Word: pretax
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Dates: during 1990-1990
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...board contends that Arthur Young, which later merged with Ernst & Whinney, improperly allowed the thrift to show a pretax profit in 1987 by violating generally accepted accounting principles. The firm, which severed its ties to Lincoln in 1988, denies this. Possible penalties include loss or suspension of license, or probation. "Audit firms are under pressure to please the client," says deputy attorney general Michael Granen. "They've got to learn to just...
Roberts says he is leaving to travel and teach, but several staff members contend that he is exiting primarily because he was worn down by his ongoing tug-of-war with Knight-Ridder officials. Worried about flat circulation (522,000) and flagging advertising revenue (despite respectable pretax profits), the corporate managers tightened Roberts' purse strings. This spring he lost a page of space on weekdays and twice that amount on Sundays. He also had to report to a publisher newly appointed to oversee both the news and business operations, a combined position that Roberts vigorously opposed. The biggest challenge facing...
...went to work for the Amoco Production Co. but within two years founded JNB Exploration Co. Walters invested $150,000 in JNB, about half the money Bush needed to get started, and received a limited 6.25% interest that allocated 19.5% of JNB's pretax profits to him. There never were any. Good bought a 25% limited partnership in 1983 for $10,000. The next year, Good lent Bush $100,000 to play in the commodities market with the understanding that he would not have to repay it if the investment went belly-up. Bush admits that was an "incredibly sweet...
Donald Trump is not alone in his misery. Hapless borrowers, crushed by debts they assumed during the go-go 1980s, have made the term "cash crunch" a byword of the '90s. The average U.S. company is so loaded down with loans that it must spend fully 50% of its pretax earnings on interest payments, vs. 32% in 1980. "The major issue facing the nation is that people and companies can't live off debt indefinitely," says Louis Masotti, a professor at the Stanford and Northwestern business schools...
...bought Lincoln Savings and Loan, we had a fair market value as a family of many tens of millions of dollars. We produced, we were making money, we had excellent assets. We took a failing S&L, we made $17 million in the partial year we first took it, pretax. We made $100 million the next year. Then the Feds started helping us run it, so we only made $80 some million in the third year. Their help intensified in '87, and we made about $60-plus million. In '88 they really came in and took us over...