Word: thrifts
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...Anticipating a favorable business climate, six corporate officers at Southwest Gas last year loaded up on the company's stock at prices averaging 15. The stock climbed as high as 18, but then the company was jolted by a succession of negative developments. A ruling by the Office of Thrift Supervision forced Southwest to set aside $17 million to cover bad loans in its savings-bank division. And the company's request for a $43 million rate hike was put off by the Arizona public-service commission. Southwest's stock hit the skids, sliding as low as 8 by August...
...bailouts, Bush is somehow to blame. There is little doubt that the Bush children have shown appalling judgment in business matters. Neil Bush became a national symbol of the S&L debacle in 1988 when he served on the board of the Silverado Banking, Savings & Loan Association, a Denver thrift that went bankrupt and then cost taxpayers $1 billion to recapitalize. Silverado's problems had worsened after Neil Bush and other directors approved bad loans to a businessman who had invested in Neil's oil-exploration firm. The inexperienced 30-year-old should have guessed that his partners might have...
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...
...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...