Word: ls
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Dates: during 1990-1999
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...insurance company collapses into bankruptcy, a shudder goes through the nation. The old concerns about Bush's feckless approach to domestic issues are beginning to reappear. "The serious problems haven't been addressed," says Houston lawyer Patrick Dugan, a Bush supporter who usually votes Republican. "The deficit, S&Ls, plummeting real estate. People were scared during the war. All the Saddam rhetoric, they focused on that. Now all of a sudden, the problems are back and they...
Even as S&Ls were teetering on the brink of bankruptcy, their financial health was being certified by accounting firms. As a result, one company is now threatened with loss of its license in California. The state board of accountancy has charged Ernst & Young with negligence in auditing Charles Keating's Lincoln Savings and Loan, whose 1989 collapse could cost taxpayers $2 billion...
...League of Savings Institutions -- a shamed lobbying group for S&Ls -- decided that its 1991 convention site in Las Vegas would only fuel the public perception that S&Ls have been run like a crap shoot for years. New venue: Disney World in Orlando...
According to one such document, Roger F. Martin, a former member of the Federal Home Loan Bank Board, which regulates S&Ls, told Senate investigators that Cranston called him at home late one night last spring and that DeConcini reached him the same way at 5:30 the next morning. Both had urged that Lincoln Savings be sold to an interested buyer rather than be shut down. Martin told the probers, "I have never, either before or since this incident, received a telephone call at home from any Senator or Representative regarding a board matter...
...what should you do about all this? Not much. If you're a normal Jane or Joe with basic auto, homeowner's, life and health insurance, you're probably fine, just as your money is safe in S&Ls -- even failed S&Ls. Jeannette Shulda is very much the exception to the rule. But as with the S&Ls, there are some indirect costs we may have to pay. Routine insurance policies, by and large, are not the cause of what may be looming insurance problems. But their price could go up if the solvent insurers have to pick...