Word: thrifts
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Dates: during 1990-1999
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...taxpayers more than $1 billion. Last week a major figure in that disaster, presidential son Neil Bush, was judged to have engaged in "unsafe or unsound practices and breaches of his fiduciary duties involving multiple conflicts of interest." In making that pronouncement, Timothy Ryan, director of the Office of Thrift Supervision, ruled that if Bush again serves as director of a financial institution, he must seek legal advice on his responsibilities, disclose potential conflicts of interest and abstain from voting on matters in which he has a personal stake...
...thought the judge was very fair," remarked former Dallas thrift owner Don R. Dixon last week. Fair and then some. Dixon was convicted last December on federal charges that he used funds from his Vernon Savings & Loan $2 million to pay for a California beach house and $10,000 for prostitutes for board members. Though Vernon's former chairman, Woody Lemons, had been sentenced to 30 years, U.S. district court Judge A. Joe Fish gave Dixon only five years, pointing out that the jury had not found him responsible for Vernon's $1.3 billion failure. Dixon could be paroled after...
...curtain fell on one act of the S&L follies, it went up on another. The Resolution Trust Corporation, the government's thrift-policing agency, filed a claim in federal court against the giant Cleveland-based law firm Jones, Day, Reavis & Pogue. The RTC seeks more than $50 million in damages, citing Jones Day's alleged "endorsement of and/or acquiescence in" the actions of Charles Keating and his associates at California's Lincoln Savings & Loan, the nation's most spectacularly failed thrift. Jones Day denies all charges...
...Abedi. Banking regulators are probing another Pharaon holding -- Independence Bank in Encino, Calif. -- to see if Abedi or B.C.C.I. is the secret owner of that bank. And a federal grand jury in Miami is tracking Pharaon's and B.C.C.I.'s links to fraud-riddled CenTrust Savings, which thrift regulators took over last year...
...Thrift and other lobbyists are seeking to reshape the Higher Education Act, which dictates public policy in that area, including student aid and funding for historically Black colleges, according to Brown at California's Association. The act will come before Congress for reauthorization this year...