Word: loan
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Dates: during 1970-1979
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According to the newspaper stories, Lance may have: 1) misused funds of the Georgia bank, when he was its president, in a loan deal with the First National Bank of Chicago; and 2) mortgaged his political influence to get large personal loans. In addition, TIME has learned that Lance prodded the Carter Administration to help the chairman of a Tennessee bank that had lent...
...charges were promptly denied and, at week's end, the evidence concerning Lance's loans was inconclusive-and in some respects plainly on his side. But the charges were so serious-and so well publicized-that Democratic Senator Abraham Ribicoff, chairman of the committee, called for an investigation; the committee will decide this week whether to begin a probe. "If we just drop this thing," said Ribicoff, "we would be doing a disservice to Mr. Lance, a disservice to the President and a disservice to the country." Meanwhile, investigators from the U.S. Comptroller's office gathered...
Breathless Claim. This loan was the focus of the most sensational of the charges. New York Times Columnist William Safire, a former Nixon speechwriter, raised the question of whether the $3.4 million loan that was granted on Jan. 7, after Lance had accepted the sensitive OMB job, was a "sweetheart loan." Safire claimed rather breathlessly that the deal was an opportunity for the bank's chairman, A. Robert Abboud, who is extremely influential in Chicago Democratic politics, "to gain life-and-death financial control over the man closest to the President...
...Lance had borrowed $2.7 million from Manhattan's Manufacturers Hanover Trust to buy 21% of the stock in the National Bank of Georgia (NBG). It was to refinance this loan, and to repay other debts, that he sought his $3.4 million loan late last year...
...Enterprises, one of whose major shareholders is Anne Cox Chambers, Jimmy Carter's choice for Ambassador to Belgium. On May 17 he flew from Washington to Knoxville, Tenn., and back aboard the private jet of Knoxville's United American Bank, from which Lance has a $443,000 loan outstanding. Then the plane ferried Lance and his wife to New York. Later, a plane owned by Atlanta Newspaper Distributor Edward Elson flew the couple back to the capital, gratis...