Word: bankes
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Dates: during 1970-1979
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...rose from a $90-per-week bank teller to millionaire bank president, Bert Lance never forgot his friends−or his poor relations. Between 1963 and 1974, while he was president of the First National Bank in Calhoun, Ga. (pop. 6,000), he arranged five loans totaling about $140,000 for his unemployed mother-in-law, Ruth M. Chance. When the interest payments were due, Lance sometimes wrote checks on her overdrawn Calhoun account to make the payments. He also arranged loans, and made similar repayments, for three brothers-in-law: a total of $57,982 to retired Naval Officer...
...Currency. The borrowing arose, said the examiners, because a number of Lance's relatives "were experiencing extreme financial difficulties and needed additional funds to meet living expenses." The sweeping, 90-page complaint was the final act in the agencies' seven-month investigation of Lance, the Calhoun bank and the National Bank of Georgia (NBG), which Lance headed in 1975 and 1976. The investigation began shortly before he resigned last September as Jimmy Carter's Director of Management and Budget...
...addition to Lance's irregular way of helping his relatives, the federal agencies said they found evidence of misleading and inaccurate bank record keeping, questionable loans to bank officers and friends, overstatements of bank assets and inadequate reserves for loan losses. They claimed that Lance inflated his net worth by up to $1,409,779 in applying for loans from his own banks and others. The investigators also found that Lance used an NBG airplane, which cost $223,180 to operate from 1975 through 1977, during which Lance and other bank officials flew on 1,373 trips...
...Clearly," the report concludes, "private multinational bank loans and suppliers' credits to Chile have not only replaced official bilateral and multilateral loans as Chile's principal sources of external financing, but far surpassed them in importance to the military junta. The tremendous influx of private bank loans since 1976 gave the Pinochet regime a green light to thumb its nose at international pressure designed to improve the human rights situation in Chile...
Following the release of the report, Rep. Henry S. Reuss (D-Wisc.), chairman of the House Banking Committee, sent telegrams to the six major banks lending to Chile, expressing concern that their actions did not "appear consistent" with standards aimed at keeping banking practices from interfering with the public interest, and that they were not "helpful" to the U.S. human rights policy. At the same time Rep. Thomas R. Harkin (D-Iowa) is drawing up legislation to force disclosure of private bank loans to governments the U.S. Congress has tagged as human rights violators, and is exploring...