Word: loaned
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Dates: during 1990-1999
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...take advantange of that $100,000 insurance fast," says Hemming. Wise opened an office that did nothing more than generate new deposits by telephone solicitation. He advertised market- breaking high interest rates called the Silverado Prime. But paying those rates meant Silverado had to get a higher return on loans. To do this, Wise and Metz gradually moved Silverado out of the home-loan market, abandoning small local builders and buyers in favor of big depositors and even bigger developers...
...Silverado executive: "They began playing musical chairs with their auditors, and all kinds of things were going on between the federal regulators and management because of the dubious appraisals on property. Silverado would lend a developer $10 million, plus the money he needed to pay the interest on the loan, and then when the developer came back in a year after repaying nothing, they would roll the whole loan over and give him more money on top to pay new fees and interest. When inside auditors complained about irregularities, they ((the auditors)) were hushed...
...lavish parties, and they had become friends. Good opened a $750,000 line of credit for Bush, promised more and flashed visions of wealth before his new chum. He even lent Bush $100,000 to invest in a hot commodities tip. The tip fizzled, and Good forgave the loan, an arrangement Bush later acknowledged as "fishy...
...estimated $100 million personal fortune, controlled $1 billion in financial assets and counted a handful of U.S. Senators among his powerful buddies. Last week he stood as a wretched symbol of the past decade's financial follies. After the former owner of California's bankrupt Lincoln Savings and Loan was indicted on 42 counts of criminal fraud and was unable to raise the $5 million bail, police handcuffed and jailed him. California alleges that Keating bilked investors who bought $250 million of now virtually worthless junk bonds. The state's charges were the latest in a flood of legal actions...
...deregulating the industry at the start of the decade, politicians looked the other way as reckless thrifts financed countless condominium blocks and office towers that now stand empty. Meanwhile, many questionable -- and sometimes criminal -- business practices were allowed to flourish. When bond salesmen for Keating's Lincoln Savings and Loan went to work, a memo advised them: "Always remember the weak, meek and ignorant are always good targets...