Word: swaps
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Most Republicans find the idea of raising income taxes anathema -- unless they can get a capital-gains tax cut in exchange. That swap was contemplated during the long-running budget summit, but discarded as politically unfeasible. It resurfaced briefly last week, when Republican Congressman William Archer of Texas claimed that Bush had said "without equivocation" that he supported Archer's plan for lifting the top income tax rate to 31% while slashing the tax on capital gains to 15%. Once again the trade-off was shot down. The main reason: Archer's plan would lower taxes on incomes over...
...break the impasse, it appeared for a time that the factions might agree to a trade: Democrats would go along with a cut in the capital-gains tax favored by the President; Republicans would accept the hike in income taxes on the wealthy that the Democrats demand. Such a swap had been explicitly rejected during the five-month budget talks that produced the original plan...
Government investigators are now probing a complex network of companies and S&Ls that invested deeply in junk bonds, mostly handled by Drexel Burnham Lambert, and carried out elaborate deals to swap the bonds and other assets. Some of the bonds were used to artificially shore up ailing thrifts or were sold in multimillion-dollar lots to cooperating S&Ls. Federal investigators are giving particular scrutiny to Silverado, Charles Keating's Lincoln S&L in California, CenTrust Bank in Miami, and San Jacinto Savings in Texas. Each had extensive business dealings with Drexel and with one another...
...first glance, the proposed swap seemed merely a mutual convenience. The New England Aquarium in Boston would give the Naval Ocean Systems Center in San Diego an overly rambunctious 450-lb. male dolphin named Rainbow and in return get a mild-mannered female that is hard of hearing and is thus disqualified for experiments in hearing capability and acoustic response to underwater sounds. When animal lovers heard about it, however, they mounted a fierce protest. First, a coalition picketed the aquarium then last week Citizens to End Animal Suffering and Exploitation filed a federal lawsuit to block the trade...
...syringe and needle in exchange, no name is given, no questions are asked. This is the start of the nation's first state- approved program for providing addicts with clean needles in the hope of curtailing the spread of AIDS. Under the two-year pilot project, an addict can swap a used needle for a new one, supplied by the nonprofit Life Foundation, up to five times a day, five days a week...