Word: lincoln
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Dates: during 1980-1989
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...DeConcini's office. DeConcini is quoted in notes from the meeting telling the examiners that "actions of yours could injure a constituent." Glenn said, "To be blunt, you should charge them or get off their backs." Riegle asked, "Where are the losses?" The federal banking agents pointed out that Lincoln was "flying blind on all of their different loans and investments," that there was no underwriting on most loans, that the bank's practices "violated the law, regulations and common sense" and that a $49 million profit reported for 1986 was a result of bookkeeping trickery...
...bomb was allowed to keep ticking for two more years. Fortunately for Keating, FHLBB head Gray was replaced by the very sympathetic M. Danny Wall, a former aide to Utah's Republican Senator Jake Garn. Wall transferred responsibility for Lincoln from San Francisco to Washington. At House Banking Committee hearings on Oct. 17, L. William Seidman, head of the Resolution Trust Corp. and chairman of the Federal Deposit Insurance Corporation, criticized Wall for keeping Lincoln open. As a result, the federally guaranteed cost of paying back Lincoln's depositors went up $1.3 billion, to $2.5 billion. Nationwide, the whole debacle...
...sued Keating and other insiders for bilking Lincoln of $1.1 billion. Among other things, the suit alleges, Keating, his wife, his daughter and five other insiders sold 1 million shares of American Continental Corp., which owns Lincoln, to the employees' stock-ownership plan for nearly $8 million, more than they were likely to get on the open market...
Keating is also being sued by Lincoln customers, who claim they came into the bank to make insured deposits but in a classic bait-and-switch were steered into buying uninsured securities issued by ACC to keep the institution afloat. In hearings held by the House Banking Committee, Congresswoman Marcy Kaptur of Ohio read a letter from a 65-year-old man who was persuaded by a Lincoln saleswoman that the ACC bonds were just as safe as insured certificates of deposit, paid a point more in interest, and ran only ten months. "If ACC goes under in ten months...
Common Cause has asked the Senate ethics committee to appoint an outside counsel to investigate the five Senators' efforts for Lincoln and their alliance with Keating, who has been in trouble with federal regulators once before. In 1979 the SEC cited Keating for receiving illegal loans and using corporate funds for the personal benefit of insiders...