Word: bailout
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Dates: during 1980-1989
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Meeting Malta's ambitious goals will take tough bargaining. U.S. business experts are pessimistic about helping Poland. The $300 billion S&L bailout could be dwarfed by a new crisis...
...Because many thrifts are only marginally profitable, raising the funds to meet the standards may prove impossible for them. Some analysts warn that half the nation's 2,900 thrifts could eventually fail or be merged, voluntarily or involuntarily, adding billions to the $300 billion cost of the industry bailout. An early casualty: City Federal Savings Bank, New Jersey's largest thrift, was taken over by federal regulators on Friday, after recording huge losses from real estate ventures...
...than $1 million is tantalizing: the smoking gun is being waved for all to see. Charles Keating is a former owner of California's Lincoln Savings and Loan and a defendant in a lawsuit involving racketeering, fraud and conspiracy in using the institution's funds. After the smoke clears, bailout of this S&L is expected to reach $2.5 billion, making it the nation's costliest thrift failure. When asked whether his fat contributions to the five Senators influenced them to take up his cause, Keating replied, "I want to say in the most forceful way I can: I certainly...
While the bailout has bold ambitions, its financing is based on a dismaying kind of budgetary sleight of hand that hides the real cost from taxpayers. Of the $50 billion that the Government will spend on the bailout in this fiscal year, $30 billion will be borrowed through bond sales and will be considered "off budget." It will not be counted as Government spending and will not exacerbate this year's federal deficit. The remaining $20 billion will be in the budget, but slipped in through a loophole in the Gramm-Rudman-Hollings law, so that the spending will...
Congressional Democrats wanted to put the full $50 billion in the budget, but Republicans balked, accusing the Democrats of attempting to embarrass the Administration by overstating the bailout's immediate price tag. Putting $30 billion off budget, however, will increase the eventual cost of this year's bailout expenditures by an estimated $3 billion over the next three decades. That is because the off-budget money will have to be borrowed by the Resolution Funding Corporation, the Government agency responsible for restructuring the thrift industry, which will have to pay investors higher interest rates than the Treasury pays...