Word: stockton
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...that it was a great deal is a gross understatement. It was unbelievable," says a high-ranking savings and loan executive. So goes the industry's scuttlebutt these days about Robert Bass's takeover in December of the crippled American Savings & Loan of Stockton, Calif. In one of the sweetest deals ever bankrolled with taxpayer money, the intensely private Fort Worth billionaire, 40, stands to benefit hugely from a decade of regulatory laxity. His purchase of American Savings is the pre-eminent episode in a string of controversial bailouts last year in which regulators handed out gilt-edged gratuities...
...some, more heartfelt reasons than money are at stake. When Stockton, Ill., dairy farmer Stewart Schlafer, 41, was a teenager, he pleaded in vain with his father to tear down the family's 1876 barn and build a new one. Now, age and memories have convinced Schlafer that he should keep and improve his Gothic-style beauty. The barn, he says, "is the character and soul of our farm...
...Stockton massacre started a new spiral in America's domestic arms race. All last week California gun shops were jammed with customers, sometimes standing three or four deep at counters, clamoring to buy an imitation AK-47 like the one Purdy used or, failing that, some other semiautomatic paramilitary weapon. (His gun was actually an AKS, a Chinese-made semiautomatic version of the fully automatic Soviet AK-47, though many gun dealers and users call both versions AK-47s.) At B & B Sales in North Hollywood, owner Bob Kahn spent much of Thursday frantically phoning suppliers to replenish his sold...
...probability, however, Combat Arms customers need not worry. The Stockton slaughter has indeed prompted talk in state legislatures and the halls of Congress about cracking down on gun sales, and a few actual proposals. Some would ban the high-powered paramilitary weapons that, foes say, have only one use: to kill human beings. Others would institute a federally mandated waiting period, generally 15 days, before a qualified buyer could pick up his gun. (Under the bewildering mosaic of state laws now in effect, waiting periods range from 30 days in New York to zero in Virginia and Oregon, where Purdy...
That opinion is growing in the wake of the Stockton slaughter. In California, Governor George Deukmejian and Los Angeles Police Chief Daryl Gates, longtime foes of gun control, have lessened their opposition -- at least when it comes to paramilitary weapons. Deukmejian now calls for a 15-day waiting period for the purchase of assault rifles. Gates would apply the waiting period to purchases of all kinds of guns, and has called for an outright ban on paramilitary weapons. Says he: "We have been too tolerant. There is no need for citizens to have highly sophisticated military assault rifles designed...