Word: ls
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Dates: during 1980-1989
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...Most regulatory actions taken so far...will sharply increase costs to the general public," the report said. S&L regulators' practice of guaranteeing new owners of rescued S&Ls against losses for up to 10 years weakens the incentive to manage efficiently, it said...
...group of bankers found that out the hard way recently after telling the President that they supported his efforts to rescue the savings-and-loan industry. Sununu pulled out an ad the bankers were running trying to scare depositors away from S & Ls and into banks. "I take it, then," he growled, "this sort of thing will stop." When a utility boss complained that Bush's clean-air proposals would drive up his electricity rates, Sununu retorted that the utility already enjoyed rates below the national average, which the Government subsidized...
...industry lobbyists, whose lavish courtship of Congressmen fostered in the mid-1980s permissive legislation that is blamed for aggravating the thrift crisis. The industry fought to weaken the capital requirements in the current bill by pushing an amendment, sponsored by Illinois Republican Henry Hyde, that would have allowed S & Ls a regulatory hearing before they could be forced to comply with the new standards. Hyde, the industry's most vociferous advocate, is a leading recipient of S & L PAC contributions. After Bush threatened to veto the bill if capital standards were weakened, the amendment was firmly defeated...
While the bailout plan may reassure S & L depositors, the tough capital requirements will spell trouble for many marginal thrifts. James Barth, chief economist of the Federal Home Loan Bank Board, which regulates S & Ls, estimates that 674 thrifts, or almost one-fourth of all federally insured U.S. savings institutions, would fail to meet the new capital standards. As a result, many thrifts would be forced to liquidate or combine with healthier institutions...
...campaign giving; by the time Washington finally got around to addressing the S & L crisis this year, the cost of a bailout had swollen to an outrageous $158 billion or more over the next eleven years. Over the past three elections, according to the Wall Street Journal, the S & Ls gave $4.5 million to the members of Congress willing to protect them. House Banking Committee member Jim Leach, an Iowa Republican who refuses to take PAC money, believes this may be the disgrace that brings down the current congressional establishment. "We're looking at an eleven-figure fraud story that...