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...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...
...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...
...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...
...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...
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...