Word: ls
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Dates: during 1990-1999
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...made in the '80s, when it encouraged healthy thrifts to take over failing S&L's by allowing them to report the losses sustained by the insolvent institutions as "goodwill" assets. In 1989, however, feeling the offer had been too generous, Congress passed a law blocking healthy S&Ls from counting the goodwill assets as part of their minimum capital requirements. The change left many thrifts financially devastated; several sued. The Court ruled that it would have been "madness" for the three S&Ls named in the case at hand to have taken over failing S&Ls if they couldn...
MCDOUGAL FOUND HIS NEW FUNDING IN JANUARY 1982 by buying a controlling interest in the Woodruff County Savings & Loan Association in Augusta, Arkansas. Since new laws allowed S&Ls extraordinary latitude in making loans with their federally insured deposits, McDougal began buying more land and building developments. He also renamed the S&L, once again turning to a favorite President for inspiration: Woodruff became Madison Guaranty Savings & Loan. He opened a flagship office in Little Rock and began seeing the Clintons socially again (Bill had won back the Governor's job in 1982). Thus McDougal happily agreed to hold...
...worried when political parties cooperate. Isn't that what happened when they agreed to deregulate S&Ls and bankroll the military during the 1980s? Our hopeless national debt is the legacy of that chumminess. At such times the politicians either award bucks to their friends or bring contracts to their home states. We can't afford to have the directionless Democrats cuddling up to the Republicans...
...Bradford, Pennsylvania, where he is serving 14 years for charges relating to bribes and kickbacks. When Harold Greenwood was chosen as a future leader in 1974, he was president of something called the Midwest Federal Savings & Loan in Minneapolis. Had we known then what we know now about S&Ls, we might have been able to guess that in 1991 he would be convicted of fraud. Molecular biologist David Baltimore was 36 when TIME selected him for the 1974 list; the following year he won the Nobel Prize for Medicine, and in 1990 he became president of Rockefeller University...
...fact, in the early 1990s, Lennar was thelargest buyer of Florida real estate from theResolution Trust Corporation, the federal agencyestablished to liquidate insolvent S&Ls...