Word: thrifts
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...B.C.C.I. used Miami as a staging ground for the largest single drug-money operation yet recorded, secretly bought and helped run the largest bank in Washington, and played a key role in duping regulators about the failure of Miami-based CenTrust Savings and Loan, one of America's costliest thrift bankruptcies...
...once regulators let CenTrust stay in business, B.C.C.I. whisked the $30 million back into its own accounts. By the time CenTrust formally went bust in 1990, the yearlong delay in closing the thrift may have cost American taxpayers as much as $1 billion in extra bailout expenses...
Under the plan, former officers, directors and lawyers of the failed thrift will pay the Federal Deposit Insurance Corporation $26.5 million and turn over to the agency a $23 million executive-indemnity fund established by Silverado before it was seized by the government three years ago. For Neil Bush, 36, an outside director of Silverado from 1985 to 1988, the development marks the latest setback in his ill-starred business career. Last April, in a separate action, the Office of Thrift Supervision formally reprimanded him for engaging in "unsafe" and "unsound" practices involving conflicts of interest...
...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...
...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...