Word: thrifts
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Clinton's economic advisers showed him charts demonstrating that the deficit in 1996, without any changes, will be more than $100 billion higher than they -- and Bush -- had estimated. Clinton's aides blame the Republican incumbent for underplaying future costs for defense and the thrift bailout, but they also admit cooking their own numbers. New taxes on foreign firms, for example, are now expected to yield only one-fifth of the $15 billion a year that Clinton promised...
BLAME FOR THE SAVINGS AND LOAN FIASCO FALLS not just on executives of the thrift institutions but also on accountants and lawyers who closed their eyes to clients' shenanigans. So says the U.S. government, which claims a "landmark" victory in making that case. Ernst & Young, one of the Big Six accounting firms, agreed to pay a near record fine of $400 million to settle a slew of cases charging it with failing to blow a whistle on S&Ls it audited. For example, say the feds, the firm failed to challenge fictitious sales of real estate made...
...together in 1989 to undertake the largest federal bailout ever, to liquidate more than 800 savings and loans without a hitch. And the dubious were right. From the beginning, the RTC, whose charter is to find and prosecute the crooked, the greedy and the inept among the nation's thrift managers, has been dogged by questions of efficiency, propriety and conflict of interest. Last week three RTC attorneys had more bad news; they testified on Capitol Hill that they had been blocked from prosecuting former S&L officials...
...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...