Word: thrifts
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Dates: during 1980-1989
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...staggering cost of correcting the situation came into sharp focus last week, when the Federal Home Loan Bank Board, which regulates thrift institutions, announced a two-part bailout of 20 Texas S and Ls that could ultimately cost the Government $6.8 billion. First, the Bank Board conducted a fire sale of twelve failing Texas institutions, including Richardson Savings (assets: $707.8 million) and Mercury Savings ($332.9 million). The S and Ls will be merged and turned over to an investment group led by William Gibson, an executive vice president at Chicago's Continental Illinois bank, for a token $48 million...
...thing is certain: the wave of consolidation in the financial industry is far from over. Competition is growing both among U.S. bankers and with foreign institutions. "There won't be 14,000 banks and 3,000 thrift institutions forever," says Robert Abboud, the former First Chicago president who last year became head of Houston's failing First City as part of a federal rescue. But not even a tough survivor like Abboud knows which banks will stay and which will...
...First of all, the correct measure is not theCPI," said Julianne Still Thrift, executivevice-president of the National Association ofIndependent Colleges and Universities...
What is telling, however, is the way the Democrats seem to have papered over doctrinal disputes. Dukakis is the party's first postliberal nominee: he blends thrift, managerial skill, social tolerance and a nonbellicose foreign policy with the Democratic mantra of "Good jobs at good wages." By anointing Bentsen last week, Dukakis further complicated the game of pin-the-label-on- the-donkey. With his centrist, probusiness views, Bentsen is a preliberal, a throwback to the days of the Solid South, when Democrats were created by birth, not belief. Thus the party that ruled almost uninterrupted during the Great Liberal...
...credit history, had no money and spoke no English. Today, however, the 31-year-old refugee publishes a Vietnamese-language newspaper, tools around town in a silver Jaguar and has started plans to build a shopping center. The reasons for his rapid rise: long hours of work, plenty of thrift and $4,800 in start-up capital from an unconventional source. Like thousands of other immigrants, the budding entrepreneur tapped an ethnic loan club for his seed money...