Word: thrift
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Dates: during 1990-1999
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...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...
...Justice Department has been taking heat for its less than dynamic prosecution. But last week the department indicted B.C.C.I. and three bank officials, charging them with illegally taking over Independence Bank of Encino, Calif., and with fraud that contributed to the billion-dollar downfall of Florida's CenTrust thrift. Indicted with the bank were founder Agha Hasan Abedi, former bank president Swaleh Naqvi and B.C.C.I. front man Ghaith Pharaon. Since the U.S. stands little chance of extraditing Abedi from Pakistan and Naqvi faces charges in Abu Dhabi, Pharaon's indictment may be the most productive of the three. The Saudi...
...B.C.C.I. used Miami as a staging ground for the largest single drug-money operation yet recorded, secretly bought and helped run the largest bank in Washington, and played a key role in duping regulators about the failure of Miami-based CenTrust Savings and Loan, one of America's costliest thrift bankruptcies...
...once regulators let CenTrust stay in business, B.C.C.I. whisked the $30 million back into its own accounts. By the time CenTrust formally went bust in 1990, the yearlong delay in closing the thrift may have cost American taxpayers as much as $1 billion in extra bailout expenses...
Under the plan, former officers, directors and lawyers of the failed thrift will pay the Federal Deposit Insurance Corporation $26.5 million and turn over to the agency a $23 million executive-indemnity fund established by Silverado before it was seized by the government three years ago. For Neil Bush, 36, an outside director of Silverado from 1985 to 1988, the development marks the latest setback in his ill-starred business career. Last April, in a separate action, the Office of Thrift Supervision formally reprimanded him for engaging in "unsafe" and "unsound" practices involving conflicts of interest...