Word: spendthriftness
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...passage of Proposition 13 in California is beyond any doubt the political event of the century, and Howard Jarvis [June 19] has proved himself a leader to be reckoned with. I nominate him to lead a crusade for constitutional fiscal restraints on our spendthrift, irresponsible, inept Congress...
Fischer, no spendthrift, sued the magazine over the article. He is known to have contributed at least $94,000 to the Worldwide Church. A trifling sum, when compared with the generosity of a reported 75,000 church members, many of meager means, who each year give more than a tenth of their gross income to the cause. The fabulous take: $75 million a year, including large donations from Garner Ted's radio-TV fans...
...break a breeder's heart. Almost 30,000 Thoroughbreds are foaled annually on North American farms, but only about 3% ever win a stakes race, much less one of the Triple Crown races. Breeding Thoroughbreds is far from an exact science. Says Brownell Combs II, the manager of Spendthrift Farms, regularly one of the tops in the sport: "You breed the best mare you can possibly get to the best stallion you can possibly get and then you hope for the best." And Combs adds: "Breeding Thoroughbreds is like rolling dice...
...damage apparently had already been done, although who, if anyone, is to blame remains unclear. On Aug. 28, Gainesway Farm, syndicators of such champions as Canonero II and Cannonade, imported a $6.6 million French stallion named Lyphard, son of Northern Dancer. Just before the deadline, Spendthrift Farm, stud managers of Nashua and Majestic Prince, flew in the stallion Caro from France. Both horses arrived with French certificates of health and passed the standard USDA tests. Moreover, both Caro and Lyphard were cleared by a specific test for CEM conducted in midwinter by the anxious USDA, which feared that some horses...
...Lyphard. A frantic search also detected CEM in three other stallions at Gainesway and 21 mares on various other farms. The state banned any movement of horses from one Kentucky farm to another and stopped all shipments of horses out of state. Gainesway Farm's John Gaines and Spendthrift Owner Brownell Combs II shut down breeding operations altogether. Since he has 33 stallions, valued at $57 million, Combs was losing hundreds of thousands of dollars a day. The farm's stud fees for a single breeding range as high...