Word: thrifts
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Dates: during 1980-1989
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...warned, he would veto it. By week's end Bush prevailed when the House approved a strong bailout bill by a vote of 320 to 97. In all, 46 Republicans voted against the measure. Since the Senate passed a similar version in April, Bush's plan to rescue the thrift industry is likely to go into effect next month...
...plan, which will cost some $157 billion over the next ten years, will allow the Government to close down or sell off more than 500 insolvent savings institutions. To reform the rest of the thrift industry, the bill tightens capital requirements so that S & L owners would have more of their own money on the line. Specifically, the bill calls for all thrifts immediately to post $1.50 in reserves for each $100 in deposits and reach a level of $3 in reserves...
...more and more thrift executives got into trouble in 1987 and 1988, S & L PACs simply stepped up their campaign giving; by the time Washington finally got around to addressing the S & L crisis this year, the cost of a bailout had swollen to an outrageous $158 billion or more over the next eleven years. Over the past three elections, according to the Wall Street Journal, the S & Ls gave $4.5 million to the members of Congress willing to protect them. House Banking Committee member Jim Leach, an Iowa Republican who refuses to take PAC money, believes this...
...Angeles treasurer. The savings and loan bank, meanwhile, was involved in a multimillion-dollar tax dispute with the city, and had been awarded several zoning changes. Following those disclosures, Bradley repaid his $18,000 fee to the Chinatown bank and quit his job as director of the thrift institution, but the taint of impropriety remained. "Dubious moonlighting," the Los Angeles Times called...
Most of the property being acquired in the S & L bailout is concentrated in the Southwest, where the bulk of insolvent thrifts overextended themselves during the oil-boom days of the late 1970s and came to grief in the oil crash of the mid-1980s. The thrifts began repossessing property when borrowers could no longer meet payments, often because homeowners lost their jobs or business owners suffered from plunging sales as the energy-based economy declined. In many cases the loans should never have been made. Observes James Noteware, national director of real estate for the accounting firm of Laventhol...