Word: thrifts
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Dates: during 1980-1989
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Schoolchildren in New York City are about to learn a happy lesson about thrift. Their benefactors are the students of a half-century ago who tucked away small change in savings accounts and then forgot about them. Their spare pennies, nickels, dimes and quarters have grown into a trust fund containing...
...House, Democratic Whip Tony Coelho used a 112-ft. yacht and Learjet belonging to Vernon Savings & Loan to entertain contributors and fly to fund- raising parties. Federal thrift regulators last year charged the Texas bank's officers with looting it; two have pleaded guilty to criminal charges in the case. Last year Coelho lobbied for a $5 billion bill to bail out the industry. Coelho has admitted he was wrong to use the yacht and jet; he and the Democrats' campaign committee paid Vernon $48,450 for their...
...some other respects, however, Wright is no more easily defended than Meese. One allegation is that Wright, who was then House majority leader, threatened in 1986 to block legislation injecting desperately needed cash into the Federal Savings and Loan Insurance Corporation, the agency that insures depositors in thrift institutions, until one regulatory case was decided to his satisfaction. If true -- and Wright denies it -- such an attempt to hold up urgent legislation would constitute a blatant abuse of his office...
...assets that the thrift operators gambled away on risky loans are mostly long gone, leaving the FSLIC to pick up the tab. The Government is suing the managers of both thrifts for more than $100 million, charging them with fraud and negligence. But most of the $1.35 billion payout will come from the FSLIC's reserve fund, which is largely composed of premiums collected from...
Federal regulators said last week that liquidations will remain a last resort in resolving the industry's widespread insolvencies. Of 3,100 federally insured thrifts, some 200 are considered hopelessly insolvent. The FSLIC's liability for these S and Ls now significantly exceeds its assets on hand, so that the fund posted a deficit of $13.7 billion at the end of 1987, contrasted with $6.3 billion the previous year. But the FSLIC aims to narrow that gap over the next few years, relying on income from premiums and other sources. The FSLIC estimates that it will have $20 billion available...