Word: garn
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Dates: during 1980-1989
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...thrift industry for his consistently low estimates of the extent of the savings and loan debacle. He is a stolid former city planner from Salt Lake City whose only extravagance seems to be his natty suits and monogrammed shirts. As the top aide to Republican Senator Jake Garn of Utah when Garn was chairman of the Senate Banking Committee, Wall became a favorite of S & L owners. Says Senator Leach of Wall's 1987 appointment: "The industry got to choose outright its regulator...
...staff director of the Banking Committee in 1981, Wall drafted the industry's dream deregulation bill, the Garn-St. Germain Act. That law created a new breed of thrift operator. In came highflyers like Keating who shifted their depositors' money (now insured for $100,000 instead of $40,000) from unexciting residential mortgages to potentially more lucrative but indisputably riskier shopping malls, resort developments, energy-generating windmills. The new breed awarded themselves seven-digit salaries, private jets, hunting preserves and yachts on which to entertain members of Congress. Keating and his associates took $21 million from Lincoln even...
...bomb was allowed to keep ticking for two more years. Fortunately for Keating, FHLBB head Gray was replaced by the very sympathetic M. Danny Wall, a former aide to Utah's Republican Senator Jake Garn. Wall transferred responsibility for Lincoln from San Francisco to Washington. At House Banking Committee hearings on Oct. 17, L. William Seidman, head of the Resolution Trust Corp. and chairman of the Federal Deposit Insurance Corporation, criticized Wall for keeping Lincoln open. As a result, the federally guaranteed cost of paying back Lincoln's depositors went up $1.3 billion, to $2.5 billion. Nationwide, the whole debacle...
...Donald W. Riegle Jr. (D-Mich.) chair of the Senate Banking Committee, and Sen. Jake Garn (R-Utah), the panel's senior Republican, had been resisting amendments, arguing that the package put together privately by the committee and endorsed by a 21-0 vote last week was too delicately balanced to with-stand many changes without crumbling...
...York Times to the New Republic. In a recent full-page advertisement in the Washington Post, the 125,000-member Planetary Society urged support for a manned mission. The ad listed the names of a glittering array of such prominent Americans as Walter Cronkite, Jimmy Carter, Utah Senator Jake Garn, Nobel Laureate Physicist Hans Bethe and Notre Dame's former president, the Rev. Theodore Hesburgh. All of them have signed the Society's "Mars Declaration," which advocates a U.S. space program that would lead to the human exploration of Mars...