Word: calhouns
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Dates: during 1970-1979
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...press and business were not subsiding as quickly as the White House once hoped they would. If anything, they were intensifying. White House mail was running 2 to 1 against Lance. Various bankers challenged his claim that some $450,000 in overdrafts amassed by him and his relatives from Calhoun First National Bank, of which he was president, was "typical of Southern banking practices." Said a spokesman for the Amercan Bankers Association: "We don't see that as normal or typical, whether it's Southern or Northern or whatever." The President of a Midwestern bank put it more...
...Senators will also probe a number of other areas: How could Lance have pledged the same collateral twice for separate loans from New York's Manufacturers Hanover Trust Co. and Chemical Bank? Why did the Justice Department close its investigation into the Calhoun overdrafts the day before Lance was nominated as OMB director? Was it really common practice, as stated by Jody Powell, for small-town bankers to overdraw their accounts? And why was only a cursory mention made of the comptroller's investigation during Lance's confirmation hearings? Could internal memos at Manufacturers Hanover Trust...
...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...
Financing Lance's campaign Comptroller Heimann's report took note of a more serious violation: overdrafts by the Calhoun bank on two accounts opened to finance Lance's unsuccessful campaign for Governor of Georgia in 1973 and 1974. One account was overdrawn by $76,000, the other by $152,000. Incredibly, the bank even paid bills for Lance's campaign activities totaling $78,000 and listed them as "bank expenses." The bank was later reimbursed by Lance. All this had been examined by the comptroller's office in 1975 and was found...
...Teamster pension funds for an undisclosed fee. It noted that, while Lance had helped to initiate the agreement with the Teamsters, he had not taken part in the detailed negotiations. Nor did the report fault Lance specifically for the Atlanta bank's willingness to lend one of the Calhoun bank's officers, Billy L. Campbell, as much as $250,000 only weeks before his arrest for embezzling nearly $1 million from the Calhoun bank from 1971 to 1975. Lance has been criticized for a serious lapse of judgment in okaying a sizable loan to a man whose finances...