Word: payment
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...three years Colin Richardson faithfully made every payment on the $125,000 mortgage on his small auto-repair shop in Lexington, Mass. But last February the Bank of Boston suddenly called in the loan. The bank, which was responding to pressure from U.S. regulators to tighten credit standards, relented only after an outraged Richardson went public with his plight by telling it to reporters in a one-man media blitz. Says he: "It would have made no sense to close my doors and sell everything off just to pay back the bank. How absolutely ridiculous and astounding for a little...
Keverian commented after the House unanimously approved a resolution urging Gov. Michael S. Dukakis to include the $210 million in the final local aid payment scheduled for the end of the fiscal year June...
...statement after the vote, Secretary of Administration and Finance L. Edward Lashman said the administration is developing cash sources to meet the payment as soon as possible. "The action by the House is especially helpful in providing legislative direction as to how the obligation can be funded," Lashman said...
Milken has already made what amounts to a whopping down payment on his penalty. When he was indicted on racketeering charges last year, Milken promised to post $700 million to keep prosecutors from seizing his assets. So far he has handed over $300 million in cash plus an IOU for another $300 million. The remaining $100 million was in the form of Drexel stock, which became worthless when the firm went bankrupt last February. Result: Milken has in effect put up half of his $600 million fine...
...fact, interest on the national debt is now larger than the deficit, which the Congressional Budget Office estimates at $138 billion or $158 billion for 1990 (depending on whether you count this year's down payment on the savings and loan bailout). In other words, this year's taxpayers are actually paying more than enough to cover this year's Government operations: defense, social welfare, exhibits of Robert Mapplethorpe photographs, everything. It's only the interest -- and interest on interest -- on past excesses that we can't cover. Most of those excesses occurred in the decade since Ronald Reagan...