Word: thrifts
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Dates: during 1990-1999
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...acknowledgment of what other experts have been saying for more than a year. But Bush and his wily Budget Director, Richard Darman, have a second agenda. Now that they have convened a budget summit with congressional Democrats, the White House would prefer to remove the rising bill for thrift closures from the deficit talks to make it easier for both sides to reach the elusive Gramm- Rudman targets. A speedy budget deal, Darman believes, will lower interest rates and keep the economy growing. But other participants, notably Democratic Congressman Charles Schumer of New York, say that moving the thrift bailout...
...same day that Brady unveiled the new estimates, Bush's third son, Neil, was explaining to the House Banking Committee his role in the downfall of the Silverado Savings and Loan of Denver. Bush, 34, is under investigation for potential conflicts of interest as a director of the thrift. In 1986 he voted to approve a $106 million loan for a business partner, real estate developer William Walters, who had earlier loaned Bush's oil company $1.5 million. Bush, who was called before the committee in large part because of his last name, saw no conflict in the transaction. Walters...
...years earlier had given Bush a $100,000 no-risk loan that was eventually forgiven. "I know it sounds a little fishy," Bush testified. "The loan ((from Good)) was never meant to be repaid unless there was a success" in a commodities venture in which Bush took part. Federal thrift regulators, who question young Bush's explanations, are seeking an order barring him from repeating any such conflicts. Moreover, he may face civil suits from Silverado's depositors. While the younger Bush's role in the thrift's failure may have been a small one, it was a telling example...
Operating out of a steel-and-glass Houston skyscraper once owned by a failed thrift, Pankau, 44, directs his own agency, Intertect. (Its fee: $60 to $100 an hour.) Pankau's 30 investigators assemble financial profiles of S&L scoundrels who have bled their institutions dry through bad loans and insider dealings. Often court judgments are pending against the culprits, but the regulators or new banks holding the bad notes need to know whether the assets are sizable enough to pursue. "These are world-class con men who were just as sophisticated in hiding their money as they were...
...First, some of the S&L assets are good. For example: the home of David Paul, until recently chairman of Miami's CenTrust Savings. CenTrust is the thrift that it's estimated will cost taxpayers $2 billion; Paul is the man who bought a $13 million Rubens for the bank but hung it in his home for safekeeping. And what a home! I was only allowed to see the guesthouse -- 8,200 sq. ft. -- which the real estate agent thought was unoccupied. Instead, we found toddlers downstairs with a nanny and, upstairs, a freshly unmade bed with a large...