe alone, considerably more if loans that will probably not be repaid to rich gulf creditors are counted. But optimists among U.S. analysts, pointing out that Iraq was placing increasing reliance on Western markets and technology before the war, foresee what one calls an "opening to the West" and a move away from Soviet influence. Iraq is likely to challenge Syria for status among Arab states, probably successfully, but some experts believe that...
...contribute the same amount of money each month to a kitty, which is immediately loaned to one of them. All club members, including the borrower, continue to make the monthly payments until everyone has received the purse once. By that time, each participant has borrowed and repaid the entire loan. The organizer, who is typically female, keeps a record of payments and vouches for newcomers until the club disbands. "It's like Weight Watchers," says Ivan Light, a professor of sociology at the University of California, Los Angeles. "If you want to be in the group, you have to save...
...long officially kept up the increasingly shaky pretense that the Third World's $1 trillion debt should eventually be repaid in full. But now the Treasury Department has collaborated with the Mexican government and New York City's Morgan Guaranty Trust in devising a novel relief plan. The proposal calls for U.S. lenders to make voluntary concessions that could scale back Mexico's $106 billion in debts by as much as $10 billion...