Word: ls
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Dates: during 1980-1989
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...centerpiece of Beebe's empire was AMI, his company based in Shreveport, La., which invested in banks and thrifts, insurance companies, motels and nursing homes. Beebe and his colleagues at one time or another held control of nearly 40 banks and S & Ls, through which they allegedly made insider "back- scratching" loans to finance one another's high-risk moneymaking schemes. Their tower of debt collapsed in 1986, brought down by the energy bust and tenacious federal investigators. Having pleaded guilty to two counts of fraud in 1988, Beebe, 61, now washes laundry in a federal prison in Texarkana, Texas...
...spirit of professionalism and independence in the Home Loan Bank System and in the FSLIC ((which insures S and L depositors)) certainly had something to do with the weaknesses of the supervision and the regulatory effort. You can argue that's all great -- that we gave the S and Ls all this opportunity to go out and do it in the interest of entrepreneurship and a bright new financial world. But I think we've lost a little sense of balance. Hey, look at the Pentagon, which spends $300 billion a year. Are they doing a good job? And they...
...giant, the third largest savings and loan association in the U.S., with assets of $31 billion, was indignant in 1987, when the fees it pays the Federal Savings and Loan Insurance Corporation for insurance coverage on deposits went up by 150%, to $43 million a year. Healthy S and Ls like Great Western were being forced to subsidize the cash-starved agency's efforts to rescue scores of poorly managed, insolvent institutions...
...commercial banks. Since banking problems have not become as severe as the S and L crisis, the FDIC has not raised its premiums as much as the FSLIC and would charge the California institution only $17 million. Congress passed a law in 1987 prohibiting most federally insured S and Ls from abandoning the FSLIC, but Great Western's executives plan to circumvent the ban by merging with a Washington State savings bank that is already covered by the FDIC...
Federal regulators are bound to fight the defection in order to discourage other healthy S and Ls from attempting to follow suit. A mass desertion could bankrupt the FSLIC fund and saddle taxpayers with the expected $50 billion to $100 billion bill for rescuing the savings industry...