Word: symington
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...them whales, grand political men (three women, no blacks) with all the flaws of the day and hardy battlers for their partisan causes. But they were by almost anybody's standards an extraordinary collection of public figures: Georgia's Richard Brevard Russell, Vermont's George Aiken, Missouri's Stuart Symington, Connecticut's Prescott Bush, Montana's Mike Mansfield, Ohio's Bob Taft, Arkansas' Bill Fulbright, Virginia's Harry Byrd...
Last week Republican Governor J. Fife Symington became the latest candidate for rogue in Arizona's political gallery. Symington, along with 11 other % former officials of the Southwest Savings & Loan, based in Phoenix, was named in a suit filed by the Resolution Trust Corporation alleging "gross negligence" in connection with the thrift's collapse in 1989. And the FBI is conducting its own investigation into possible criminal charges relating to the thrift...
...suit focuses on seven investments made by Southwest that accounted for more than $140 million in losses, including $30 million-plus in the 1983 Camelback Esplanade hotel-and-office-building project. Symington, who served on Southwest's board of directors from 1972 until early 1984, was primarily a real estate developer; it was in the latter capacity that he first urged the thrift to invest in the Esplanade project. The RTC suit claims that Symington failed to get the necessary advance approval from federal agencies; that the purchase price was misrepresented to Southwest; and that the deal was unsafe...
...Symington, who won election last February in large part on his record as a successful businessman, called the suit politically motivated and "pure garbage." In a point-by-point rebuttal during a 90-minute press conference in the pink stucco-and-granite Ritz-Carlton Hotel that is part of the Esplanade, Symington denied any wrongdoing and called the RTC an example of "government run amuck...
...charges come at a particularly inopportune time for the Governor, who has watched the state's economy continue to stumble, along with his own political fortunes: one new poll placed his approval rating at 29%, down from 40% in July. "The Symington suit puts Arizona in a political holding pattern," wrote Arizona Republic columnist Keven Willey. "Seems to me we've about run out of gas. Have we crashed...