Word: deposit
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Dates: during 1990-1999
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Before last week's announcement, one Nobel selection that warmed the Kremlin's heart was that of Mikhail Sholokhov, the court novelist who received the Literature Prize in 1965. He was allowed to go to Stockholm and deposit his check in a bank there. But in 1974 the exiled Solzhenitsyn accused Sholokhov of plagiarism. He claimed Sholokhov had based portions of his epic of the Russian Revolution and civil war, The Quiet Don, on a manuscript written just after World War I by a Cossack, Fyodor Kryukov...
...Certainly there was a great failing of the Washington apparatus in the 1980s. But I think, paradoxically, a lot of what happened in the '80s can be blamed on the politicians of the 1930s. When deposit insurance was written into law in '33, it was almost a free ticket. The banking system had been purged of bad loans the old-fashioned way, the weakest banks had long since failed, and the strong banks were barely making...
...reflexive psychology of bankers was that of -- well, bankers were starting at the sight of their own shadows. So deposit insurance could be done painlessly for decades because bankers were too terrified to do anything resembling making a bad loan. It was not until a generational shift occurred in the '70s that bankers prepared to entertain really rank loans. The government had this free ride for a long time. There were hardly any failures because bankers were not lending in such a way as to fail. And now, paradoxically, when the talk is of cutting back on deposit insurance...
...lawsuit filed last week, the Federal Deposit Insurance Corporation is trying to recoup some of the $1 billion that the government spent to bail out the failed Silverado. "Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," said Douglas Jones, the FDIC's senior deputy general counsel. In the Denver hearing this week, the Office of Thrift Supervision aims to persuade an administrative-law judge that Bush should be banned in effect from ever again serving on the board of a financial institution. Bush...
...late 1970s and early '80s, thrifts were struggling under the old rules because of inflation. Forced to pay high rates to attract deposits but dependent on low-interest, long-term home loans for revenue, the S&Ls saw their profits erode. Under constant pressure from thrift lobbyists, the old rules were felled one by one: in 1980 federal deposit insurance was increased from $40,000 to $100,000, money brokers were allowed to bundle massive deposits and thrifts were freed to make commercial loans...