Word: loan
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Dates: during 1980-1989
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...years. Last week it looked as if the impolitic Arizona politician might also be facing a prison term. But after a little more than six hours of deliberation, a jury acquitted Mecham and his brother Willard of charges that they violated election laws by concealing a $350,000 campaign loan...
Wright admits that he put pressure on the Federal Home Loan Bank Board in 1986 to soften regulatory proceedings against a Dallas real estate syndicator and some Texas savings and loan associations. He says, however, he was merely "acting as an ombudsman" for the constituents he represents, which is not just a right but a duty for a Congressman. Wright seems to have been rather incurious about the constituents he went to bat for -- one has since been charged with helping to defraud the S and L he headed of $40 million. Nonetheless, Wright has a defense unavailable to Meese...
Even in an era of perilously go-go thrifts, the two California savings and loan associations seemed to be looking for trouble. One of them loaned money for energy schemes ranging from windmill farms to cow-manure incineration, while the other served as a whimsical and allegedly fraudulent investment machine for its owner, a former dentist. Last week federal regulators said they would liquidate the two ailing S and Ls, a drastic step for institutions so large. The Federal Savings and Loan Insurance Corp., which guarantees thrift deposits, will spend a record $1.35 billion in cash to pay off insured...
...Federal Home Loan Bank Board, which regulates savings and loans, tries to avoid cash bailouts, preferring to merge insolvent institutions with healthier ones. But the two California thrifts were poor prospects for such a rescue because they lacked loyal, small depositors. Instead, the two institutions attracted funds from money managers who demand higher-than- average interest rates...
DESCRIPTION: Federal Savings and Loan Insurance Corporation's total reserve, 1982-1987; Color illustration: FSLIC building floating in life preserver...