Word: thrifts
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...will his new duds look like thrift-shop entries? Of course not. Henderson's facility lies in translation, turning mid-century nostalgia into '90s gear. And he will be prowling Manhattan in search of his next muse. Or maybe exploring his personal Shangri-La, which he pinpoints as "somewhere between Carmel and Big Sur. I'd fly in. There'd be a little sports car, a couple of horses. I could see that." As he well may -- sooner than later...
...announced the formation of a new 25-person SEC unit to combat securities violations at financial institutions. One of the group's goals: to prevent more disasters like the case of Lincoln Savings & Loan, whose chairman, Charles Keating, managed to run up $2.5 billion in losses, driving the California thrift into bankruptcy. With S&Ls foundering almost daily, the gesture seems like an afterthought -- and an undersized one at that...
...bank examiners told Congress that Wall had unduly delayed for 21 months a Government takeover of high-flying financier Charles Keating's Lincoln Savings & Loan Association, whose collapse could cost taxpayers $2.5 billion. Last week Wall finally bowed to the pressure and resigned as director of the Office of Thrift Supervision. He had been victimized, Wall complained, by "simplistic efforts to find a scapegoat to shoulder the blame for the entire thrift crisis...
That crisis could soon become worse, because new requirements designed to strengthen the thrifts could instead push many of them into extinction. Starting last week, S&Ls must greatly increase their capitalization as a hedge against losses from problem loans, interest-rate swings and bad investment decisions. Among other things, they will be required to maintain "risk-based capital" equal to 6.4% of their risky assets, such as shopping centers and fancy resorts. Because many thrifts are only marginally profitable, raising the funds to meet the standards may prove impossible for them. Some analysts warn that half the nation...
...will go down as the genesis of the buddy movie. We will be watching re-runs of two strangers meeting, having adventures and becoming friends forever. Even worse would be a victory of the fashion world. Vogue has already proclaimed that in the 1980s, "Madonna made the thrift shop look very important...