Word: repaid
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After Long reached the post of majority whip, a deteriorating marriage and a drinking problem eroded his power, and in 1969 he was unseated by Ted Kennedy. He repaid the favor two years later when he helped mastermind Byrd's upset victory for the whip post over Kennedy. Settled into a new marriage, he began rebuilding his influence at about the same time...
...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, all of the overdrafts by himself, LaBelle and his campaign committee had been repaid "without a penny being lost to the bank." This, of course, ignored the fact that the overdrafts amounted to free loans, on which the Calhoun bank lost interest. Many banks now offer overdraft privileges but set limits at $5,000 and in some cases $15,000, and charge interest fees of about...
Delaware Republican William Roth Jr., for one, was not satisfied with Lance's explanation that he had repaid the bank. Roth compared this reasoning to the rationale "of a person who goes through a red light and says nobody was hurt so my going through was all right." Lance could not satisfactorily explain to Ribicoff why he had written a letter to federal bank examiners in 1973 saying his overdraft problem would be corrected and why he had failed to heed the criticism of bank examiners who found that the overdraft situation was "abusive" and "the age and size...
Overdrafts It has been established that Lance, his wife LaBelle and nine other relatives collectively amassed huge overdrafts. At one point in the confirmation hearings, Senator Javits asked Lance whether the overdrafts were repaid to the bank with interest. Lance responded, "Yes, sir." That may have been true of the period from mid-1974 to 1975. But the comptroller's report confirmed that Bert's and LaBelle's overdrafts from 1972 through the first five months of 1974 were repaid without interest...
...which the householder would pay only interest the first year, deferring principal repayments until the second year; and "reverse annuity mortgages" that would sensibly permit retired people to borrow on the equity in a home and live, in it at the same time, with the loans to be repaid by their estates when they die. Whether such mortgages are permitted now is a tangled question of federal and state regulation; in any event, giving them specific legislative sanction in California would advance the idea...