Word: levitts
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...months. But like Ohio's episode, which was touched off by the failure of Cincinnati's Home State Savings, Maryland's full-blown panic started with trouble at just one institution. The run began when press reports revealed that Old Court's president and part owner, Jeffrey Levitt, had stepped down under pressure from the insurance fund, which was worried about the thrift's sloppy management and overly rapid growth. In three years, Levitt had pushed the thrift from $140 million in assets to $873 million. Old Court made that leap with risky real estate deals and flashy Government securities...
...American dream of owning a home has been taking quite a beating lately, with the price of a new house averaging $100,100. But residents of Florida can dream again, thanks to William J. Levitt, 77. Known as the father of American suburbia for his Levittowns, the master builder constructed huge complexes of inexpensive housing after World War II on the edges of major American cities. Now Levitt is back with a grand new project-a $2 billion community that will go up on the outskirts of Orlando and be called Villa Poinciana. Its 26,000 homes will be priced...
...Levitt's secret, now as in the past, is the size of the developments. Says he: "We can offer homes at a fraction of the general market price. That's only possible when you have a large tract of land on which you can preplan, presell and run an assembly line, which is what...
Florida officials, though, are worried about the impact of Levitt's new town. They say that such a massive project would overwhelm water, sewer and other local services. But the master builder is undeterred. Says he: "Bear in mind that we're veterans in this business...
...investment banking firm, Admiral Robert L.J. Long talked at length about the Soviet military threat. But at all the luncheon tables the topic of conversation was Volcker. At Manhattan's "21" Club, several businessmen were overheard discussing the Fed chairman. Eight blocks away at the Algonquin Hotel, Arthur Levitt Jr., chairman of the American Stock Exchange, and Jack Albertine, president of the American Business Conference, talked about who, if anyone, might succeed Volcker as they waited for their guests to arrive...