Word: berte
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Then came the news from Atlanta that a grand jury had finally indicted Carter's close friend and former budget director, Bert Lance. As a black thundercloud loomed over the White House one afternoon, a Carter staffer remarked, "With our luck, it's going to snow...
Thomas Bertram Lance started work, after dropping out of the University of Georgia, as a $90-a-month teller at the Calhoun First National Bank, run by his wife's grandfather. Seven years later Bert Lance and his friends bought control of the bank, and the hulking (6 ft. 4 in.) country slicker from Young Harris (pop. 544) helped turn the area into a prosperous carpet center with his high-risk loans to local small businesses. He soon parlayed his bank connections into a paper empire, tried unsuccessfully to succeed his friend Jimmy Carter as Governor of Georgia, took...
...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...
...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 for Governor Campaign Committee, but the money was actually used to pay back campaign overdrafts in Calhoun...
...Since Bert Lance left, the White House has suffered by not having any top ambassador to business. Robert Strauss got close to the job for a while, but then was sidetracked into foreign trade and Middle East policy. Businessmen consider Treasury Secretary Michael Blumenthal to be too wounded by sniping from the White House's Georgia Mafia to be an effective envoy. Commerce Secretary Juanita Kreps is the Cabinet's best bridge between the White House and business, but, says Jack Carlson, "she heads a weak Cabinet department and does not have the clout...