Word: heimann
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Dates: during 1970-1979
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Certainly, Carter's handling of the Lance affair is of far greater importance to the nation than Lance's future. When Comptroller of the Currency John Heimann concluded his inquiry into Lance's conduct as a Georgia banker with the verdict that Bert had done nothing that warranted prosecution, Carter pounced on the report as if it were a clean bill of health. It was not, yet the President made a point of whipping down from Camp David aboard a helicopter and proclaiming before a nationwide TV audience, "Bert, I'm proud...
...Lance Affair Carter's biggest immediate problem remained the continuing criticism of Budget Director Bert Lance in the wake of the mixed review that Lance received from U.S. Comptroller of the Currency John Heimann (TIME, Aug. 29). By his ringing endorsement of Lance ("Bert, I'm proud of you") Carter clearly opened himself to the charge that he was reneging on his pledge to avoid even the appearance of impropriety among his appointees. "There's no doubt that the President has used up some credit," said one White House staffer last week. "He told the people...
Financing Lance's campaign Comptroller Heimann's report took note of a more serious violation: overdrafts by the Calhoun bank on two accounts opened to finance Lance's unsuccessful campaign for Governor of Georgia in 1973 and 1974. One account was overdrawn by $76,000, the other by $152,000. Incredibly, the bank even paid bills for Lance's campaign activities totaling $78,000 and listed them as "bank expenses." The bank was later reimbursed by Lance. All this had been examined by the comptroller's office in 1975 and was found...
...Heimann's report showed no change in his office's critical attitude toward these deals. It declared that referring the matter to the Justice Department had been "appropriate." After keeping the case open for nine months, however, the U.S. Attorney in Atlanta decided that there was no basis for prosecution and closed it-just one day before the announcement of Lance's OMB appointment...
...Boss Bert Lance hit the headlines. One suspicion that was raised about Lance was that he used his position as head of the relatively small National Bank of Georgia to get personal loans from bigger banks with which the NBG had correspondent relationships. Although Comptroller of the Currency John Heimann last week found that Lance had done nothing to warrant criminal prosecution, he added that the whole affair "raises unresolved questions about what constitutes acceptable banking practice" (see THE NATION). It does indeed-but to understand why, it is necessary first to know what correspondent banks...