Word: loan
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Dates: during 1980-1989
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...seven-year-old bank is solidly profitable, a respected institution in Encino, Calif. But John J. Keating, president of Lincoln National Bank, is getting a bum rap all over town. The banker and his institution are suffering from guilt by association with Charles Keating, the savings and loan operator whose Lincoln Savings and Loan of Irvine, Calif., was taken over by federal regulators last April. Charles Keating is a subject of a congressional investigation to determine if he tried to buy favors from five U.S. Senators. John Keating, on the other hand, is not even wanted for a traffic violation...
...American were questioned by the Internal Revenue Service or other authorities about the source of his wealth, he could point to his loan from a respected international bank. "Many of your largest corporations, many of your movie stars, do much the same thing here," says the banker. "We wouldn't want to handle criminal money, of course. But if it's just a matter of taxes, that is of no concern...
After more than two troubled years as the Government's top savings and loan regulator, M. Danny Wall fell victim to the nation's spreading S&L scandal. The clamor for his ouster mounted last month after lower-ranking bank examiners told Congress that Wall had unduly delayed for 21 months a Government takeover of high-flying financier Charles Keating's Lincoln Savings & Loan Association, whose collapse could cost taxpayers $2.5 billion. Last week Wall finally bowed to the pressure and resigned as director of the Office of Thrift Supervision. He had been victimized, Wall complained, by "simplistic efforts...
...allowed scandals rivaling the estimated $8 billion imbroglio at the Department of Housing and Urban Development to go undetected. But the gravest worries were triggered by concerns about the solvency of more than $5 trillion in federal credit and insurance programs that cover everything from bank deposits to student loans and Third World aid. While no one expects all such programs to fail, bad debts and write-offs are steadily increasing. "Losses from these programs have already cost the taxpayers tens of billions of dollars and have had a significant impact on the federal deficit," warns Charles Bowsher...
...sloppy accounting and slack Government supervision that allowed the S&L debacle to go unchecked. Because many agencies kept such poor books, GAO auditors could not even determine how much of the $5 trillion is at risk of default. "The ignorance, incompetence and corruption in many of the Government loan and loan-guarantee programs are appalling," says Dingell...