Word: solvently
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Like the protracted budget negotiations of last spring, last night's debate demonstrated that not even traditionally solvent and upscale Cambridge can escape from the economic hard times flattening cities across the country...
...then fled London just days before he testified. As his wife sat behind him, the former chief financial officer declared last week that B.C.C.I. had been essentially broke since 1985. He went on to accuse the accounting firm Price Waterhouse of tolerating phony bookkeeping that made the bank look solvent -- a charge the auditor denies. Among the losses covered up were hundreds of millions of dollars in dubious loans in 1985-86 to the Gokal family of Pakistan, which owned a shipping company. "It was kept an incredible secret; not more than four or five people knew what had happened...
Pharaon and Paul, who is a target of a Miami grand jury investigation of CenTrust, struggled to keep the institution's doors -- and coffers -- open. Pharaon assured regulators that he was backed by oil-rich Arabs who would keep CenTrust solvent. When that tack failed to deter officials, Pharaon and Paul flew CenTrust's corporate jet to Washington to give similar promises to M. Danny Wall, who chaired the Home Loan Bank Board at the time. (Wall recalled the meeting in an interview but said he could not remember the outcome.) After the session, regulators said CenTrust could remain open...
FDIC Chairman L. William Seidman disputed the CBO's bleak prediction, contending that the insurance fund would remain "solvent but weak." Seidman said the banking industry could bolster the fund without help from taxpayers. But Seidman did acknowledge that if the recession lasts for more than a year, the fund will run dry by the end of 1991 and run a deficit of more than $5 billion...
...last-ditch effort to save Freedom, political and business leaders tried to raise the $6 million needed to keep the bank solvent. But federal regulators closed Freedom after the group failed to meet a Nov. 13 deadline. Harlem Congressman Charles Rangel, in whose district the bank was situated, charged that the government moved too hastily. "It was mean spirited," he says. "We needed more time...