More Woes At Westinghouse Credit
The sins of its 1980s excesses have come back to haunt Westinghouse Credit--again. With nearly $3 billion in bad real estate loans financed over the last decade by its subsidiary, parent Westinghouse Electric announced on Oct. 7 that it would set aside $1.68 billion in reserves to cover nonperformers. Only eight months earlier, the Pittsburgh-based conglomerate had come to the rescue with $975 million for bad-loan coverage.
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