Word: mcbirney
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Dates: during 1990-1999
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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...