Word: heimann
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Dates: during 1970-1979
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...rink, because the Omni's owners were failing to pay off $90 million in debts. And last week Richard Kattel, boy-wonder chairman of Georgia's largest bank, Citizens and Southern National (assets: $3.5 billion), quit in frustration. His reason: Comptroller of the Currency John G. Heimann, the chief U.S. banking regulator, had just forced C & S to reclassify as questionable an additional $11 million in loans, mostly on real estate. That will convert the skimpy $3.2 million profit that the bank reported for 1977 to a $7.8 million loss...
...Hans L. Heimann...
...fact, federal bank examiners and Comptroller of the Currency John Heimann had found that Lance had violated civil statutes banning loans of more than $5,000 from a bank to any executive of that bank, and in failing to file reports to his two banks' directors on his many loans and his outside business interests. Heimann had concluded only that prosecution was not warranted. The Justice Department, the IRS and the Federal Election Commission, moreover, are investigating Lance's frequent use of a National Bank of Georgia airplane for apparently personal and political purposes...
Lance was wrong in claiming that federal examiners had not considered him to be in violation of a U.S. law forbidding any bank officer to get a loan of more than $5,000 from his own bank for his personal expenses. A federal examiner in 1971 and Comptroller Heimann this year both reported that Lance had been technically in violation of this civil statute, since an overdraft is, in effect, a loan. Maryland Republican Charles Mathias Jr., mixing metaphors, termed the practice of letting Lance's campaign committee "write rubber checks that wouldn't bounce, like the goose...
This murky area of what is proper and improper is at the heart of the banking industry's worries about the Lance affair. As Comptroller of the Currency John Heimann declared in his report last month, the OMB director's finances raised "unresolved questions as to what constitutes acceptable banking practice." Bankers fear that congressional reformers will seize on the nationwide hue and cry over Lance to resolve those questions by further tightening of federal banking laws...