Word: thrifts
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...acknowledgment of what other experts have been saying for more than a year. But Bush and his wily Budget Director, Richard Darman, have a second agenda. Now that they have convened a budget summit with congressional Democrats, the White House would prefer to remove the rising bill for thrift closures from the deficit talks to make it easier for both sides to reach the elusive Gramm- Rudman targets. A speedy budget deal, Darman believes, will lower interest rates and keep the economy growing. But other participants, notably Democratic Congressman Charles Schumer of New York, say that moving the thrift bailout...
Operating out of a steel-and-glass Houston skyscraper once owned by a failed thrift, Pankau, 44, directs his own agency, Intertect. (Its fee: $60 to $100 an hour.) Pankau's 30 investigators assemble financial profiles of S&L scoundrels who have bled their institutions dry through bad loans and insider dealings. Often court judgments are pending against the culprits, but the regulators or new banks holding the bad notes need to know whether the assets are sizable enough to pursue. "These are world-class con men who were just as sophisticated in hiding their money as they were...
...First, some of the S&L assets are good. For example: the home of David Paul, until recently chairman of Miami's CenTrust Savings. CenTrust is the thrift that it's estimated will cost taxpayers $2 billion; Paul is the man who bought a $13 million Rubens for the bank but hung it in his home for safekeeping. And what a home! I was only allowed to see the guesthouse -- 8,200 sq. ft. -- which the real estate agent thought was unoccupied. Instead, we found toddlers downstairs with a nanny and, upstairs, a freshly unmade bed with a large...
...public resentment, Congress was unwilling to change it until Charles Keating came along. He is the former savings and loan chairman who doled out $1.4 million to the so-called Keating Five -- four Democrats and a Republican who ran interference for him with federal regulators investigating his fraud- ridden thrift. When asked if his money had bought the Senators' services, Keating replied, "I certainly hope so." Says Common Cause President Fred Wertheimer: "Keating has confirmed the public's worst fears...
During his confirmation hearings, Ryan, a former Labor Department lawyer, readily conceded that he knows little about the thrift industry or the S&L cleanup, the cost of which Comptroller General Charles Bowsher estimated last week at up to $500 billion. If Ryan was in an awkward position, so were some of his Senate inquisitors, who are themselves under a cloud in the S&L mess. They are accused of favoritism toward thrift owner Charles Keating Jr., who made sizable contributions to their campaigns -- and who was a rapt spectator at the Senate hearings...