Word: messes
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Investigators like Pankau are playing a growing role in helping sort out the savings and loan mess, a debacle that could cost more than $300 billion over the next three decades. According to top federal regulators, fraud was responsible for as much as 60% of all S&L failures in 1989. By hiring investigators to pick up the paper trail where overburdened prosecutors have left off, the new buyers of old thrifts can often recover a hefty share of the loot. "There's a real demand for specialists who can read between the lines," says Joseph Wells, chairman...
...Second, some decent people are working on the problem. One of them is William Seidman, the chief U.S. banking regulator, who has generally been frank and realistic in trying to handle the mess -- too frank and realistic for President Bush, who aims to replace him with William Taylor, a low-key Federal Reserve veteran. But, however long Seidman stays, thousands of other professionals are involved in the bailout. Faced with the task of recruiting staff at a fraction of the pay they'd earn in private industry (running S&Ls into the ground, say), the RTC has, sensibly, been luring...
While the rest of the world celebrated Earth Day, the followers of Elizabeth Clare Prophet (a.k.a. Guru Ma) in Montana's Paradise Valley were cleaning up their own environmental mess. Thousands of gallons of gasoline and diesel fuel have leaked out of underground tanks built by Prophet's Church Universal and Triumphant in preparation for Armageddon...
...would save parents money and be sufficient to pay for a second round of dorm-crew cleanup. (It should be much less difficult to clean up after a family's three-night stay than a student's year-long mess.) The fees could also cover the expense of hiring work-study students to perform the administrative chores involved, such as taking reservations and assigning rooms. If not enough dormitory rooms are available, the University could make the option open only to families of students receiving financial...
...about the thrift industry or the S&L cleanup, the cost of which Comptroller General Charles Bowsher estimated last week at up to $500 billion. If Ryan was in an awkward position, so were some of his Senate inquisitors, who are themselves under a cloud in the S&L mess. They are accused of favoritism toward thrift owner Charles Keating Jr., who made sizable contributions to their campaigns -- and who was a rapt spectator at the Senate hearings...