Word: thrifts
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David Bristol knows all about hardship -- and overcoming it. The 42-year-old government attorney, whose cubbyhole of an office is just across the street ! from the White House, was born with cerebral palsy. When he started his job with the U.S. Office of Thrift Supervision, his hands shook so much that it was impossible for him to type reports by himself...
Lawyers for the federal Office of Thrift Supervision made that veiled reference last month to persuade an administrative-law judge to take a tough line in reprimanding the President's 35-year-old son for his performance as a director of Denver's Silverado S&L, which collapsed in 1988 at a cost of $1 billion to the U.S. When Judge Daniel Davidson issued his decision, he declared that Bush had broken conflict-of-interest rules. The judge ordered Bush to avoid future conflicts, a mild sanction. But the OTS lawyers' cryptic reference to a potential new problem intrigued congressional...
Most Unnecessary Confession by a Presidential Relative "I didn't pretend to be an expert on the savings and loan business," said Neil Bush. The President's son served as a director of Silverado, the Denver S&L, just before the thrift collapsed in a $1 billion heap in 1988. A judge later urged that Bush be disciplined for not disclosing business deals with two Silverado borrowers...
...board contends that Arthur Young, which later merged with Ernst & Whinney, improperly allowed the thrift to show a pretax profit in 1987 by violating generally accepted accounting principles. The firm, which severed its ties to Lincoln in 1988, denies this. Possible penalties include loss or suspension of license, or probation. "Audit firms are under pressure to please the client," says deputy attorney general Michael Granen. "They've got to learn to just...
...officers have reason to feel unloved, but when 1,317 of them convened in San Francisco last week, they found one visitor eager to sit at their feet. Soviet economist Valeri Sorokin came to the conference to invite some U.S. thrift executives to his country. And what lessons might they convey? Explained Sorokin: "We want to set up a real competitive industry. We want you to teach us about your mistakes...