Word: loaned
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Dates: during 1970-1979
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...accusations that he had acted improperly while president of the National Bank of Georgia, his job before joining the Carter Administration. The major charge was that the Georgia bank had wrongly deposited $200,000 of its funds at Chicago's First National Bank in exchange for a personal loan to Lance of $3.4 million (TIME...
...hours and ten minutes, with Lance beaming broadly. Finally, Florida Democrat Lawton Chiles declared that the committee was giving him "our sort of Good Housekeeping seal of approval." It was clearly a reprieve for Lance, but not the final verdict. A more thorough probe of the Chicago loan by the U.S. Comptroller of the Currency may be completed by the end of this week...
...testimony, Lance tried to shoot down the charges against him, one by one. He maintained that the deposit of the Georgia bank's funds in Chicago's First National was a "normal banking relationship" and had no connection with his personal loan. Noting that the interest rate on the loan is three-quarters of a percentage point above the prime rate, he declared: "It is payable quarterly, it is a demand note, and I think it is a proper rate...
...hearing that "definitive negotiations" had begun for the sale of the budget director's 200,000 shares of Georgia bank stock, most of which Lance had bought in 1975 with $2.7 million borrowed from Manhattan's Manufacturers Hanover Trust. He later refinanced this debt with the loan from Chicago's First National. The potential buyer of Lance's stock is reclusive Atlanta Businessman David N. Smith, 39, who became a millionaire by selling tape-recorded language lessons overseas and minicomputers to biorhythm cultists. He wants the shares as the opening wedge in a financial transaction that...
Cracked Open. Now the FBI has started a special computer-fraud program at its training center in Quantico, Va. Instructors have set up a model computer-controlled bank, complete with fictional account holders and loan applications, and they give the students only a few clues about what kinds of fraud might be involved. Next month the FBI school will begin giving its four-week training course to state and local policemen...