Word: mcbirney
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...charge when the multibillion-dollar casino was opened, Republicans have been feigning shock -- shock! -- that any gambling was going on at all. The Administration has belatedly been making a great show of prosecuting the most egregious offenders. Just last week the government charged high-profile Dallas thrift owner Edwin McBirney III with 17 counts of bank fraud. Cleaning up the mess at his Sunbelt Savings Association of Texas, which was taken over by regulators in 1986, has so far cost $2 billion...
...while the Administration was taking credit for nailing McBirney, it was attracting criticism for allowing yet another set of dealmakers to get rich. Last week Senate judiciary subcommittee chairman Howard Metzenbaum called on the government to tear up a deal made by M. Danny Wall, former chairman of the Federal Home Loan Bank Board, with Arizona insurance executive James Fail. In 1988 Wall allowed Fail to acquire 15 insolvent Texas S&Ls in exchange for $1,000 in cash and $70 million in borrowed money, and threw in $1.85 billion to cover the liabilities of the bankrupt thrifts. Fail...
...syndrome," says Henry Oncken, the U.S. Attorney in Houston. "The more they made, the more they got caught up in making more." Some S and Ls that believe they were plundered by their officers are taking them to court. Dallas-based Sunbelt Savings Association is suing former Chairman Edwin McBirney III and other ex-managers for $630 million. The suit alleges in part that McBirney paid "excessive commissions and fees" to friends and relatives. In one instance, McBirney is accused of allowing a company owned by his wife to borrow more than $200,000. McBirney / calls the allegations "an effort...
Profiting from Failure. One budding entrepreneur, Ed McBirney, 19, rents $68.94 refrigerators to students for $25 per semester. All his receipts go toward paying off his 100 refrigerators but he profits in a nonfinancial way: 75 customers are datable women. Students also lease trailer-borne marquees to Dallas stores, or design football bumper stickers and sell them to alumni. Some enterprises die aborning. Jerry White, 26, devised a plastic sheathing to protect telephone poles from woodpeckers but found it too expensive to produce. Other students are still gamely trying to develop a drown-proof infant bathtub, a self-testing...
...Whist Club] players . . . should consider whether at this point in the course of human events it has not become necessary to dissolve-the bonds which have connected them with the [A.C.B.L.]." Said one of the tournament's players: "[Sobel] should know the meaning of persecution." Snapped John McBirney, president of the University of Toronto student council: "They may have that sort of thing in the United States but for an American to bring it up here is disgusting...