Word: altmans
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
Committee members were nonetheless openly skeptical. Referring to a prepared statement by Clifford and his protege-partner, Robert Altman, which characterized their own conduct as "entirely proper," Wisconsin Republican Toby Roth said, "I don't believe a word of it. You've been in bed with B.C.C.I. for 10 years, and you're telling us all you got was a back...
Behind the panel's skepticism are records showing that Clifford and Altman had profited hugely from their role as legal counsel to B.C.C.I. and several of its subsidiaries. As chairman and president of First American, they also received millions of dollars in B.C.C.I. loans to buy bank stock, on which they made $10 million in profit. The committee documents further note that Clifford and Altman may have lied to U.S. authorities about their knowledge of B.C.C.I's purchase of First American...
...departure of Clifford, a venerated Democratic Party elder, and bank president Robert Altman, who also resigned, came after intense prodding by the Federal Reserve Board. The regulators have been seeking to restore public confidence in First American (assets: $11 billion), which has been plagued by troubled real estate loans in the Washington area. Last spring the Fed tapped former Republican Senator Charles Mathias of Maryland to head a committee of directors to oversee First American. While Clifford, 84, and law partner Altman, 44, retained their titles, investigators told TIME that the Mathias group gradually took over their duties. "It started...
...then the Federal Reserve, which last month fined B.C.C.I. $200 million for secretly acquiring First American and two other U.S. banking companies, had decided that Clifford and Altman had to go. To shore up the bank, regulators picked former Attorney General Nicholas Katzenbach to succeed his longtime friend Clifford as chairman...
Clifford and Altman still face a daunting battery of probes. Grand juries in Washington and New York City are studying how much both men knew about B.C.C.I.'s secret ownership of First American. Manhattan District Attorney Robert Morgenthau is investigating a 1988 deal in which Clifford and Altman reaped a combined $10 million profit after buying stock in a B.C.C.I. affiliate. The two had borrowed $18 million from B.C.C.I. to acquire the stock, which they held for less than two years. TIME's sources say investigators are probing whether the $10 million profit was a payoff for First American...