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NEWS
April 20, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The Senate overwhelmingly approved the biggest financial bailout in history Wednesday, a $157-billion rescue of the federal insurance fund that guarantees savings and loan deposits up to $100,000. The easy passage, on a vote of 91 to 8, was a notable victory for the Bush Administration, which had sought quick approval of the complex legislation. The House Banking Committee will consider similar legislation next week. 'A Miserable Problem' "We've got a good bill," a tired but elated Sen. Donald W. Riegle Jr. (D-Mich.
NEWS
April 20, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The Senate overwhelmingly approved the biggest financial bailout in history Wednesday, a $157-billion rescue of the federal insurance fund that guarantees savings and loan deposits up to $100,000. The easy passage, on a vote of 91 to 8, was a notable victory for the Bush Administration, which had sought quick approval of the complex legislation. The House Banking Committee will consider similar legislation next week. 'A Miserable Problem' "We've got a good bill," a tired but elated Sen. Donald W. Riegle Jr. (D-Mich.
BUSINESS
April 12, 1990
Bond prices rose in response to a temporary drop in oil prices and a rumor about trouble at a major bank, traders said. The Treasury's benchmark 30-year bond rose 3/16 point, or about $1.88 for every $1,000 in face amount. Its yield, which declines when prices rise, fell to 8.57% from 8.59% late Tuesday. Bond prices were hurt Tuesday when the sale of $3.5 billion worth of bonds by the government's Resolution Funding Corp. did not go as well as expected.
BUSINESS
April 11, 1990 | From United Press International
The jury is out on whether the Resolution Funding Corp. will try another auction of 40-year bonds to fund the rescue of the nation's crippled savings and loans, officials and analysts said today. The government's second auction of the bonds met a poor response Tuesday when $3.5 billion in the securities were sold at an average yield of 8.89%. The first 40-year auction, Jan. 23, was also disappointing.
BUSINESS
October 17, 1989 | From Reuters
The United States today took the first concrete step to enlist Japanese investors in the bailout of its ailing savings-and-loan institutions with a presentation by a top-level team in Tokyo. Officials of Resolution Funding Corp., including a high-level U.S. Treasury official, presented details of an auction of securities to be held next week and aimed at raising funds to rescue the troubled thrift industry. Congress authorized total borrowing of $50 billion to pay for the S&L cleanup.
BUSINESS
April 4, 1990 | From Associated Press
Stock prices lost ground today in a mood of caution over the touchy state of the Tokyo market. The Dow Jones average of 30 industrials, up 36.26 points on Tuesday, dropped back 17.34 to 2,719.37. Declining issues outnumbered advances by about 8 to 5 on the New York Stock Exchange, with 586 up, 915 down and 472 unchanged. Big Board volume totaled 159.54 million shares, against 154.31 million in the previous session. The NYSE's composite index lost 1.24 to 187.31. U.S.
BUSINESS
March 31, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The Senate Banking Committee is preparing a savings and loan rescue plan that would put the full cost of $50 billion in bonds directly on the federal budget, the committee's staff director said Thursday. That would dramatically increase the federal deficit for the current year, staff director Kevin Gottlieb conceded. But it would also save the taxpayers money in the long run, he said in a speech to the organization Women in Finance and Housing.
BUSINESS
April 9, 1990 | From Associated Press
The stock market was little changed in slow trading today, getting off to a sluggish start on a new week. Japanese stocks rallied sharply today, rebounding from their drop of more than 25% since the start of the year. The Nikkei index of 225 Japanese issues soared nearly 4%. But little of that bargain-hunting enthusiasm was transmitted to the U.S. market. The Dow Jones average of 30 industrials rose 4.95 to 2,722.07.
BUSINESS
July 11, 1990 | From Associated Press
The stock market swept ahead to a 3 1/2-week high today, rebounding from Tuesday's setback. The Dow Jones average of 30 industrials, which had fallen 23.27 points on Tuesday, climbed 41.83 points to 2,932.67, its highest close since it stood at a record 2,935.89 on June 15. Advancing issues outnumbered declines by nearly 2 to 1 on the New York Stock Exchange, with 969 up, 498 down and 517 unchanged. Big Board volume totaled 162.22 million shares, against 147.63 million in the previous session.
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