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...visit by senatorial aides, that they had learned of "new allegations of illegality" against Lance. The Senators confirmed that the committee staff had interviewed convicted embezzler Billy Lee Cambell, who had claimed vaguely (and apparently never under oath) that Lance was "part of" the thefts at Georgia's Calhoun First National Bank when Lance was its president or chairman...

Author: /time Magazine | Title: The Nation: Behind the Painful Decision to Quit | 10/3/1977 | See Source »

...letting up on Lance. It released an affidavit from Michael Patriarca, a low-level attorney on the staff of the Comptroller of the Currency, which belatedly contradicted assertions by Lance that he lad never asked anyone in the Comptroller's office to lift sanctions against the Calhoun bank so his record would be cleaner as he faced confirmation hearings. Patriarca claimed that last Nov. 22 Lance had asked Donald Tarleton, the Atlanta regional director for the Comptroller, to do just that. (Tarleton had also denied any such overture by Lance.) Clearly, the assault on Lance would continue...

Author: /time Magazine | Title: The Nation: Behind the Painful Decision to Quit | 10/3/1977 | See Source »

...press conference, Jimmy Carter said that Bert Lance "needs to go home and take care of his own business." He certainly does. Reports that he was close to bankruptcy seemed exaggerated, but unquestionably the wheeler-dealer from Calhoun had suffered some severe setbacks...

Author: /time Magazine | Title: The Nation: Lance's Sagging Finances | 10/3/1977 | See Source »

...added that the Calhoun bank's losses from such overdrafts had been small, ranging from $3,999 in 1972 to a high of $7,307 in 1975. He sought to minimize his personal overdrafts, listing them as $8,799 in 1972, $16,845 in 1973, $26,272 in 1974 and $24,147 in 1975. These sums, he pointed out, were nowhere near the $450,000 in overdrafts that some newspapers had attributed to him. That figure was the highest total of overdrafts listed by the Comptroller of the Currency for nine relatives between September 1974 and April 1975. Lance...

Author: /time Magazine | Title: The Nation: Lance Comes Out Swinging | 9/26/1977 | See Source »

...political committee's debts to the bank. And, Lance claimed, all of the overdrafts by himself, LaBelle and his campaign committee had been repaid "without a penny being lost to the bank." This, of course, ignored the fact that the overdrafts amounted to free loans, on which the Calhoun bank lost interest. Many banks now offer overdraft privileges but set limits at $5,000 and in some cases $15,000, and charge interest fees of about 18% a year...

Author: /time Magazine | Title: The Nation: Lance Comes Out Swinging | 9/26/1977 | See Source »

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