Word: loaned
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Dates: during 1990-1999
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When the phone rings for Michael Josephson, it usually means that something has gone wrong. Spectacular disgraces like the savings and loan mess and the police-brutality scandal in Los Angeles have aroused public concern about corruption, and corruption -- and how to avoid it -- is one of Josephson's chief concerns. A former law professor at Loyola Marymount University in Los Angeles, he specializes in teaching ethics courses to government officials, businessmen and just plain citizens. Whether the problem is statehouse wrongdoing or corporate misconduct, his telephone rings often these days with the same request: Can you help...
...thought the judge was very fair," remarked former Dallas thrift owner Don R. Dixon last week. Fair and then some. Dixon was convicted last December on federal charges that he used funds from his Vernon Savings & Loan $2 million to pay for a California beach house and $10,000 for prostitutes for board members. Though Vernon's former chairman, Woody Lemons, had been sentenced to 30 years, U.S. district court Judge A. Joe Fish gave Dixon only five years, pointing out that the jury had not found him responsible for Vernon's $1.3 billion failure. Dixon could be paroled after...
...filed a claim in federal court against the giant Cleveland-based law firm Jones, Day, Reavis & Pogue. The RTC seeks more than $50 million in damages, citing Jones Day's alleged "endorsement of and/or acquiescence in" the actions of Charles Keating and his associates at California's Lincoln Savings & Loan, the nation's most spectacularly failed thrift. Jones Day denies all charges...
...main player is Maxxam, a Houston conglomerate that issued junk bonds in order to purchase the lumber firm that formerly owned the forest. Among the bond buyers: the infamous Columbia Savings & Loan of Beverly Hills, which was seized by the government in January. The seizure has left Uncle Sam holding Columbia's share of the Maxxam bonds. Maxxam, left short of cash by the takeover, has increased the cutting and selling of the redwood timber, thus infuriating local conservationists...
...winter by the war-induced spike in fuel prices and slump in travel, flew into the shelter of Chapter 11 bankruptcy protection last week, joining recent arrivals Continental Airlines and Pan Am (with TWA circling overhead). Midway's jets continue to fly, thanks in part to a $40 million loan from Continental Bank, which will be first to be repaid if the airline fails in its attempt to reorganize...