Word: thrifts
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Wise was the fair-haired boy of the S&L industry, responsible for targeting political contributions and praised for his audacious and inventive methods of attracting deposits. Then too, the thrift's biggest customers were major political contributors. Good donated at least $100,000 to the Republican Party in 1988 after defaulting on his huge Silverado loans. "Good walked away from tens of millions of dollars in financial obligations, leaving taxpayers to clean up the mess, but he could find $100,000 to buy influence with the Bush Administration," complained Colorado lawyer Carlos Lucero, a former Democratic candidate...
Even as jail doors slammed behind Keating, who remained in prison pending his arraignment next month, shock waves from the thrift crisis rippled across the U.S. The impact contributed to the budget deadlock in Washington and aggravated the slump in real estate prices in cities glutted with condominiums and office towers. In Denver federal regulators filed a $200 million lawsuit against the President's son Neil Bush and 10 other officials of the failed Silverado S&L, charging them with "gross negligence." Meanwhile, Neil Bush prepared to respond this week to previous federal charges that he abused his role...
...questions for the White House and Congress are how to complete the S&L bailout as swiftly as possible and how to prevent future financial fiascoes. Proposed remedies range from a complete overhaul of banking and thrift legislation to a soak-the-rich scheme that Joseph Kennedy II, a member of the House Banking Committee, put forward last week. Kennedy's plan would slap surtaxes on individuals with incomes over $100,000 a year and most corporations...
...took advantage of the year-end sale were some of the savviest business minds in the country: former Treasury Secretary William Simon, former Commerce Secretary Peter Peterson, Revlon chairman Ronald Perelman and financier Robert Bass. Simon was assisted in his low-cost purchase of a $1 billion California thrift by Preston Martin, who served as vice chairman of the Federal Reserve Board from...
...glare focuses on thrift honchos, the economy worsens and Washington dithers. -- The Silverado story: how Neil Bush threw in with hustlers who cost taxpayers $1 billion. -- With voters sicker than usual of politics-as-usual, it's a tricky year for incumbents. -- Former Klansman David Duke taps a rich vein of resentment. -- The tangled tale of the Menendez murders...