Word: clifford
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...blames the Democratic Congress for everything he hates. Snail darters get more play on his show than the recession. The chief miscreants in the B.C.C.I. scandal are not the Justice Department honchos who quashed any investigation for two years but Democrats like Jimmy Carter and Clark Clifford. Big Government is bad, except when it provides plenty of guns and bombs; big corporations are good, except when they knuckle under to liberal consumer groups. "You simply cannot have the public at large telling corporations how to run their business," he avers. He also believes in America, the family, capitalism...
...Succeeded Clark Clifford last month as head of First American Bankshares, which was covertly controlled by B.C.C.I., the shady multinational corporation accused of money laundering and supporting terrorists...
...departure of Clifford, a venerated Democratic Party elder, and bank president Robert Altman, who also resigned, came after intense prodding by the Federal Reserve Board. The regulators have been seeking to restore public confidence in First American (assets: $11 billion), which has been plagued by troubled real estate loans in the Washington area. Last spring the Fed tapped former Republican Senator Charles Mathias of Maryland to head a committee of directors to oversee First American. While Clifford, 84, and law partner Altman, 44, retained their titles, investigators told TIME that the Mathias group gradually took over their duties. "It started...
...then the Federal Reserve, which last month fined B.C.C.I. $200 million for secretly acquiring First American and two other U.S. banking companies, had decided that Clifford and Altman had to go. To shore up the bank, regulators picked former Attorney General Nicholas Katzenbach to succeed his longtime friend Clifford as chairman...
...Clifford and Altman still face a daunting battery of probes. Grand juries in Washington and New York City are studying how much both men knew about B.C.C.I.'s secret ownership of First American. Manhattan District Attorney Robert Morgenthau is investigating a 1988 deal in which Clifford and Altman reaped a combined $10 million profit after buying stock in a B.C.C.I. affiliate. The two had borrowed $18 million from B.C.C.I. to acquire the stock, which they held for less than two years. TIME's sources say investigators are probing whether the $10 million profit was a payoff for First American...