Word: overdrew
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Dates: during 1970-1979
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Overdrafts Even friendly Senators on the committee pointed out that Lance's biggest problem was to explain why he, his wife LaBelle and relatives, as well as his 1974 campaign committee, had been allowed to write large checks that seriously overdrew their accounts. As Democrat Henry Jackson told Lance: "The man on the street comes up to me and says, I cannot have an overdraft, and he sees one after another ... I think this is the heart of your problem...
Some Senators were quick to point out, however, that Lance's other accounts were often insufficient to cover the overdrafts by himself, his wife-whose personal overdrafts reached a high of $110,493 in 1974-and his gubernatorial campaign committee, which overdrew its accounts by as much as $152,706 in 1974. He insisted, however, that he had given the bank a $110,000 certificate of deposit to cover any campaign overdrafts, as well as an unlimited signed guarantee that he would meet all of his political committee's debts to the bank. And, Lance claimed...
...harmful to Lance's image as a tightfisted budget director bent on balancing the national ledger was the report's confirmation that his Calhoun bank winked at massive overdrafts by the bank's officers and their relatives. According to the report, Lance's wife LaBelle overdrew her account by as much as $110,000 in the last four months of 1974. Between September 1974 and April 1975, nine Lance relatives amassed overdrafts totaling an impressive $450,000. In December 1975, federal bank examiners insisted that the overdrafts be stopped...