Word: loaned
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Dates: during 1990-1999
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Inflation-zapper Alan Greenspan raised key interest rates by a whopping one-half of 1 percent today. The discount rate and the federal funds rate now stand at 4 percent and 4.75 percent respectively. (Both are rates that the central bank charges banks for loans.) Private banks dutifully took Fed chief Greenspan's cue and raised their lending rates as well.While a rate hike was anticipated, its magnitude was not: previously, economists pegged the increase to 0.25 percent. Today's action has the Democrats in Congress more than slightly peeved at Greenspan. And rightly so, says TIME's Business assistant...
...show how half a dozen Clinton aides, including those closest to the President and his wife, pressed officials at the Treasury Department and the Resolution Trust Corporation earlier this year to maintain or wrest control of the RTC's probe of Madison Guaranty, a failed Arkansas savings and loan linked to the Clintons...
Altman could be forgiven if, four days later, he thought he heard moving vans coming up the driveway. On Friday the Senate Banking Committee opened hearings on whether White House and Treasury officials had intervened in a federal investigation of a failed Arkansas savings and loan with ties to the Clintons. Republican Senators charged Altman not only with lying to Congress about the extent and nature of those contacts but also with breaking federal rules of confidentiality by telling the White House about the progress and timing of the probe. Altman was in a good position to know. From March...
...White House officials have exerted a kind of obsessive reluctance at every level to just let the government do its work. Evidence is growing that rather than allowing the RTC to try to recover the $47 million in lost taxpayer funds from the officers of a failed savings and loan, the Clinton team tried to monitor the agency's investigation and prevent strangers from taking control of it. White House officials plead the alternatives: they didn't try to influence the RTC probe, and besides, the investigation proceeded without obstruction anyway...
...White House over the Whitewater affair. He nonetheless apologized for potentially misleading testimony given at an earlier hearing. During intense grilling by committee members, Altman pointed out that three independent investigations had discovered no interference by Clinton Administration officials in the case of the failed Madison Guaranty Savings & Loan. Earlier in the day, Treasury Secretary Lloyd Bentsen's chief of staff, Joshua Steiner, tried to dismiss the accuracy of entries in his diary, in which he had written that Altman had "gracefully ducked" a question about Whitewater-related meetings...