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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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073189
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07318900.006
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1990-09-17
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BUSINESS, Page 41Business NotesAUCTIONSA Texas-Size Garage Sale
In its heyday, the Lamar Savings Association boasted four large
teak elephants in its Austin lobby. They may have impressed the
customers, but they did not help the balance sheet. Last week more
than 1,000 bidders crowded into a Houston warehouse to see the
elephants auctioned off for $1,600 to $2,000 apiece, along with the
property of 33 other failed Southwestern thrifts. A 1957 Bentley
automobile went for $10,050. Besides computers and other office
equipment, the Federal Savings and Loan Insurance Corporation also
sold hand-carved ivory tusks and even two kitchen sinks.
The four-day auction brought in more than $800,000. The FSLIC,
which currently holds $9.6 billion in assets seized from failed
thrifts, has raised more than $300 million this year by selling off
their property. That comes to roughly one five-hundredth of what
the S & L bailout will cost U.S. taxpayers in the next ten years.