Word: bankes
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Lance's record as a borrower The comptroller's report notes that Lance never received preferential interest rates for the loans he received from correspondent banks. He paid as much as 1% above the prune lending rate, a fairly standard figure for major clients. The report does indicate, however, that the banks did not always find Lance an ideal customer. Manufacturers Hanover, for example, sent him eight letters seeking verification of the collateral supporting his loan (mostly shares in the Atlanta bank). At one point, the New York bank demanded that he increase the collateral. Another time...
Personal overdrafts Probably more harmful to Lance's image as a tightfisted budget director bent on balancing the national ledger was the report's confirmation that his Calhoun bank winked at massive overdrafts by the bank's officers and their relatives. According to the report, Lance's wife LaBelle overdrew her account by as much as $110,000 in the last four months of 1974. Between September 1974 and April 1975, nine Lance relatives amassed overdrafts totaling an impressive $450,000. In December 1975, federal bank examiners insisted that the overdrafts be stopped...
...comptroller's report not only called this "unsafe and unsound banking" but charged that some of the extended credit, including that to Lance, technically violated the law. The standard practice involving such violations, however, was not to prosecute but to order the practice stopped. When the comptroller's office did so in 1975, the Calhoun bank readily complied with the order...
Financing Lance's campaign Comptroller Heimann's report took note of a more serious violation: overdrafts by the Calhoun bank on two accounts opened to finance Lance's unsuccessful campaign for Governor of Georgia in 1973 and 1974. One account was overdrawn by $76,000, the other by $152,000. Incredibly, the bank even paid bills for Lance's campaign activities totaling $78,000 and listed them as "bank expenses." The bank was later reimbursed by Lance. All this had been examined by the comptroller's office in 1975 and was found...
Teamsters and embezzlers The report found nothing to criticize in the fact that in March 1976 Lance's Atlanta bank landed the right to manage $17.5 million in Teamster pension funds for an undisclosed fee. It noted that, while Lance had helped to initiate the agreement with the Teamsters, he had not taken part in the detailed negotiations. Nor did the report fault Lance specifically for the Atlanta bank's willingness to lend one of the Calhoun bank's officers, Billy L. Campbell, as much as $250,000 only weeks before his arrest for embezzling nearly...