Word: loan
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Dates: during 1980-1989
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Often the cash vanishes from vaults only to reappear in the wallets of executives, who use it for personal pleasure. After Bell Savings and Loan of San Mateo, Calif., failed in 1985 with losses totaling $495 million, authorities found that Partner David Butler had used corporate funds to buy expensive racing airplanes for his exclusive use. Butler pleaded guilty to two felony counts and is awaiting sentencing. In the ongoing investigation of the failure of Texas-based Vernon Savings and Loan, in which regulators charge that top officials have looted the S and L for their own gain, former Senior...
Working on a grander scale, according to federal indictments, were the 111 defendants who have been charged with floating more than $500 million in bogus loans for a partly completed condominium development ten miles northeast of Dallas, alongside Interstate 30. One prominent S and L owner named in the case was Welba Lee Keetch, 52, a 300-lb. Texan known as Bubba. Authorities say Keetch and two colleagues kept $12.9 million from loans made by First Savings and Loan Association of Burkburnett, which Keetch controlled...
...Republic National Bank of Miami, the loan seemed sound: an $800,000 mortgage on a Coral Gables, Fla., home worth $1.2 million. But the U.S. ! Attorney seized the house in March because it was owned by Thule Holding Corp., a Panamanian company controlled by Indalecio Iglesias, a convicted drug trafficker...
...government has got to give a signal that an individual takes a risk using drugs, and that he cannot expect thepublic to subsidize [such use]," said an aide toRep. Thomas Coleman (R-Mo.), who hasunsuccessfully sought to insert an anti-drugstipulation into a House bill on GuaranteedStudent Loan default...
Defense suppliers, hurt by budget cuts and scandal, face hard times. -- Washington vows drought relief. -- Immigrant loan clubs...