Word: loans
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Dates: during 1970-1979
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...most extravagant Christmas gift a bountiful Uncle Sam has ever given a U.S. company. Just before recessing for the holidays, Congress last week agreed to extend an extraordinary $1.5 billion loan guarantee to the ailing Chrysler Corp. and sent the measure to the White House for Jimmy Carter's signature. The gigantic bailout, dwarfing the $250 million Lockheed loan guarantee of 1971, is designed to save from bankruptcy the nation's third largest automaker and tenth ranking manufacturer (1978 sales: $13.6 billion). With Chrysler's losses mounting daily, its 1979 deficit is almost sure to exceed...
...measure, however, is far from a pure giveaway. For one thing, the loan guarantee is not a handout but simply the Government's pledge to reimburse private parties for the money, up to $1.5 billion, that they lend to Chrysler if the auto firm is unable to repay the loans. This promise should enable Chrysler to return to the money markets that have been closed for the past year. The automaker, moreover, will pay the Treasury an annual fee of at least 1% of the sum guaranteed...
Meanwhile, Byrne, the Chicago school board and state officials were scrambling to put together an emergency loan package to keep the schools from collapsing. Shut out of the bond market in November because of a poor rating, the educational system faces a shortfall of $459 million by the end of the fiscal year on Aug. 31, 1980. It needs $190 million just to keep going through January...
...People's Republic of China and the U.S. this year will amount to $1.8 billion. Washington has quietly but systematically encouraged the bilateral trade boom. Among major recent deals: the Export-Import Bank, which sent a delegation to the island this fall, extended $500 million worth of loans during 1979. Since January, American banks have also contributed to a $200 million loan to the Taiwan Power Co. General Electric has joined with Taiwan companies on a $30 million turbine-generators project. Said Robert P. Parker, president of the American Chamber of Commerce in Taiwan, earlier this month: "We have...
...Hartford city council declared a "finding of public emergency" and authorized city managers to overspend by $500,000 for energy emergencies. Connecticut Governor Ella Grasso called the legislature into special session to ask for $5 million in appropriations and $11 million in borrowed funds to support loan programs to small oil dealers, homeowners and municipalities. She estimates that 40,000 families in the state will need help, mostly to pay oil bills...