Word: thrifting
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Dixon lived with panache, lounging at a posh beach house in Solana Beach, Calif., and entertaining Vernon executives in high style. Trouble was, the money for such perks allegedly came from the thrift's vaults. According to the indictment, the rent on Dixon's beach house was paid by an associate, Jack Atkinson, who had got loans from Vernon. All told, Atkinson paid $577,000 in rent through loans. When Vernon would no longer extend the credit, Dixon allegedly arranged for Atkinson to receive an extra $24,200 as a "consulting" fee, which also went toward the rent...
...indictment charges that Vernon S&L picked up the tab for Dixon's personal trips and parties, some of them featuring prostitutes. Tagging along ! on several outings was the highest-ranking thrift regulator in Texas, Linton Bowman, who has not been charged with any wrongdoing. Dixon sought to win political allies with hard cash. He allegedly had Vernon make illegal contributions to the campaigns of such politicians as California Senator Alan Cranston, former House Majority Whip Tony Coelho and former House Speaker Jim Wright, all of whom have been tarnished by other connections to the S&L scandal. None...
...Government indicts Texan Don Dixon for his part in a $1.3 billion thrift failure. But how many other cases will the U.S. prosecute? -- A children's crusade against McDonald...
...same day that Brady unveiled the new estimates, Bush's third son, Neil, was explaining to the House Banking Committee his role in the downfall of the Silverado Savings and Loan of Denver. Bush, 34, is under investigation for potential conflicts of interest as a director of the thrift. In 1986 he voted to approve a $106 million loan for a business partner, real estate developer William Walters, who had earlier loaned Bush's oil company $1.5 million. Bush, who was called before the committee in large part because of his last name, saw no conflict in the transaction. Walters...
...years earlier had given Bush a $100,000 no-risk loan that was eventually forgiven. "I know it sounds a little fishy," Bush testified. "The loan ((from Good)) was never meant to be repaid unless there was a success" in a commodities venture in which Bush took part. Federal thrift regulators, who question young Bush's explanations, are seeking an order barring him from repeating any such conflicts. Moreover, he may face civil suits from Silverado's depositors. While the younger Bush's role in the thrift's failure may have been a small one, it was a telling example...