Word: networks
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Dates: during 1980-1989
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...savings and loan crisis, Herman Beebe Sr. is among the most notorious. Rising from an impoverished boyhood in Louisiana's woods, Beebe had built, by the early 1980s, a $150 million financial empire that stretched across the Sunbelt. But the brash, stocky financier was actually a ringleader in a network of good ole boys who helped ruin more than a dozen savings institutions by handing out as much as $10 billion in reckless loans -- some of which ended up in Beebe's own pocket. Recalls Beebe's son Ken, who worked for him: "Dad would make a deal with...
Beebe used his financial institutions to bankroll everything from polo fields to time-share condos and mini-warehouses. Though a 1987 federal case against Beebe ended in a mistrial, the Government has contended that he was one of his own biggest customers, using the network of banks and thrifts to finance ventures in which he held hidden interests. "He saw the thrifts as one big gold mine, an endless pit of money," says Joseph Cage, a U.S. Attorney in Louisiana who prosecuted Beebe. Rather than exert his ownership outright, Beebe often held control behind the scenes. One of his tactics...
Bass has thus managed to buy a huge, healthy S & L, complete with a network of 186 branches, for a relatively tiny amount of capital. More than half of his thrift's assets consist of another sure thing: a $7.8 billion loan to the "bad" S & L that is fully guaranteed by FSLIC to pay a handsome 2% more than the going cost of funds. That will pump some $160 million in annual interest into the Bass thrift, no matter how much trouble FSLIC has in getting rid of the bad assets...
...material of show business, CAA has built a development department that generates ideas for its clients. Ovitz has cultivated close ties with Manhattan gliterary agent Morton Janklow, who represents such best-selling authors s Judith Krantz, Danielle Steel and Jackie Collins. That collaboration has produced some 100 hours of network mini-series. Now Ovitz hopes to work an even richer literary vein. In December Janklow announced a surprise merger with longtime ICM literary agent Lynn Nesbit, whose clients include Tom Wolfe, Ann Beattie and Michael Crichton. According to sources close to the negotiations, the publishing coup was arranged...
John Tower, Secretary of Defense-designate, is a full-fledged member of the Capitol Hill old boys' network. Before retiring from Congress after the 1986 election, he put in four terms as a Republican Senator from Texas. For six years he served as chairman of the Armed Services Committee, the panel now judging his fitness to run the Pentagon. His old friends in the upper chamber are eager to confirm his appointment, either because of personal regard or because it would further a kind of quasi alliance between Congress and the Bush Administration that both need for their own purposes...