Word: thrifts
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...Basin. In fact, Simon has helped mold a multibillion-dollar conglomerate that includes the largest savings and loan association in Honolulu and a merchant bank in Los Angeles. Last week an investor group led by Simon agreed to pay $157 million for Western Federal Savings & Loan, the fifth California thrift the group has tried to acquire within a year. Says Simon: "California is the gateway to the dynamic growth markets of the next century, in Australia, Hawaii and the Far East...
Megamillionaire Simon says he is simply following Horace Greeley's famous dictum by going west with his money. He has taken some high-powered talent with him in the investment partnership known as WSGP International. The head of WSGP's thrift unit is Preston Martin, a former vice chairman of the Federal Reserve Board and onetime chairman of the Federal Home Loan Bank Board. Gerald Parsky, a Los Angeles lawyer who served as Assistant Treasury Secretary under Simon, is his old boss's general partner and contributes his initials to the company's anagrammatic name. A select group of international...
...takes less than usual to spark testiness in Texas these days, especially on the subject of the state's beleaguered savings and loan industry. Last week Governor Bill Clements got into a shooting match when he described the Government's system for regulating thrift institutions as an "absolute fraud." Concerned that U.S. funds are insufficient to protect deposits at Texas' 49 insolvent thrifts, Clements contended that the Federal Savings and Loan Insurance Corporation might be able to reimburse depositors in failed institutions to the tune of only 30 cents on the dollar, along with a Government IOU for the rest...
BANKS. Until deregulation gave them relief in 1980, banks and thrift institutions were rapidly losing business to competitors ranging from Sears to Merrill Lynch, whose money-market funds could legally offer much higher yields than the 5 1/4% maximum savings-account rate. But the Depository Institutions Deregulation and Monetary Control Act gradually abolished limits on interest, enabling banks and thrifts to offer lucrative accounts like Super NOW checking. The new law was a boon for savers, since it touched off interest- rate wars among financial institutions competing for consumer deposits...
...close down the worst of the remaining money-loser thrifts would cost tons of money -- by one estimate, perhaps $23 billion. FSLIC resources have long been inadequate to the task. Hence there has been considerable pressure in Washington for the past year to add not merely $5 billion but $15 billion over five years to FSLIC capitalization. But there has been strong opposition from the thrift industry itself, mostly from the healthiest 60% of the institutions. Reason: the cash infusion would eventually have to be paid back by the thrifts, which are already paying about $3.5 billion a year...