Word: calhoun
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...produced a weighty (7½ lbs.) three-volume, 394-page document. The report concluded that Lance had done nothing illegal in his varied dealings. But it also found that his banking habits "raised unresolved questions as to what constitutes acceptable banking practice." More specifically, it accused Georgia's Calhoun First National Bank of permitting "unsafe and unsound banking practices" while Lance was its president...
...sure, the report deflated critics who had contended that some of Lance's pre-White House financial dealings were downright illegal. Most often cited by the critics was Lance's pattern of seeking personal loans from banks with which his own banks in Calhoun and Atlanta had developed "correspondent relationships" (see ECONOMY & BUSINESS). Yet the report expressed serious doubts about whether this practice was acceptable, even if legal. It also criticized the Calhoun bank for permitting massive overdrafts on the personal accounts of officers and their relatives...
Personal overdrafts Probably more harmful to Lance's image as a tightfisted budget director bent on balancing the national ledger was the report's confirmation that his Calhoun bank winked at massive overdrafts by the bank's officers and their relatives. According to the report, Lance's wife LaBelle overdrew her account by as much as $110,000 in the last four months of 1974. Between September 1974 and April 1975, nine Lance relatives amassed overdrafts totaling an impressive $450,000. In December 1975, federal bank examiners insisted that the overdrafts be stopped...
...this "unsafe and unsound banking" but charged that some of the extended credit, including that to Lance, technically violated the law. The standard practice involving such violations, however, was not to prosecute but to order the practice stopped. When the comptroller's office did so in 1975, the Calhoun bank readily complied with the order...
...Administration but now must make do with his $57,500 Government salary (plus at least $150,000 in investment-related income), pays rent of $15,000 a year for a handsome town house in Georgetown. He owns an elegant 40-room mansion in Atlanta, a $100,000 house in Calhoun, Ga., and a vacation home on Georgia's exclusive Sea Island. Nor does Lance stint on entertaining. In June, with his financial position steadily decaying, Lance and his wife LaBelle threw a star-studded party at Washington's Georgetown Inn for members of the Carter Cabinet, plus such...