Word: unpaid
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...like a gambler with chips on house credit, he will bid it up. Prefinancing by the auction house artificially creates a floor, whereas a dealer who states a price sets a ceiling. And then, if the borrower defaults, the lender gets back the painting, writes off the unpaid part of the loan against tax, and can resell the work at its new inflated price...
Tsongas said he was willing to discuss ideas with both Democratic and Republican candidates for governor and planned to continue in his unpaid job as chair of the Board of Regents of Higher Education...
...Governor's political pain has been no less acute. After years of phenomenal double-digit growth, the Massachusetts economy had at last slowed down. In June, Dukakis was forced to raise temporarily state income taxes by 15% to meet $700 million in last year's unpaid bills. Last week, scarcely four months into the current budget, the deficit had already soared to $730 million, far more than anyone imagined possible. As revenues sagged with no matching reductions in the state's ambitious outlays, deficits rose and credit , ratings withered. The financial ranking of once proud Massachusetts dropped to 49th among...
...CARDINAL IN THE WHITE HOUSE. Author Tom Clancy fancies himself as something more than a superselling novelist. He jumped at Vice President Dan Quayle's offer in April to become an unpaid consultant to the National Space Council, which Quayle heads. But the deal seems doomed. One problem: Clancy wants a full-time role in shaping policy, while Quayle is looking for a celebrity space booster. A bigger obstacle may be the law requiring officials with access to classified information to let Government censors peek at their manuscripts before publication. How could they be persuaded that those details of weapons...
...Denver's Young Americans Bank, which caters to youths, will start issuing a kids-only MasterCard this week to patrons who are at least twelve years old and can persuade an adult to co-sign. Cardholders will pay a membership fee of $15 and an 18.8% finance charge on unpaid balances, but the Kidcard's $100 credit limit seems to rule out wild shopping sprees. "This way, they build their own credit history," says bank vice president Cindy Culkin. "If they don't make the payments, they've blown it by themselves...