Word: basse
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...Take 6, the hot new gospel group whose performers, all devout Seventh- day Adventists, are as much in the business of preaching as entertaining. The six men, who perform with no instruments except their heaven-sent voices, count themselves among the world's more unusual evangelists. "Our mission," says bass Alvin Chea, "is to take the word of Christ into places it doesn't ordinarily go." Founder Claude McKnight III says of the group's Christian message, "It's not a gimmick for us. It is our lives...
...optimism for mankind. Partridge suggests that "With logic and love we'll have power enough to raise consciousness up and for lifting humanity higher." This is one of the few instances on Oranges and Lemons that Colin Moulding has a chance to come through with a powerful bass line, making the song one of the album's strongest in spite of Gregory's unneeded and sometimes overdone guitar solos...
...Bass has thus managed to buy a huge, healthy S & L, complete with a network of 186 branches, for a relatively tiny amount of capital. More than half of his thrift's assets consist of another sure thing: a $7.8 billion loan to the "bad" S & L that is fully guaranteed by FSLIC to pay a handsome 2% more than the going cost of funds. That will pump some $160 million in annual interest into the Bass thrift, no matter how much trouble FSLIC has in getting rid of the bad assets...
...bonanza goes on. As part of the deal, Bass was also rewarded with some $300 million in tax benefits. Taking those into account, Bass stands to make straight profits of $400 million to $500 million over the next four years, which roughly equals his original investment. To post those earnings, the thrift will have to be well managed. For that Bass has hired Mario Antoci, one of California's most respected thrift executives...
...Bass's really big payoff will come if he decides to sell the thrift. One source close to the deal says that a profitable American Savings might fetch Bass a tidy $1 billion or more. Bass could conceivably still lose money on the deal if his thrift were to suffer losses, but that is almost an impossibility because it has been cleansed of its failing assets. Since FSLIC shoulders almost all the risk, the better Bass does, the less the deal will cost the Government. "We hope he makes a lot of money," says Bank Board member Roger Martin...