Word: cleanup
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...well. A 51% federal salary increase would quietly take effect, the Cabinet could be swiftly and pleasantly confirmed, sleaze would disappear in a warm glow of mutual trust. If everyone would make the same rosy economic assumptions, money would be found to pay for the savings and loan cleanup just unveiled and the budget just proposed...
...billion bond issue would be spent to liquidate or auction off the remaining 300 or more insolvent savings and loans. Those failing thrifts will be isolated from the rest of the industry by bringing them under a new agency called the Resolution Trust Corp., which will oversee their cleanup...
...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...
When the huge cost of the cleanup hit home last week, so did a strong sentiment in favor of pursuing the fraudulent thrift owners who made off with the loot. Regulators have estimated that at least one in every four S & L failures has been the result of fraud. In fact, the Bush rescue plan proposes to give the Justice Department an additional $50 million a year for probing S & L fraud, a sum that would pay for 200 new investigators and 100 more prosecutors...
...ride. Fumed Iowa's Leach: "The dealmakers are laughing all the way to the piggy bank." But Wall staunchly defends his deals as the lesser of evils. "I much prefer to be damned for having done something than to be damned for doing nothing," he says. In fact, the cleanup is showing some results. The thrift industry's 1988 third-quarter loss of $1.6 billion was down from $3.9 billion in each of the previous two quarters...