Word: macs
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Among other things, the legislature had directed State Comptroller Arthur Levitt to invest $125 million from two state employees' pension funds in bonds is sued by the Municipal Assistance Corporation (Big Mac). In addition, the state was to try to borrow $750 million and then promptly lend it to Big Mac (TIME, Sept...
Rather delicately, he explained that al though the Big Mac bonds were a "sound security"-of which he had already bought $25 million-any further pur chases might "unbalance" the funds' portfolios. Other experts suggested that the fiscally conservative comptroller might well fear that buying more Big Mac bonds could eventually leave him open to accusations of irresponsibility...
...state had already issued $250 million in notes as part of its share of the bailout scheme. But some of the financiers who handled the deal had been stuck with an estimated $100 million in notes they could not sell. After Levitt's refusal to buy more Big Mac bonds, the bankers told MAC Chairman Rohatyn that they could not sell the remaining $500 million of the state's $750 million share at this time...
...some help. Last week twelve big corporations with headquarters or major operations in New York, including Exxon, Union Carbide and IBM, agreed to buy $20 million of bonds to be issued by the Municipal Assistance Corp., a state corporation that is raising money for the city. (Older, higher-yield MAC bonds have been holding steady in price.) The EFCB and city hall are fashioning a new, presumably realistic budget for the present fiscal year, which Beame will announce on Oct. 20. In December, though, the money crunch begins anew: the city will have to come up with more than...
...begun writing his wide-ranging "On the Line" column. Associated with the Hearst publishing empire since 1937, he covered major news events for nearly 40 years. On the side, he wrote movie scripts (The Babe Ruth Story) and biographies of such friends as Jack Dempsey and General Douglas Mac Arthur...