Word: thrifts
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Dates: during 1980-1989
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...tall and thin, with curly blond hair cascading over his ears and neck, a mustache and a goatee, a thrift-shop tweed coat, a 1940s-vintage wool overcoat and a single earring. Britton will lead today's workshop on the fine points of piping technique. He is something of a phenomenon: only 26, he has been a master piper for a decade. He did have an unfair advantage: his father George was a folk musician and music teacher before it was fashionable and was a founder of the venerable Philadelphia Folk Song Society. Tim started on baritone ukulele before...
...suggestions for legislative reform are already beginning to percolate. Felix Rohatyn, a partner in the New York City investment-banking firm of Lazard Freres and a longtime critic of the stock market's speculative excesses, has proposed a sharp limit on the right of Government-insured pension funds, thrift institutions and trusts to invest in junk bonds. He suggests that takeover bids that are conditional on anticipated junk-bond financing be forbidden as an unfair manipulation of public markets. Rohatyn also thinks that offers to acquire a large number of shares in a firm should be voted...
...while the interest rate trend has been favorable, hundreds of the weakest thrift institutions have been all but overwhelmed by unexpectedly large losses from bad loans. Many of the shakiest institutions are in communities that rely on farming or energy production, which have been deeply depressed. About 31% of the savings associations in Iowa and 43% in Oklahoma are losing money. Just last month, a major oil-patch S and L, Western Savings Association of Dallas, was declared insolvent, and control of its $2 billion in assets was seized by the bank board. It was the third largest thrift industry...
...Some thrift executives used financial deregulation as an opportunity to become big shots. In the early 1980s, Centennial Savings & Loan of Guerneville, Calif., bought a Cessna company plane, imported a French chef for its executives and invested in projects as diverse as a mushroom farm and a highway construction company. The S and L failed in 1985, and the bank board had to take it over and replace almost all the high-ranking managers. Says Jack Steele, dean of the University of Southern California School of Business Administration and a member of the new board of directors: "The first thing...
That is the task that the FSLIC faces with regard to many thrift associations. The agency is likely to meet the challenge, but only with help from Congress in the form of a sizable and swift infusion of cash...