Word: loaning
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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...
...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...
...largest recipient of such loans was apparent front man Pharaon, who got at least $280 million. According to Price Waterhouse, the loans were "$100 million in excess of limits" and exceeded 10% of the bank's capital base. Most banks would hesitate to lend anywhere near that amount of capital to a single customer. Auditors also found millions of dollars passing through Pharaon's and his brother's accounts, including stock sales and transfers, yet could find no loan agreements, promissory notes or correspondence to explain the activity...
...circling closer in 1987, Paul acquired new partners in the form of Ghaith Pharaon and his invisible sponsor, B.C.C.I. With Pharaon came the presence of apparently deep Saudi pockets, which was precisely the assurance Paul and Pharaon gave when they met in 1987 and 1988 with the Federal Home Loan Bank Board's then chairman, M. Danny Wall, to argue that the bank would be able to meet its commitments...