Word: thrifts
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...crafty moneymen not only bought stock in Bush's company and gave him a $100,000 loan he did not have to repay but also consented to lavish compensation that Bush awarded himself from his failing company. According to thrift and real estate sources, Bush drew a salary of $120,000 a year, earned undisclosed bonuses and had a comfortable expense account...
...bail out the failed Silverado. "Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," said Douglas Jones, the FDIC's senior deputy general counsel. In the Denver hearing this week, the Office of Thrift Supervision aims to persuade an administrative-law judge that Bush should be banned in effect from ever again serving on the board of a financial institution. Bush contends he is innocent of the charges, in which he is accused of failing to disclose his business relationships with developers who sought...
...among S&Ls and their biggest customers, the possible impact of political contributions in delaying crackdowns by regulators, even the deceptive lure of junk bonds and their king, Michael Milken. It is not a case history of nice guys being caught innocently in an oil bust, as the defunct thrift's managers often claim. It is a study in greed, deceit and profiteering...
Amid the cries of alarm, some experts caution against equating the banking industry's problems with the thrift disaster. Overall, banks in the U.S. earned $26 billion last year, while S&Ls lost more than $19 billion. "I disagree strongly with the notion that the problem in the banking industry resembles the early stage of the S&L debacle," says Thomas McCandless, who follows the industry for Goldman, Sachs. "The regulatory environment has been much more rigorous than the loosey-goosey kind of overview that occurred in the S&L industry...
...pushing to clean up the savings and loan mess, have federal regulators acted too hastily in declaring some thrifts insolvent? A federal judge in Topeka thinks so in at least one case. Last week he ordered the Office of Thrift Supervision to return control of an S&L to its original owners on the ground that the agency used "arbitrary and capricious" accounting methods to justify seizing the thrift, Franklin Savings (assets: $9.3 billion) of Ottawa, Kans...