Word: leaching
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...Iguchi confession was the second revelation last week to batter the once towering reputation of Tokyo's banking system. Three days earlier, Jim Leach, chairman of the U.S. House Banking Committee, had disclosed that the Fed had agreed to come to the rescue if a liquidity crisis beset U.S. subsidiaries of Japan's banks. The news provoked concern among government officials in both countries. Tokyo feared that breaching the agreement's secrecy would create financial-market anxiety by raising more questions about Japanese banking stability. The Fed's portrayal of the agreement as virtually risk free raised hackles in Washington...
...Iguchi confession and the Leach statement immediately made things tougher for Japan's banks by increasing their cost of doing business. Japan's banks are now usually charged a premium of 0.3% to 0.4% for their international interbank borrowing. After Iguchi spoke in court, however, the "Japan premium" nearly doubled for the more troubled Japanese banks. The premium had also edged higher after Leach revealed the existence of the Fed's agreement with Tokyo. The U.S. move had a double-edged effect--while it served to reassure financial markets of an emergency backstop for Tokyo, it also implied that Japan...
Thousands of pages of documents released by House Banking Committee chairman Jim Leach supplied new information about the Clintons' handling of their Whitewater real estate venture in the mid-1980s as well as their complicated relationship with business partner Jim McDougal. Rumpled and unfailingly polite, Leach claimed that his committee's investigation had uncovered a pattern of cronyism in which McDougal ponied up most of the money for Whitewater while receiving favors from former Governor Clinton and his wife. "In a nutshell," said Leach, "Whitewater is about...conflicts of interest that are self-evidently unseemly...
...something might still come out of Whitewater that could damage the President's chances of being re-elected, others take heart in polls showing that the public has largely lost interest. Said a White House official: "The American people are beginning to ask, 'Is there any there there?'" Despite Leach's assertion that "the evidence is in" showing a quid pro quo between the Clintons and the McDougals, his House hearings fell short of proving that the Clintons did anything illegal. The President's former business partner, meanwhile, was not shy in admitting that he and Clinton exchanged favors over...
...just two tense days ofWhitewater hearings,House Banking Committee Chairman Jim Leach has aggressively challenged theWhite House accountof President and Mrs. Clinton's passive role in the land development scheme. As one Democratic panel member after another angrily protested the proceedings today, three federal regulators charged that top government officials repeatedly thwarted their attempts to investigate the failed savings and loan owned by the Clintons' Whitewater business partner. Resolution Trust Corp. investigator Jean Lewis said she believed "there was a concerted effort to obstruct, hamper and manipulate the results of our investigation."TIME's Suneel Ratannotes that despite "the televised...