Word: thrifts
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...bank examiners told Congress that Wall had unduly delayed for 21 months a Government takeover of high-flying financier Charles Keating's Lincoln Savings & Loan Association, whose collapse could cost taxpayers $2.5 billion. Last week Wall finally bowed to the pressure and resigned as director of the Office of Thrift Supervision. He had been victimized, Wall complained, by "simplistic efforts to find a scapegoat to shoulder the blame for the entire thrift crisis...
That crisis could soon become worse, because new requirements designed to strengthen the thrifts could instead push many of them into extinction. Starting last week, S&Ls must greatly increase their capitalization as a hedge against losses from problem loans, interest-rate swings and bad investment decisions. Among other things, they will be required to maintain "risk-based capital" equal to 6.4% of their risky assets, such as shopping centers and fancy resorts. Because many thrifts are only marginally profitable, raising the funds to meet the standards may prove impossible for them. Some analysts warn that half the nation...
...will go down as the genesis of the buddy movie. We will be watching re-runs of two strangers meeting, having adventures and becoming friends forever. Even worse would be a victory of the fashion world. Vogue has already proclaimed that in the 1980s, "Madonna made the thrift shop look very important...
Jack Atchison. In 1986 and 1987 Atchison was a managing partner of Arthur Young & Co., the accounting firm that audited Lincoln. Under Atchison's direction, the thrift got a clean bill of health. Later Atchison took a $930,000-a-year job as a vice president with Lincoln's parent company, American Continental Corp. Like his boss, Atchison took the Fifth before the committee several weeks...
Lawrence Taggart. The top thrift regulator in California in 1983 and 1984, Taggart allowed Keating to transfer $800 million in Lincoln's assets to high- risk investments. A month later he resigned from the government to become head of a Keating-controlled enterprise, TCS Financial Inc. Immediately Keating poured nearly $3 million into the business, wiping out the debt of the financially ailing firm. A friend of then FHLBB head Edwin Gray, who became his bitter enemy, Taggart wrote to Don Regan in 1986, calling Gray a "re- regulator" who was having a "very adverse impact on the ability...