Word: knapps
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Dates: during 1980-1989
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...Charles Knapp, chairman of California's huge Financial Corporation of America (assets: $32.7 billion), was sporting a new tan from a sailing vacation in the Caribbean last week, but what he had to say at a hastily called Los Angeles press conference contrasted sharply with his relaxed appearance. Under pressure from the Securities and Exchange Commission, Knapp explained, F.C.A. was adjusting its earnings report to show a second-quarter loss of $107.5 million instead of the $31.1 million profit announced earlier. The dispute with the SEC was a technical argument concerning the manner in which the company reported sales...
...problems, withdrew $1.4 billion in deposits, forcing F.C.A. to borrow emergency funds from the Federal Home Loan Bank in San Francisco. Coming just three weeks after the $4.5 billion federal bailout of Chicago's Continental Illinois Bank, the troubles at F.C.A. were particularly unsettling to financial circles. After Knapp's press conference last week, the Dow Jones industrial average dipped more than 15 points. F.C.A., the most heavily traded stock of the day, was the biggest loser, falling 21A points to 5. A year...
F.C.A. has sailed into rough waters almost as suddenly as it rose to prominence. Starting with a small California thrift with assets of $390 million, Knapp, 49, built up the financial institution to its present size in less than ten years. Last year the Los Angeles-based corporation gobbled up California's First Charter Financial, doubling its assets in one stroke. At the end of 1983 F.C.A. proudly boasted a 600% increase in earnings, to $172.5 million, or $5.13 per share...
...pilot who likes to restore vintage aircraft in his spare time, Knapp enjoyed being known as the Red Baron of the S & L industry. His biggest mistake was to gamble heavily that interest rates would fall. While other S & Ls hedged their bets by offering homeowners variable-rate mortgages, Knapp aggressively marketed fixed-rate mortgages at about 12.5% in the expectation of making big profits when interest rates fell. Instead, they rose slightly in the second quarter, putting the squeeze on F.C.A. To make matters worse, Knapp had permitted large institutional investments, many of which have deposits that exceed...
...eliminate the wild disparity in sentencing that resulted from the broad discretion given to both judges and parole officials, and to make sentences shorter. Conservatives wanted to guarantee that more offenders went to prison and stayed there. Both groups had abandoned rehabilitation as a purpose of incarceration. Says Kay Knapp, director of the Minnesota Sentencing Guidelines Commission: "When you move to a system whose premise is retribution, just deserts, that old kind of system starts looking less attractive...