Word: credited
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Dates: during 1970-1979
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...financial records and willfully misapplying bank funds. The long-expected indictment added no startling revelations to the saga of Lance's financial maneuvering-and it did not in any way directly involve President Carter-but the 71-page document portrayed in relentless detail the foundationless house of credit that Bert built...
...banks. Long-term overdrafts were also used as interest-free loans, the indictment states. In 1975, 21 associates and friends, who held less than ½% of the checking accounts at the Calhoun bank, had averaged 55% of the bank's overdrafts. Their various schemes and extensions of credit allegedly led to $500,000 in actual or potential loss to the banks involved...
Lance's son David was only 19 in September 1974, when Lance was running the Calhoun bank. But his father, the indictment says, "knowingly, willfully, and with intent to injure and defraud the bank" got him an unsecured loan of $45,000, which was "inadequately supported by credit information and collateral." A couple of months later, the indictment charges, LaBelle got a similar $45,000 loan. This was soon after Lance's $1 million gubernatorial campaign. Son David got a $34,530 loan from the bank the following year. Lance's financial statements at the time were...
They are entering an age when their outlays normally will be heavy because they will be buying and outfitting homes and educating their children. But this typical spending will be even more exuberant because the baby boomers are themselves the children of inflation, born with credit cards in their mouths and oriented toward spending rather than saving. They are part of the instant-gratification, self-indulgent Me generation, which has a taste for high-priced gadgets and little interest in self-denial...
These people are major users of credit, taking out mortgages to acquire their bigger houses and urban condominiums and installment loans to furnish them. Maurice Mann, vice chairman of A.G. Becker, a brokerage firm, has warned savings and loan officials to anticipate "massive demand" for mortgage lending in the 1980s "as a result of the postwar babies seeking shelter." Insurance executives are looking at the group as an ever expanding market for homeowners' and life policies. Bankers are catering to their desire for convenience by opening more and more centers that can manage all aspects of a customer...