Word: southwesterly
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Dates: during 1980-1989
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Most investors make money by avoiding financial disasters. But a growing number of savvy business executives have begun seeking fortunes in the ruins of the savings and loan industry's insolvent institutions. Since 1984 investors have bought 260 failed S and Ls, most of them in the West and Southwest, where thousands of loans to the depressed real estate and oil industries have gone bad. Last week Robert Bass, 40, one of Fort Worth's billionaire Bass brothers and an accomplished takeover artist in his own right, joined the trend. He led a group that agreed...
...quite profitable. Now that many home loans have adjustable interest rates, few S and Ls should be savaged, as they were in the early 1980s, by having to pay high rates to depositors while receiving low yields on long-term mortgages. Furthermore, real estate prices in the Southwest cannot stay depressed forever. "We're at or near the bottom of the cycle for the Texas economy," says William Gibson, a former Continental Illinois banker who, with other investors, last month paid $48 million for twelve troubled Texas S and Ls (combined assets: $2.4 billion...
...Bank Board merged the thrifts into six larger institutions in the hope of selling them to private investors. With the Oklahoma rescue, the agency has laid out a total of $9.8 billion in the latter half of August to salvage 45 thrifts, most of them in the financially troubled Southwest...
...officials as morale boosters and lures for potential recruits. The shows are equally appreciated by the public for the excitement, speed and spectacle. But all that glamour was blasted away last week during a few hellish minutes at the Ramstein U.S. Air Base in West Germany, about 70 miles southwest of Frankfurt...
Abroad, Zia pursued a shrewd foreign policy that aligned him squarely with the West. He used the 1979 Soviet invasion of Afghanistan and the revolution in Iran to make Pakistan the West's bulwark in Southwest Asia. He welcomed some 3 million Afghan refugees who poured over Pakistan's western border to escape the civil war, and enthusiastically helped ship U.S. and Chinese arms to the Afghan rebels. His reward: more than $700 million this year in U.S. aid. Secretary of State George Shultz last week called Zia a "great fighter for freedom." Shultz led the U.S. delegation...