Word: l
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Dates: during 1980-1989
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Executive Vice Presidents: Donald M. Elliman Jr., S. Christopher Meigher III, Robert L. Miller...
EXECUTIVE EDITORS: Edward L. Jamieson, Ronald Kriss...
...sign this monster." So said President Bush last week as he stamped into law his long-awaited and much debated savings-and-loan bailout bill. The legislation, / which will rescue ailing thrifts at a cost estimated at $300 billion over the next 30 years, promises to transform the S & L business into a far smaller -- and potentially stronger -- industry. The law will also impose a sweeping reorganization on the Government's thrift regulators: the Federal Home Loan Bank Board, now independent, will become a Treasury Department agency called the Office of Thrift Supervision...
...decades. That is because the off-budget money will have to be borrowed by the Resolution Funding Corporation, the Government agency responsible for restructuring the thrift industry, which will have to pay investors higher interest rates than the Treasury pays for on-budget borrowing. As a result, the S & L rescue's first installment is a case of bail now, pay later...
WRITER-REPORTERS: Edward M. Gomez, Alain L. Sanders...