Word: thrifts
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Dates: during 1990-1999
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...amid loud fanfare exactly one year ago, the price tag has grown from a White House projection of $166 billion over 10 years to what some experts now fear could be a $1 trillion bill spread over 30 years as the government shuts down nearly half the entire thrift industry. The White House's own current forecast projects a cleanup cost of at least $500 billion over the next 40 years. That includes $160 billion to be used mainly to pay insured depositors at shuttered thrifts plus some $340 billion of interest on the government bonds that will finance...
...fact, the law that set the rescue in motion last year was so deeply flawed that it may have worsened some of the industry's woes. For example, regulators imposed strict new lending standards on thrifts and commercial banks; the restrictions helped cause a credit crunch earlier this year. Ironically, many thrifts may go belly-up because of the tough new regulation. The standards require thrifts to have more capital on their books than even some profitable S&Ls had previously carried. As a result, even some well- managed institutions such as Chicago's 68-year-old Talman Home Federal...
...problems of many large banks suffering from sour real estate loans are closely linked to the S&L mess. Seidman noted that the thrift crisis "has clearly had an effect on real estate markets" by lowering property values and making mortgage loans harder to get. "Real estate markets," he added, "have an effect on bank results. So there is a relationship between the two. And the effect has not been good." Nonetheless, bank depositors "shouldn't withdraw their money and hide it in mattresses," says Eli Schwartz, a Lehigh University economist. "We may be having a banking crisis...
Despite his lack of success as a wildcatter, Bush became an outside director of Silverado in 1985. Although he says the officers and other directors of the bank were aware of his connections to Walters and Good, the knowledge seems to have been spotty. The Office of Thrift Supervision has accused Bush of "one of the worst kinds of conflict of interest" for not disclosing that he would benefit from extending a $900,000 line of credit to Good for an Argentine oil- exploration deal. Bush argues -- and has documents to corroborate the claim -- that everyone knew...
...President defends Neil Bush, who could be a target of a $200 million federal suit in the collapse of a Colorado thrift. -- Cover-up? Critics charge that a study of Agent Orange was sabotaged...