Word: walls
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Dates: during 1980-1989
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...Cold War has been declared officially over many times in the last few weeks. Poland has replaced its government, East Germany has opened the Berlin Wall, and Czechoslovakia has begun to give in to protestors' demands. All this is happening with the encouragement, if not the active participation, of Soviet premier Mikhail Gorbachev...
Last week the spotlight also fell on M. Danny Wall, picked by the White House in July 1987 to replace Edwin Gray as chairman of the Federal Home Loan Bank Board. Gray, a onetime captive of the savings and loan industry, lost his job when he began to speak out about the extent of the S & L fraud...
...Wall removed the Lincoln investigation from the bank board's San Francisco office to Washington, postponing the closing of the savings and loan by two years. That delay will add $1.3 billion to the taxpayers' cost of repaying depositors and unloading Lincoln's washed-out investments. "My responsibility was to see that this was not a lynch mob after Keating," Wall explained to TIME last week. "The San Francisco office has a history of being hysterical, overzealous, swept away by smoke where there is no gun." Yet ; Wall's Washington audit eventually confirmed San Francisco's warning to the Senators...
Unlike the Senators who seek campaign contributions from the likes of Keating, Wall had nothing to gain but the continued esteem of the thrift industry for his consistently low estimates of the extent of the savings and loan debacle. He is a stolid former city planner from Salt Lake City whose only extravagance seems to be his natty suits and monogrammed shirts. As the top aide to Republican Senator Jake Garn of Utah when Garn was chairman of the Senate Banking Committee, Wall became a favorite of S & L owners. Says Senator Leach of Wall's 1987 appointment: "The industry...
...staff director of the Banking Committee in 1981, Wall drafted the industry's dream deregulation bill, the Garn-St. Germain Act. That law created a new breed of thrift operator. In came highflyers like Keating who shifted their depositors' money (now insured for $100,000 instead of $40,000) from unexciting residential mortgages to potentially more lucrative but indisputably riskier shopping malls, resort developments, energy-generating windmills. The new breed awarded themselves seven-digit salaries, private jets, hunting preserves and yachts on which to entertain members of Congress. Keating and his associates took $21 million from Lincoln even...