Word: write-off
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Sullivan defended the huge write-off as a "onetime event" to cleanse its books, and there was little evidence that the bank's losses would continue. Said New York City Analyst Raphael Soifer, a member of the Brown Brothers Harriman banking firm: "There is no reason for panic. First Chicago has a problem, but it's solvable." Still, investors and depositors could not help being startled. Experts had assumed that the economic recovery would already have eased the problem of bad loans. But First Chicago's setback from lending in energy and agriculture demonstrates that some industries...
...biggest concerns is about how the FDIC will handle Continental's $2 billion in Latin American loans. Bankers fear that the FDIC will write them off and take the loss. Many other large U.S. banks still carry most Latin loans on their books at full value, and a write-off of Continental's loans would put pressure on such banks to do the same...
...further Government aid would be costly to Continental's shareholders. A federally assisted merger could mean the write-off of Continental's $2.3 billion in bad loans and a sharp drop in the value of its stock. Mindful of that possibility, investors last week continued dumping Continental shares, which stood at 25 just nine months ago. The stock dropped a total of 2⅝ last Wednesday and Thursday, to a record low of 5½, before closing the week...
This isn't to say I won't end up giving money to Harvard. But when I do. I want to do it because of all my own memories, not some institutional version rolled out on a red carpet. And the tax write...
...shortage of enchantment is beleaguering the Magic Kingdom. Annual profits of Walt Disney Productions have fallen 30% since 1980, when it earned $135 million. Disney has failed to charm audiences with films like Tron, a write-off of $10 million. Even its fantasy lands have lost some of their drawing power. During the first quarter of fiscal 1984, attendance at Florida's Walt Disney World fell 8% from the previous year...