Word: calhoun
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Feel proud, Quincy House tackle football squad. With yesterday's 20-6 drubbing of Yale's Berkeley-Calhoun College, you can rightfully claim the title of intramural football champion of the Ivy League...
...Calhoun-Berkeley grabbed the momentum early, driving all the way down to the Quincy 20 before coughing the ball up on an interception...
Lance and three business associates originally had been charged with 33 counts of conspiracy, false financial statements and misapplication of bank funds from 1970 to 1978. During much of that time he had served as president of either the Calhoun (Ga.) First National Bank or of Atlanta's National Bank of Georgia. After the prosecution finished its case three weeks ago, Judge Moye dismissed the conspiracy charge and 13 other counts because of insufficient evidence. The remaining charges accused Lance of misusing bank funds in making improperly secured loans totaling about $1 million to his wife, son and friends...
...Government's charges that he had misapplied bank funds and filed misleading financial records to obtain about $1.3 million in loans. He stoutly defended his banking practices, reminiscing about the lesson he had learned in his first banking job, as a $90-a-month teller at the Calhoun (Ga.) First National Bank. One of his customers, Elsie Goforth, regularly put up a Guernsey cow named Spot as collateral on $100 loans. Once she defaulted and, to Lance's horror, showed up at the bank to surrender Spot...
Said Lance to the laughing jurors: "I learned that collateral is not all it's cracked up to be." He kept that lesson in mind, he explained, as he rose in the banking world to president of the Calhoun Bank and later to president of Atlanta's National Bank of Georgia. He made many unsecured loans, figuring that "the borrower's character means more than anything else." The loans cited in the indictment include one for $45,000 to his wife LaBelle and another for the same amount to his son David, then 19. Under cross-examination...