Word: ls
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Dates: during 1980-1989
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...would be hurt by a bill cracking down on reckless savings and loan executives than the plight of a constituent he does not know -- Joe Sixpack faithfully depositing his weekly savings into a 5% passbook account. When friends of Wright and Coelho who were heading up failing S & Ls came under investigation for fraud, the Democratic leaders were not only willing to take their calls and visits but to stall legislation and a federal investigation that would have cracked down on these people...
...disposal of such a huge property glut presents Government bureaucrats with a very delicate situation. If they try to unload the property too fast, they could sharply depress the real estate market and the value of the assets they still hold. The falling prices could put even more S & Ls in jeopardy by undermining their outstanding real estate loans. Already the impending sales have frightened real estate investors and kept a damper on prices, especially in the hard-hit Southwest. The federal holdings, says Dallas S & L adviser Richard Kneipper, are like a "tidal wave about to crush...
However, it provided a big loophole for about a third of the nation's 3,000 S&Ls by allowing an accounting item known as "good will" to be counted as capital for the next 25 years. Good will represents the value of an institution's customer loyalty and other intangible assets...
...would also reorganize the regulatory bureaucracy, provide $50 million a year for the Justice Department to pursue fraud in S&Ls and enact other reforms, chief among them a requirement that thrift owners back their lending with more of their own capital...
Declaring that "goodwill isn't worth doodly-doo," Metzenbaum insisted that S&Ls have at least 1.5 percent in "tangible capital"--cash, stocks and property that could easily be converted to cash and could be seized, in the event of a failure, before turning to government deposit insurance funds...