1990: A RETROSPECTIVE : JOB DRAIN AND HOUSING SLUMP
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In the field of aerospace, the talk was more of layoffs than lift-offs. Southland job cutbacks by company: McDonnell Douglas, 8,600 jobs; Lockheed, 4,000 jobs; Northrop, 3,000 jobs; TRW, 1,600 jobs.
The economy’s downturn also hit the Los Angeles real estate market--with prices leveling and home sales dipping by about 25%.
Meanwhile, the Los Angeles banking world was rocked by news that Security Pacific Corp. would lose as much as $360 million during the final quarter of 1990. In addition, Columbia Savings & Loan, which suffered $575 million in losses in a five-month period, announced its insolvency. Former Columbia head Thomas Spiegel was accused by federal regulators in a civil complaint with squandering $19 million of the thrift’s money on items including at least 80 rifles, shotguns, pistols and Uzi submachine guns.
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