Word: bankes
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Dates: during 1970-1979
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Lance, a federal grand jury charged after more than a year of deliberation, conspired to violate federal banking laws in the course of getting some $20 million in unwarranted loans for himself, family and friends. He is also charged with making false statements in his financial records and willfully misapplying bank funds. The long-expected indictment added no startling revelations to the saga of Lance's financial maneuvering-and it did not in any way directly involve President Carter-but the 71-page document portrayed in relentless detail the foundationless house of credit that Bert built...
Lance's activities, and those of Co-Defendants Richard Carr, Thomas Mitchell and H. Jackson Mullins, were not all that complex. While his friend and client Billy Carter was said to be "kiting" checks, Lance was apparently kiting banks. He played the game with a series of unsecured loans, the Government charges, borrowing from one bank to pay off another; his relatives and associates took out more than 383 loans from more than 40 banks. Long-term overdrafts were also used as interest-free loans, the indictment states. In 1975, 21 associates and friends, who held less than...
...acted as Lance's "blind" trustee when Lance became federal Budget Director, had only $97 in his checking account. But he wrote a check for $200,000, payable to Lancelot, a company owned by Lance and his wife LaBelle. The next day Lance and others got another bank to loan Mitchell $100,000 to partially cover the check. A couple of weeks later a third bank made a $100,000 loan to Mitchell. During that period, Mitchell also arranged a $175,000 loan from a bank in Rome, Ga., to cover overdrafts there owed by the Bert Lance...
Lance's son David was only 19 in September 1974, when Lance was running the Calhoun bank. But his father, the indictment says, "knowingly, willfully, and with intent to injure and defraud the bank" got him an unsecured loan of $45,000, which was "inadequately supported by credit information and collateral." A couple of months later, the indictment charges, LaBelle got a similar $45,000 loan. This was soon after Lance's $1 million gubernatorial campaign. Son David got a $34,530 loan from the bank the following year. Lance's financial statements at the time were...
After selling some of his bank investments to a Saudi Arabian entrepreneur and acting as a consultant in finding investment opportunities for oil-rich Middle East millionaires, Lance has been able to maintain much of the high life-style that his edifice of credit once supported. His lawyers might argue that if Lance did break some banking rules, he did so without either fraud or malice, and that little or no actual damage was done to anyone...