Word: loaned
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Dates: during 1980-1989
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Last week the spotlight also fell on M. Danny Wall, picked by the White House in July 1987 to replace Edwin Gray as chairman of the Federal Home Loan Bank Board. Gray, a onetime captive of the savings and loan industry, lost his job when he began to speak out about the extent of the S & L fraud...
...Wall removed the Lincoln investigation from the bank board's San Francisco office to Washington, postponing the closing of the savings and loan by two years. That delay will add $1.3 billion to the taxpayers' cost of repaying depositors and unloading Lincoln's washed-out investments. "My responsibility was to see that this was not a lynch mob after Keating," Wall explained to TIME last week. "The San Francisco office has a history of being hysterical, overzealous, swept away by smoke where there is no gun." Yet ; Wall's Washington audit eventually confirmed San Francisco's warning to the Senators...
Unlike the Senators who seek campaign contributions from the likes of Keating, Wall had nothing to gain but the continued esteem of the thrift industry for his consistently low estimates of the extent of the savings and loan debacle. He is a stolid former city planner from Salt Lake City whose only extravagance seems to be his natty suits and monogrammed shirts. As the top aide to Republican Senator Jake Garn of Utah when Garn was chairman of the Senate Banking Committee, Wall became a favorite of S & L owners. Says Senator Leach of Wall's 1987 appointment: "The industry...
Wall will defend himself this week before the House Banking Committee. But its chairman, Henry Gonzalez, has already called for his resignation. Last week even George Bush left Wall to twist in the wind: "If part of the savings and loan problem proves to be management or regulation people that aren't aggressive enough, would ((I)) make a change? . . . The answer...
...since all the tax relief they get from such generosity is the cost of their materials. Thus, in a historic fit of legislative folly, the Government began to starve its museums just at the moment when the art market began to paralyze them. It bales out incompetent savings-and-loan businesses but leaves in the lurch one of the real successes of American public life, its public art collections...