Word: loaned
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Dates: during 1980-1989
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...fast-buck artists who contributed to the savings and loan crisis, Herman Beebe Sr. is among the most notorious. Rising from an impoverished boyhood in Louisiana's woods, Beebe had built, by the early 1980s, a $150 million financial empire that stretched across the Sunbelt. But the brash, stocky financier was actually a ringleader in a network of good ole boys who helped ruin more than a dozen savings institutions by handing out as much as $10 billion in reckless loans -- some of which ended up in Beebe's own pocket. Recalls Beebe's son Ken, who worked...
...Cage, a U.S. Attorney in Louisiana who prosecuted Beebe. Rather than exert his ownership outright, Beebe often held control behind the scenes. One of his tactics was to stake friends like the high-flying financier Don Dixon, who relied on Beebe's backing to acquire Texas-based Vernon Savings & Loan in 1982 and rode the institution to a spectacular collapse...
...under the glare of investigations, Beebe's roof began to cave in. He was convicted in 1985 of defrauding the Small Business Administration on a loan it made to finance a nursing home from which Beebe allegedly profited. Beebe was sentenced to perform community service, while some of his associates were acquitted. Two years later, the Government accused him of fraud for making loans to a quarter-horse breeder with whom Beebe allegedly held an interest in a tax-shelter scheme. After the 1987 mistrial, Beebe pleaded guilty last year to the two fraud counts...
...would be well. A 51% federal salary increase would quietly take effect, the Cabinet could be swiftly and pleasantly confirmed, sleaze would disappear in a warm glow of mutual trust. If everyone would make the same rosy economic assumptions, money would be found to pay for the savings and loan cleanup just unveiled and the budget just proposed...
...part time at Universal Studios. After graduating in 1968, he landed a job in the mail room at the William Morris agency. Within a year, he was promoted to agent. Six years later, he and four other young colleagues quit to form CAA with only a $21,000 bank loan. Says Ovitz: "Of course I was scared. I was barely 27 at the time. We didn't take a paycheck for almost two years. Our wives took turns serving as secretaries. In the early years, I couldn't get a good table at a restaurant. I felt like an extra...