Word: unpaid
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Agnew's most serious legal problems had seemed at an end in 1973, when he agreed to resign the vice presidency and pay a $10,000 fine on pleading no contest to tax evasion charges. The unpaid taxes were traced to his failure to report as income the kickbacks that he supposedly received between 1967 and 1972 for the awarding of certain engineering contracts. But as part of the 1973 agreement, the Justice Department refrained from forcing him to admit any guilt in the alleged kickback scheme. Ever since 1976, however, Agnew has been fighting off a suit brought...
...million cars, the second largest call-back in history, to fix defective axle bolts. Big Three auto sales continued to slump, falling 23.7% during the middle ten days of February. Chrysler got another $400 million in federally guaranteed loans but had to write checks for $350 million to unpaid suppliers. The company also announced the size of its 1980 loss, which, as expected, was the largest ever suffered by a U.S. corporation; at $1.7 billion, it was appreciably worse than the previous record-the $1.5 billion loss reported by Ford just eight days earlier...
Meanwhile, Seatrain's container freight operation was falling apart in a whirl of scandals and bad business. The firm had to pay the Government nearly $1 million in penalties for making kickbacks to shippers and about $500,000 for unpaid import duties...
Even so, a conventional 30-year mortgage now costs 16%, bank installment loans are 18% to 19%, and credit card companies are charging 20% on unpaid balances...
...order that froze more than $8 billion in Iranian assets held by U.S. banks. To unfreeze them now, explained the legal counsel for a major New York bank, would be "like putting an omelet back into the egg." Various corporations and individuals have liens against those assets to cover unpaid Iranian debts, and U.S. banks have "offset" a total of about $1.5 billion to cover their outstanding loans to Iran. Said David Rockefeller, chairman of the Chase Manhattan Bank: "If the Iranians think they are going to get all the assets they have here immediately, they're going...