Word: l
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Dates: during 1980-1989
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PRODUCTION: Gail Music (Manager); Stephen F. Demeter (Systems Manager); Joseph J. Scafidi (Deputy); Trang Ba Chuong, Theresa Kelliher, Peter K. Niceberg, L. Rufino-Armstrong, Lee R. Sparks (Supervisors); Robert L. Becker, Silvia Castaneda Contreras, Osmar Escalona, Garry Hearne, Nora Jupiter, Agustin Lamboy, Jeannine Laverty, Marcia L. Love, Janet L. Lugo, Peter J. McGullam, Sandra Maupin, Helen May, Michael Skinner Graphics Production: Kenneth Collura, Linda Parker, Lois Rubenstein, Simon Tack...
WORLDWIDE PUBLISHER: Robert L. Miller...
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...
Before the ominous S&L predictions had a chance to sink in, alarms were going off about other potentially monumental crises. A report by Budget Director Richard Darman warned that careless management at such agencies as the Veterans Administration and the Department of 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...
...most disturbing fact is that no one knows how severe the problems may be. In a report to Congress last month, the General Accounting Office described the same pattern of sloppy accounting and slack Government supervision that allowed the S&L debacle to go unchecked. Because many agencies kept such poor books, GAO auditors could not even determine how much of the $5 trillion is at risk of default. "The ignorance, incompetence and corruption in many of the Government loan and loan-guarantee programs are appalling," says Dingell...