Word: banking
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Dates: during 1980-1989
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There has been one scandal that adds up to major marks. The Politburo's once powerful economic czar, Guntar Mittag, and Alexander Schalck-Golodkowski, a shadowy financial dealer and former state secretary for foreign trade, are suspected of helping divert to Swiss bank accounts tens of millions of dollars' worth of hard currency. The proceeds came from the illegal sale of arms, artworks and other goods. The affair has become known as the Ko-Ko scandal, after the office of Kommerzielle Koordination, through which the funds were funneled. Last week Schalck-Golodkowski surfaced in West Berlin, offering to return some...
...suddenness of Poland's great leap may create new problems, even as it seeks to solve old ones. The country lacks economic institutions that took centuries to develop in the West: it has no stock exchange, no commercial banks, little experience in the rough-and-tumble of a free market. Barry Sullivan, chairman of the First National Bank of Chicago, wondered whether the Poles' eagerness will prove to have been "monumental courage or sheer folly." While none of the Americans doubted the commitment to reform at the top of the Polish government, some questioned how it would be received once...
After more than two troubled years as the Government's top savings and loan regulator, M. Danny Wall fell victim to the nation's spreading S&L scandal. The clamor for his ouster mounted last month after lower-ranking 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...
...raising the funds to meet the standards may prove impossible for them. Some analysts warn that half the nation's 2,900 thrifts could eventually fail or be merged, voluntarily or involuntarily, adding billions to the $300 billion cost of the industry bailout. An early casualty: City Federal Savings Bank, New Jersey's largest thrift, was taken over by federal regulators on Friday, after recording huge losses from real estate ventures...
...Energy may have allowed scandals rivaling the estimated $8 billion imbroglio at the Department of Housing and Urban Development to go undetected. But the gravest worries were triggered by concerns about the solvency of more than $5 trillion in federal credit and insurance programs that cover everything from bank deposits to student loans and Third World aid. While no one expects all such programs to fail, bad debts and write-offs are steadily increasing. "Losses from these programs have already cost the taxpayers tens of billions of dollars and have had a significant impact on the federal deficit," warns Charles...