Word: thrift
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Dates: during 1990-1999
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...board contends that Arthur Young, which later merged with Ernst & Whinney, improperly allowed the thrift to show a pretax profit in 1987 by violating generally accepted accounting principles. The firm, which severed its ties to Lincoln in 1988, denies this. Possible penalties include loss or suspension of license, or probation. "Audit firms are under pressure to please the client," says deputy attorney general Michael Granen. "They've got to learn to just...
...officers have reason to feel unloved, but when 1,317 of them convened in San Francisco last week, they found one visitor eager to sit at their feet. Soviet economist Valeri Sorokin came to the conference to invite some U.S. thrift executives to his country. And what lessons might they convey? Explained Sorokin: "We want to set up a real competitive industry. We want you to teach us about your mistakes...
...questions for the White House and Congress are how to complete the S&L bailout as swiftly as possible and how to prevent future financial fiascoes. Proposed remedies range from a complete overhaul of banking and thrift legislation to a soak-the-rich scheme that Joseph Kennedy II, a member of the House Banking Committee, put forward last week. Kennedy's plan would slap surtaxes on individuals with incomes over $100,000 a year and most corporations...
...took advantage of the year-end sale were some of the savviest business minds in the country: former Treasury Secretary William Simon, former Commerce Secretary Peter Peterson, Revlon chairman Ronald Perelman and financier Robert Bass. Simon was assisted in his low-cost purchase of a $1 billion California thrift by Preston Martin, who served as vice chairman of the Federal Reserve Board from...
...glare focuses on thrift honchos, the economy worsens and Washington dithers. -- The Silverado story: how Neil Bush threw in with hustlers who cost taxpayers $1 billion. -- With voters sicker than usual of politics-as-usual, it's a tricky year for incumbents. -- Former Klansman David Duke taps a rich vein of resentment. -- The tangled tale of the Menendez murders...