Word: chairman
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Dates: during 1980-1989
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...have withdrawn their savings in fear of the system's insolvency. In fact, the Administration secretly feared a long-shot possibility that the drama of its bailout might spark a run on S & L deposits. To prepare for that dire prospect, senior White House officials and Federal Reserve Board Chairman Alan Greenspan met in the Roosevelt Room of the White House the night before Bush's plan was made public. Greenspan agreed that the Fed would stand ready to pump billions of dollars in emergency loans into threatened thrifts...
...bolster the banking industry's reserve fund so that it does not run into the same problems encountered by the FSLIC. In the end, at least some of the increased costs will probably be passed along to consumers, since thrift profits are already squeezed. Said Texas Democrat Henry Gonzalez, chairman of the House Banking Committee: "The little consumer will pay in the form of higher fees on checking accounts, new fees for automatic tellers and a myriad of other charges...
...thrift industry seemed to meet the proposal with grudging acceptance but a fair amount of grumbling. Healthy S & Ls object philosophically to paying excessive cleanup costs for their fraudulent and incompetent brethren. Says Adam Jahns, chairman of Chicago's Craigin Federal Savings & Loan: "I don't think we should have to pay for serious crimes committed by others." Another complaint by S & Ls is that by combining thrift and banking supervision, the Bush plan may blur the distinction between the two and eventually remove any competitive advantage the thrifts still have, principally the ability to borrow long-term funds from...
...sale of ailing thrifts. Last year the FSLIC completed a flurry of deals -- 34 in December alone -- in an effort to offer investors tax breaks that expired on Dec. 31. Because of the rich payoffs guaranteed to investors in those deals, they were highly controversial. Said L. William Seidman, chairman of the FDIC: "Before we go forward, we are going to evaluate, along with the FSLIC, where we stand...
Edwin Gray, chairman of the Bank Board from 1983 to 1987, bitterly accuses congressional leaders of bowing to industry pressure. He claims that S & L lobbyists tried to coerce him by warning that his future career in the business would be ruined if he opposed them. One of the biggest defenders of S & L liberties was Texan Jim Wright, now Speaker of the House. Wright has been under investigation by the House Ethics Committee, which has been trying to determine whether he used "undue influence" in dealing with officials of the Bank Board...