Word: thrifts
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...cocaine in the early 1970s seemed as pressing as the need simply to find someone to oversee the troubled savings and loan industry. And so, after berating Timothy Ryan, 44, for his utter unpreparedness for the job, the Senate last week approved his appointment to head the Office of Thrift Supervision by a generous 62-37 vote...
Taking the position that a good offense is the best defense, beleaguered thrift operator Charles Keating says it is the Feds who drove his S&L into bankruptcy...
Could the Bush Administration's savings and loan bailout get any messier? Yes, in ways never imagined. In a surprise court victory last week, the ailing Olympic Federal Savings of Berwyn, Ill., convinced federal Judge Royce Lamberth that the Government's Office of Thrift Supervision currently has no power to seize the S&L. Reason: acting OTS director Salvatore Martoche and his predecessor, M. Danny Wall, were never constitutionally appointed to their posts...
Last year President Bush pledged "every effort" to lock up the white- collar criminals who had helped cause the nation's savings and loan disaster. Indeed, with studies showing that insider misconduct has contributed to 60% to 75% of all thrift failures, the search for banking's bad guys is one of the largest criminal manhunts in U.S. history. But, like Bush's war on drugs, the war on S&Ls has completely overwhelmed prosecutors and investigators. There are more than 3,500 major criminal cases pending, yet 1,500 of them are inactive and gathering dust. Indeed, the backlog...
...executive of the Oversight Board. But Kearney quit in February after just four months on the job, citing a lack of authority "essential to be effective in this process." At the same time, the Treasury Department is having trouble replacing M. Danny Wall, the head of the Office of Thrift Supervision, who oversees the surviving S&Ls. Wall resigned in December but has been asked to stay on, even though he was sharply criticized last year for giving overly generous Government guarantees to buyers of crippled...