History09/dp/mark2nd
10 YEARS AGO THIS WEEK: Saying he was proud to “sign this monster,” President Bush approved sweeping legislation to rescue the nation’s troubled savings and loan industry and put a $50-billion bailout into effect Hilton Hotels Corp. gave its financial advisers the green light to seek potential bidders, just three weeks after Chairman Barron Hilton said the company was not actively looking for a buyer but would consider offers.
THE NEWSMAKER
Sanford C. Sigoloff and his highly specialized corporate rescue team reunited to try to pull L.J. Hooker Corp. out from under $1.2 billion in debt. Sigoloff affectionately nicknamed the members of the team Zephyr, Earth Communicator, Abacus and Band Man after the Flash Gordon comic book characters who loyally served their leader, Ming the Merciless (Sigoloff’s nickname).
THE NUMBERS
AUGUST 9, 1989
Dow Jones Industrial Average 2698.08
London gold $365/oz.
3-lb. bag lawn seed $8.88
Honda Accord sedan $14,495
