Word: resoldered
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...York City gave Nehemiah 30 blocks of vacant land to build on. Equally % important, the city agreed to provide each home buyer with a $10,000 interest- free second mortgage, repayable only when the house is resold. A vital ingredient in many private housing initiatives, the second mortgage can bridge the gap between the price of a home and the amount of a first mortgage that a low-income family can afford. For the Joneses, this interest-free loan, coupled with a below-market- rate first mortgage from New York State, reduced the monthly cost of their house to just...
...essence of his report was stark and startling. The U.S. had provided $12 million in weapons and spare parts to Israeli representatives. They then resold the arms to Iran for a much higher price, and the money was paid into Swiss bank accounts. The CIA received the original $12 million and repaid it to the Pentagon. But anywhere from $10 million to $30 million went into numbered accounts that Meese said were "under the control of representatives" of the contras. Presumably, the money was used to purchase weapons that the rebels need to wage their guerrilla war against the Marxist...
...contrast, the granddaddy of the industry, a subsidiary of General Electric called GE Credit, has traditionally signed leases of up to 20 years. James Ozanne, a GE Credit senior vice president, warns that middlemen who peddle short-term leases could eventually become saddled with aging aircraft that cannot be resold. Nonetheless, Ozanne admits, the boom in short- term renting has spurred GE Credit (1985 revenues: $2.9 billion) to begin offering five-year leases...
...cousin, Henry Kravis, 42, and later his brother-in-law, Robert MacDonnell, 47. They began arranging buyouts of small companies like A.J. Industries, a manufacturer of brake drums and other components, in which Kohlberg Kravis invested only $1.7 million in 1977 but earned back $66.3 million after it was resold. Today, after more than 20 buyouts, the four partners are worth an estimated $150 million to $500 million each. A fifth partner, Paul Raether, 39, joined the firm in April. Kravis, the only member of the group with any visibility, lives in a $5.5 million Park Avenue apartment, collects 19th...
...Food prices soared by a previously unheard-of 30% last year, and the overall inflation rate jumped to 9%. Meanwhile, opportunities for increased wealth have created fertile ground for corruption. Bureaucrats have taken kickbacks from enterprises in return for supplying them goods at subsidized prices. The products are then resold on the open market for hefty profits. Other officials have installed family members in businesses that then arrange lucrative deals through party connections. Practices like these have helped sour many Chinese on the reform program...