Word: loan
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Dates: during 1960-1969
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...happened-and as Baker recounted in court-Kerr was deeply involved at the time in political infighting over the tax reform bill of 1962, which sought to end the special tax treatment enjoyed by savings and loan associations. At the suggestion of an industry lobbyist, Baker arranged a meeting in September 1962 between Kerr and Kenneth Childs, a Los Angeles S & L executive. Afterward, Baker went on, Childs informed him that "as a result of the conference with Senator Kerr," he was going back to California and get together a "substantial contribution to Senator Kerr, to be used...
...over the envelopes to Kerr. On one such occasion, Baker received two envelopes from Stuart Davis, board chairman of Los Angeles' Great Western Financial Corp. (who had previously testified that they contained $50,100 in campaign funds). When he gave the envelopes to Kerr, Baker continued, the Senator loaned him $25,000 of the money, with the comment that he would "replenish" it later from his own funds. Bobby also said that he visited Oklahoma after Thanksgiving, at which time Kerr gave him another $15,000-completing the $50,000 loan he had promised...
...Defense Attorney Williams said that when Kerr's Washington safe deposit box was opened following his death, it yielded "an equivalent sum to what had been turned over to him" by Baker. Without specifying that amount, Williams declared that Baker "did not commit theft from the savings and loan executives." Government attorneys this week will try to shake Baker's story under crossexamination. Whatever the outcome, his testimony will only becloud the memory of Bob Kerr-the man with whom Baker, according to his attorney, had "a father-son relationship...
...Government. The onetime boy wonder and Lyndon Johnson protege, now a pudgy 38, is estimated to have amassed $2,000,000 in assets, though his annual Senate salary was $19,612. In his opening statement, Justice Department Counsel William O. Bittman charged that Baker had persuaded California savings-and-loan-company officials to give him $100,000 as contributions for congressional candidates in the 1962 campaign, then pocketed $80,000 for himself. Called by the prosecution, Kenneth Childs, president of the Home Savings and Loan Association of Los Angeles-the nation's biggest S & L company, with assets totaling...
Other California savings-and-loan executives testified that they had heeded Baker's formula for political activism. Stuart Davis, chairman of the board of Los Angeles' Great Western Financial Corp., related that in October 1962 he had toted $50,100 in cash in two envelopes to Washington-only to sit around his hotel room for three days waiting for Baker to return his call. Finally, said Davis, "I received a telephone call, saying he'd like to come down to my hotel and see me." Davis said that he got the two envelopes out of the hotel...