Word: thrifts
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Dates: during 1990-1999
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...late 1970s and early '80s, thrifts were struggling under the old rules because of inflation. Forced to pay high rates to attract deposits but dependent on low-interest, long-term home loans for revenue, the S&Ls saw their profits erode. Under constant pressure from thrift lobbyists, the old rules were felled one by one: in 1980 federal deposit insurance was increased from $40,000 to $100,000, money brokers were allowed to bundle massive deposits and thrifts were freed to make commercial loans...
...including Brownstein, mysteriously managed to sell much of their personal M.D.C. stock at its peak price. The lawsuits also contend that Milken was the architect of a scheme in which M.D.C. sold junk bonds to San Diego's Imperial S&L, which eventually produced huge losses for the California thrift...
...despite the constant barrage of denials, inventive legal interpretations and outside expert opinions lofted by Wise and his officers, state and federal examiners had compiled a disturbing account of Silverado misdeeds. But Silverado seemed to be leading a charmed life: the thrift was merely warned about its wayward banking methods and allowed to keep operating...
Wise was the fair-haired boy of the S&L industry, responsible for targeting political contributions and praised for his audacious and inventive methods of attracting deposits. Then too, the thrift's biggest customers were major political contributors. Good donated at least $100,000 to the Republican Party in 1988 after defaulting on his huge Silverado loans. "Good walked away from tens of millions of dollars in financial obligations, leaving taxpayers to clean up the mess, but he could find $100,000 to buy influence with the Bush Administration," complained Colorado lawyer Carlos Lucero, a former Democratic candidate...
Even as jail doors slammed behind Keating, who remained in prison pending his arraignment next month, shock waves from the thrift crisis rippled across the U.S. The impact contributed to the budget deadlock in Washington and aggravated the slump in real estate prices in cities glutted with condominiums and office towers. In Denver federal regulators filed a $200 million lawsuit against the President's son Neil Bush and 10 other officials of the failed Silverado S&L, charging them with "gross negligence." Meanwhile, Neil Bush prepared to respond this week to previous federal charges that he abused his role...