California S&L Rescue Becomes Costliest Ever Bailout
Washington AP The federal government plans a 2 billion rescue for American Savings and Loan of Stockton California the largest single institution bailout on record The Federal Home Loan Bank Board will provide 500 million in promissory notes and at least 15 billion in cash over the next decade Robert M Bass Group will inject 550 million and take control Bass and California owners Financial Corp of America Irvine will see the bank board hold 30 percent and gain 75 percent of tax benefits News was delayed to publish on a business day.
MENTIONED IN THIS ARTICLE
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American Savings and Loan Association of
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Calif
Federal Home Loan Bank Board
M Danny Wall
Robert M Bass Group
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Texas
California
Labor chief backs training wage amid minimum hike debate
Labor Secretary Ann McLaughlin endorsed a training wage for teens as a supplement to the proposed minimum wage increase. She argued a broad raise could cost jobs and fuel inflation while noting some areas face shortages and others offer jobs at lower pay.
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