Word: solvents
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...very much the exception to the rule. But as with the S&Ls, there are some indirect costs we may have to pay. Routine insurance policies, by and large, are not the cause of what may be looming insurance problems. But their price could go up if the solvent insurers have to pick up the losses of the insolvent ones...
...declaring sweeping layoffs. "It's going to be brutal. Many businesses are broke, but won't admit it yet," says Irwin Jacobs, a Minneapolis financier. Chase Manhattan, the second largest U.S. bank, is letting go 5,000 employees, or 12% of its work force, in a struggle to remain solvent. McDonnell Douglas, the No. 1 defense contractor, is slashing its payroll by 17,000 workers, or 13%. At the General Electric plant in Louisville that makes refrigerators, dishwashers and other appliances, managers plan to lay off as many as 500 of the plant's 10,800 workers because of falling...
...home loans each year, has suffered a high rate of defaults because of sloppy supervision and falling real estate values. The fund's net worth has plunged from $8 billion in 1979 to $2.6 billion currently. Kemp has outlined a five-point plan to keep the fund solvent. His proposal would improve management and increase the premiums and fees homebuyers pay on FHA-insured loans. The unfortunate side of the tighter conditions is that as many as 35,000 lower-income families may not be able to afford the higher costs...
Twenty-six men -- no women -- gathered in the White House Cabinet Room last week under the austere eyes of George Washington. All were wary. They were budget summiteers from Congress and the Administration, charged with making Uncle Sam solvent. They had to put extra chairs around the mahogany table, which is designed for a load of 15 or so. Several of the White House's 93 servants hustled coffee and cookies. Something unreal here. Twenty-six men trying to figure out how to scrimp, save, cut, deny and maybe tax -- though the word was never spoken directly in an hour...
...have to file for Chapter 11 to lure the new vultures. "There are many shades of failure," says Sanford Sigoloff, a turnaround specialist who runs the bankrupt U.S. operations of Australia-based Hooker Corp., which owns the B. Altman and Bonwit Teller department-store chains. Such troubled but solvent corporations as Wang Laboratories, the Lowell, Mass., computer maker that laid off more than 1,500 workers last year, have hired "workout" advisers to help pare down their debt. By pursuing a workout instead of bankruptcy, management can maintain control of the company and generally reorganize faster. "There's more room...