Word: condominium
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...sides in the budget talks provides a pointed reminder of Washington's failure to keep the S&L crisis from raging out of control in the 1980s. After deregulating the industry at the start of the decade, politicians looked the other way as reckless thrifts financed countless condominium blocks and office towers that now stand empty. Meanwhile, many questionable -- and sometimes criminal -- business practices were allowed to flourish. When bond salesmen for Keating's Lincoln Savings and Loan went to work, a memo advised them: "Always remember the weak, meek and ignorant are always good targets...
...knowingly engaging in reprehensible conduct that was "clearly and unequivocally unethical." They also recommended that Durenberger be required to pay to charity the $95,000 he received in excess of allowable speaking fees and another $29,000 he pocketed by charging the government rent for staying in a . Minneapolis condominium that he owned. Only expulsion, which the ethics committee last recommended in 1981 for New Jersey Democrat Harrison Williams for his part in the Abscam scandal, would have been more severe...
...could get away with bending the rules. Limits on speaking fees? Launder the money by counting excess payments as book-promotion fees. Trips to a marriage counselor in Boston too expensive? Arrange business lunches and collect honorariums. Need some extra income? Bill the government rent for staying in a condominium you own. Not until after the committee issued its recommendation did Durenberger concede that "I have made serious mistakes. I acknowledge them and accept full responsibility...
Even as the June 12 hearing date approached, the beleaguered Durenberger's situation worsened slightly. In filing a required financial report last week, Durenberger disclosed for the first time that he received free lodging in a friend's condominium in Florida for 35 days during the past five years. Senate rules demand that such "gifts" be reported; Durenberger later recommended the friend for a federal job. His report also listed a $484,332 bank loan to buy a town house in McLean, Va., a transaction first revealed in news accounts and not mentioned in the Senator's previous financial statements...
...Senator may also have violated the law: use of a Senate building for commercial purposes like paid speeches is prohibited by the criminal code. The free limousine service he accepted will probably be regarded as taxable income. Backdating a document related to the sale of his Minneapolis condominium could constitute fraud...