Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

RTC To Shut Down After Six Years Mopping Up S&Ls

That's the agency that's been busily mopping up the wreckage left behind by the savings & loan debacle of the 1980s. And when the nation rings in the New Year on Monday, the men and women behind this thankless task will close up shop for good.

Congress established the RTC in 1989. The agency had seven years to do its job but did it in six. The final tally: 747 S&Ls were closed or sold, and the RTC recovered roughly $393 billion of $451 billion in assets sold, or about 87 cents on the dollar.

That brings the cost of the S&L debacle to around $90.2 billion, the General Accounting Office said. Dow Jones

***** Ralston Unit Set To Open Cat Litter Plant In Va.

Golden Cat, a division of Ralston Purina Co., will build a cat litter plant within two months in King William County, Va., officials said.

Golden Cat, which makes Tidy Cat, Tidy Scoop, Kitty Litter Maxx and Scamp, will quarry clay and turn it into cat litter on property about five miles from the county courthouse.

County officials estimated the plant will bring about $50,000 a year in tax revenue and say the plant will hire up to 80 people. Knight-Ridder/Tribune

***** ConAgra, Hormel Settle Catfish Price-fixing Case

Two large food processors, ConAgra Inc. and Hormel Foods Corp., said Friday they agreed to pay a total of $21.1 million to settle a price-fixing case involving catfish, although neither admitted wrongdoing.

ConAgra, a $24-billion-a-year Omaha-based food company, agreed to pay $13.6 million to settle the case, while Hormel, a $3 billion meat-and-food processor in Austin, Minn., agreed to a $7.5 million settlement.

The proposed settlements are subject to court approval. …

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