Word: thrift
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Dates: during 1990-1999
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...visual testimony to the success of CenTrust Bank, which grew out of near failure seven years ago into the largest savings and loan in the Southeast (peak assets in 1989: $11 billion). But the building took on a gloomier symbolism last month when federal regulators seized the now insolvent thrift and ousted its top executives. As the Government conducts a bailout that could cost $2 billion, federal agencies are investigating David Paul, 50, the CenTrust chairman who presided in grand style over the thrift's rise and fall. Paul, says Florida's top banking regulator, treated CenTrust...
...will his new duds look like thrift-shop entries? Of course not. Henderson's facility lies in translation, turning mid-century nostalgia into '90s gear. And he will be prowling Manhattan in search of his next muse. Or maybe exploring his personal Shangri-La, which he pinpoints as "somewhere between Carmel and Big Sur. I'd fly in. There'd be a little sports car, a couple of horses. I could see that." As he well may -- sooner than later...
While S&Ls own 7% of all junk bonds, depositors will be shielded from loss if a thrift runs into trouble because the Government insures deposits up to $100,000. But the junk-bond slump could increase the already enormous taxpayer cost of the Bush Administration's S&L bailout package (anywhere from $160 billion to $300 billion), since the Government will have to sell the securities at a loss...
...announced the formation of a new 25-person SEC unit to combat securities violations at financial institutions. One of the group's goals: to prevent more disasters like the case of Lincoln Savings & Loan, whose chairman, Charles Keating, managed to run up $2.5 billion in losses, driving the California thrift into bankruptcy. With S&Ls foundering almost daily, the gesture seems like an afterthought -- and an undersized one at that...