Word: federales
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Dates: during 1980-1989
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The Government is obliged to spend $40 billion to cover bailout cases to which federal regulators are already committed, including 205 savings and loans that the Government closed or sold last year. The $50 billion bond issue would be spent to liquidate or auction off the remaining 300 or more...
Besides rounding up all that cash, Bush proposes to reform the system that supervises the thrift industry and insures its deposits. The main regulatory agency, the Federal Home Loan Bank Board, which has been accused of being too chummy with thrift-industry leaders, will be replaced by one chairman who...
A primary objective of such a sweeping rescue was to restore the confidence of thrift depositors, some of whom have withdrawn their savings in fear of the system's insolvency. In fact, the Administration secretly feared a long-shot possibility that the drama of its bailout might spark a run...
* The 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...
Even so, in testimony before the Senate Banking Committee last week, Attorney General Richard Thornburgh said most of the lost money is long gone. "In many cases, the assets have been dissipated through laundering schemes or taken out of the country, and are beyond the reach of federal authorities," he...