Word: butcher
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...money at a private financial institution, rumors inevitably crop up that he will leave Washington. One now circulating among Chase Manhattan executives has Volcker as a strong candidate to become chairman of the bank, which has suffered a string of financial reversals since Willard Butcher succeeded David Rockefeller...
Tennessee Banking Magnate Jake Butcher, 46, used to boast that he rose from rural poverty to wealth and political influence the honest way, by borrowing money. Trouble was, as chief executive of the five banks in his United American Group, Butcher liked to lend money too, and too freely. Among the favored borrowers: Democratic politicians and the bank's directors and their relatives...
Last Monday, State Banking Commissioner William Adams shut down Butcher's flagship, the United American Bank of Knoxville, citing "large and un usual loan losses" at the $760 million institution. It was the fourth largest U.S. commercial bank failure since the 1930s. By the time U.A.B. opened again on Tuesday morning, it had been taken over by the state's largest bank holding company, First Tennessee National Corp. (assets: $4.2 billion...
U.A.B. had been on the "problem list" of the Federal Deposit Insurance Corporation throughout 1982. In November more than 200 federal bank examiners swept into all five of Butcher's banks, as well as 24 smaller banks controlled by his brother C.H. Says Stephen Woodrough, the FDIC regional counsel in Atlanta: "We wanted to see how much bad paper was really there. The situation at U.A.B. was very, very grave indeed." The FDIC concluded that $90 million in loans should be written...
...will be an exorcism. This has marked our political life for 40 years. While I do not want to deny the past, I do think that my generation is tired. They would like to put it behind them once and for all." It might not prove so easy. The Butcher of Lyon can no longer imprison and torture, but he still has the means to make France suffer...