Word: arnholt
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Dates: during 1970-1979
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...which the Navy and the Marines pour $700 million each year in payrolls alone and the government feeds $1 billion annually into the local aerospace industry and $100 million into ship-building. The leading citizens of San Diego include John Alessio, a former bookmaker turned racetrack operator and C. Arnholt Smith, a highlevel con man chosen "Mr. San Diego of the Century" by the local paper. Smith used the money from his bank, U.S. National, to run deals with organized crime in California, taking a healthy chunk out to support himself and his friends. Among his friends is Richard Nixon...
Recently Pollack directed the SEC'S investigation of Financier C. Arnholt Smith, Nixon's longtime friend and financial backer, who has been charged with fleecing $100 million from the stockholders of a San Diego-based conglomerate, Westgate-California Corp. Pollack did not know about the Nixon connection until he read about it in the newspapers when the investigation was well under way. Casually, Pollack asked his staff: "Is this guy the C. Arnholt Smith?" Told that he was, Pollack simply shrugged and went back to work...
...Arnholt Smith...
...bank has been under federal supervision since spring, when the Comptroller forced Smith to step down as chairman. Reason: the bank had lent more than the legally permissible 10% of its assets to companies controlled by a single individual: C. Arnholt Smith. Smith's enterprises turned out to be the bank's biggest credit risk; his companies' bad debts constituted an unspecified but large percentage of the $143 million in outright losses and possibly uncollectible loans that U.S. National had on its books...
...total of $20,000 by the FDIC, they have no protection and could end up losing every nickel. At week's end, the biggest potential loser was ensconced in the penthouse of the Westgate Plaza Hotel in San Diego, protesting his innocence. All his troubles, said C. Arnholt Smith, stemmed from the fact that overzealous "bureaucrats" resented his friendship with President Nixon...