Word: loaned
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Dates: during 1990-1999
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...system is rife with the potential for corruption. But despite rising public resentment, Congress was unwilling to change it until Charles Keating came along. He is the former savings and loan chairman who doled out $1.4 million to the so-called Keating Five -- four Democrats and a Republican who ran interference for him with federal regulators investigating his fraud- ridden thrift. When asked if his money had bought the Senators' services, Keating replied, "I certainly hope so." Says Common Cause President Fred Wertheimer: "Keating has confirmed the public's worst fears...
Copley Plaza Hotel, Boston, Mass. Aeneas Holdings and Phemus gave the developer a $20 million loan. In exchange, Harvard acquired an interest in the land beneath the posh city landmark...
...TRUST YOUR INSURER . . . There are ominous signs that the insurance industry may be facing a crisis that could rival the savings and loan debacle. Though insurers get income from premiums, most of their earnings come from investments, which have suffered major losses due to plunges in the real estate and junk-bond markets. Some are stuck with more than $1 billion in troubled mortgages, and the industry as a whole owns $60 billion worth of junk bonds. Compounding concerns is the fact that 1989 was one of the costliest years for accidents: tens of billions in claims are being processed...
...Mattox, whose campaign slogan was "Texas Tough," accused Richards, a silver-haired grandmother and recovering alcoholic, of being a marijuana-smoking cokehead when she was Travis County commissioner more than a decade ago. She accused him of financial shenanigans, including taking a large campaign contribution from a savings and loan operative. In a television ad, Richards also brought up Mattox's 1984 indictment on a bribery charge, without mentioning his acquittal. Former Democratic Governor Mark White, who finished third in the March 13 primary, jumped into the pecking party, accusing Richards of using tactics worthy of Nazi SS chief Heinrich...
This Monday we were called upon to shell out $489 billion in individual taxes. The estimated total cost to taxpayers of the savings and loan bailout is now up to $500 billion, and counting...