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Like many other U.S. savings and loans, Fidelity had been in financial trouble for some time. Last year it lost $56.9 million. The savings and loan was caught in the now familiar crunch between old longterm, low-interest loans and the high cost of raising new money. Linda Tsao Yang, the California savings and loan commissioner, called Fidelity "a victim of high interest rates." Federal Home Loan Bank Board Chairman Richard T. Pratt tried to calm nervous depositors at Fidelity and other S and Ls by assuring them that the takeover was not the beginning of a trend. Said...
...acquiring Fidelity. Representatives of 32 companies, two-thirds of them other S and Ls', showed up. The FSLIC said it would accept offers for Fidelity during the next 30 days and hopes the troubled institution will be taken over by another company within three months. Pratt and Yang announcing the takeover
...swashbucklers. He screened three of his pictures (Spartacus, Gunfight at the O.K. Corral and Lust for Life) for small but enthusiastic audiences. Douglas also took a meeting with the cast of Teahouse, an epic film currently under production. "Let's not waste any time," said Douglas to Wang Yang, head of the Peking Film Studio. "We have everything we need to make a movie together." The Communist government sees that films with suspect political sentiments or open displays of physical affection wind up on the cutting-room floor. Even so, the Chinese turn out at their local Bijous...
...bring the bare statistics on unemployment to life for this week's cover story, the job, oddly enough, was both easy and difficult. The easy part was finding sources to talk to; unemployed people usually have plenty of spare time. When Boston's John Yang telephoned to arrange an interview with a local parks department employee who had been laid off last April, the response was resigned: "Any time is fine. I've got nowhere to go." Says Yang: "That told me more about unemployment than any of the statistics and reports I had pored over...
...TIME staffers who reported the cover story follow disparate fitness regimens. Says Boston Correspondent John Yang...