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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 02, 1992
Page
20
Iowa Agriculture Secretary Dale Cochran announced an 18 percent increase in the apple harvest from 190000 to 225000 bushels, with about 9.5 million pounds expected from 1800 Iowa acres amid improved pollination and timely rains. Acreage is 500 more than four years ago.
A Senate Foreign Relations subcommittee report accuses Bank of Credit and Commerce International of worldwide fraud aided by political insiders including Clark Clifford. It says BCCI paid officials in at least 11 countries and exploited regulatory gaps while the CIA later acknowledged not acting aggressively enough. Clifford and his law partner were indicted on bank fraud and $40 million in a scheme to gain control of three U.S. banks.
Iowa Finance Authority and Fannie Mae announce 40 million in bonds to support 30 year fixed rate FHA VA FHAA and conventional mortgages at 7.5 percent. Loans backed by Fannie Mae guarantee, with first come first served sales and up to three points closing-cost assistance. Eligible buyers include low and moderate income families with good credit and options for rural 100 percent financing under the Rural Housing program. Interested parties can call (515) 242-4986.
Alan Kenyon resigns as Cedar Rapids Area Chamber of Commerce president effective immediately after 14 months in office. Board plans executive search, possibly via recruiting firm, to find a leader capable of engaging staff and volunteers and shaping the chamber's future. The Gazette reports Kenyon, 44, previously led the St Joseph chamber for a decade.
Stocks slid on weak job market signals with the Dow dropping 17.29 to 3254.37 as unemployment claims rose 15,000 in the week to Sept 19. Bond markets rallied on rate-cut hopes while analysts remained cautious about broader economic weakness. Notable moves included ADM up 14 to 26 percent and Pennzoil up 2 to 55 percent, with mixed results across Eastern Iowa issues.
A guide for approaching equity investors with a complete plan that shows management expertise and a five year path. It warns against shallow sales pitches and notes two motives for a winning plan a working document and a fundraising tool. It lists common omissions and investor grabbers and ends with contact details for The Company Doctor at The Cedar Rapids Gazette.
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