Word: thrifts
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...Wang said, the government ran a $1.9 billion budget deficit in 1986 and can expect $2.2 billion in red ink this year. Planning Commission Minister Song Ping took up the theme: "Financial and economic discipline has grown lax everywhere." Song's solution: "Simple living, hard struggle and industry and thrift...
...insurer of deposits in thrift institutions, the Federal Savings and Loan Insurance Corporation copes with the highest failure rate in the industry since the Depression. But the FSLIC cannot survive many more weeks like last week, when it provided more than $1 billion to the Federal Home Loan Bank of Dallas. The Dallas bank had made loans, which the FSLIC had guaranteed, to ailing savings institutions in the Southwest. When the lender had to set aside more collateral for the loans, the FSLIC had to come up with the shortfall...
...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...
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...