Word: thrifting
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Economists and politicians of many stripes charge that the 1986 reforms have dragged down the U.S. economy by punishing hard work, thrift and investment while encouraging Americans to borrow and spend beyond their means. Council of Economic Advisers chairman Michael Boskin argues that the 1986 law "sharply reduced incentives for investment, and we're paying a price for that in slower < growth." Liberals attack the current system as both unfair and unproductive. Robert Shapiro, a domestic-policy adviser to Democratic presidential front runner Bill Clinton, charges that "our tax code has been encrusted with layer upon layer of distortions...
...savings and loans actually managed to pull off one of their best performances in years. The Federal Deposit Insurance Corporation reported last week that the commercial banking industry earned $18.6 billion in 1991, up 16% from the previous year and the largest profit since 1988. And the Office of Thrift Supervision said the S&L industry posted earnings of $1.97 billion, the first gain in five years. The thrifts lost $2.9 billion...
...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...
...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 and unfair to the savings association because it alone provided nearly all the money...
...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...