Word: thrifts
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Dates: during 1980-1989
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American Savings (assets: $30 billion), which was once the largest thrift in the U.S., had got into the same trouble as many other go-go S & Ls. During the early 1980s its maverick chairman, Charles Knapp, furiously pumped up the company's growth with brokered deposits and high-risk loans. When the thrift suffered a run on deposits in 1984, the Federal Home Loan Bank Board seized American and installed fresh management. But the new team gambled and failed in a multibillion-dollar investment in mortgage-backed securities. When the Bank Board went looking for help again, it eventually decided...
...total amount of cash that the Federal Savings and Loan Insurance Corporation will pump into the thrift to make it lucrative for the new owners is estimated at $1.7 billion to $2.5 billion. The arrangement clearly adds up to a sure-thing profit for Bass. American Savings will be split into two entities: a "good" S & L to hold $15.4 billion in healthy assets and a "bad" one that will liquidate $14.4 billion in sour loans and other assets. For a total investment of only $500 million, the Bass Group gets 70% ownership of the good thrift. FSLIC controls...
FASTEST-GROWING REPAIR BILL The official estimated price tag to bail out the Federal Savings and Loan Insurance Corporation, which guarantees the deposits of the troubled thrift industry, jumped from $20 billion at the start of 1988 to as much as $50 billion by year...
...Brad, a telecommunications-company worker in Chicago, is 31, but his cravings have already forced him into bankruptcy -- twice. "I couldn't make my minimum payments on credit cards, and I went out and bought a new car," he notes. And when pinched for cash, "I would go to thrift stores because I had to buy something...
...city leaders work to attract upscale business to the commercial district by improving the Central Square landscape, they face the dilemmas that have plagued other revitalization projects in the past--rising rents and dislocation of lower and moderate income residents. In the meantime, with the Salvation Army Thrift Store and posh boutiques existing side by side, contrasts remain...