Word: garns
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...ahead in the space race again. The world's first space-bound bureaucrat -- Yuri Baturin, a former security adviser to Boris Yeltsin -- blasted off from the Baikonur cosmodrome in Kazakhstan Thursday, heading for a two-week stay aboard Mir. NASA, of course, has sent lawmakers into orbit; Senator Jake Garn took a junket on the Space Shuttle back before the Challenger disaster, and John Glenn heads off in the fall. But never has America put a presidential aide in space. Can this one fly? "We can teach anyone to become a cosmonaut as long as he's not an idiot...
...Glass-Steagall Act, passed in the Depression to help limit risk following a banking-system failure--have been all but abandoned, a testament to the fact that all markets move on--and none faster than money markets. The last time this happened was in 1982, when the Garn-St. Germain Act repealed old regulations and allowed savings and loans to graze for investments in areas like real estate and mineral development. The result was an unmitigated disaster, with taxpayers getting stuck with a $500 billion mess...
...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...