Word: francisco
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Keating sought to keep his savings and loan operating even though the Federal Home Loan Bank Board (FHLBB) in San Francisco had found enough bad loans and shaky business practices to shut it down. After Keating purchased Lincoln in 1984, he switched from investing in safe, single-family mortgages to go-go deals in raw land, junk bonds and huge development projects like the $900-a-night Phoenician Resort in Scottsdale, Ariz...
...April 9, 1987, all five Senators met with bank examiners summoned from San Francisco to DeConcini's office. DeConcini is quoted in notes from the meeting telling the examiners that "actions of yours could injure a constituent." Glenn said, "To be blunt, you should charge them or get off their backs." Riegle asked, "Where are the losses?" The federal banking agents pointed out that Lincoln was "flying blind on all of their different loans and investments," that there was no underwriting on most loans, that the bank's practices "violated the law, regulations and common sense" and that...
...bomb was allowed to keep ticking for two more years. Fortunately for Keating, FHLBB head Gray was replaced by the very sympathetic M. Danny Wall, a former aide to Utah's Republican Senator Jake Garn. Wall transferred responsibility for Lincoln from San Francisco to Washington. At House Banking Committee hearings on Oct. 17, L. William Seidman, head of the Resolution Trust Corp. and chairman of the Federal Deposit Insurance Corporation, criticized Wall for keeping Lincoln open. As a result, the federally guaranteed cost of paying back Lincoln's depositors went up $1.3 billion, to $2.5 billion. Nationwide, the whole debacle...
Reverberating from the San Andreas fault, the tremor collapses roadways, causes more than 100 fatalities, levels homes from Santa Cruz to San Francisco and forces suspension of the World Series. The destruction would have been worse if the region had not been prepared. But nothing could prepare survivors for the emotional aftershock of the disaster...
...Samghabadi, Martha Smilgis Boston: Robert Ajemian, Sam Allis, Melissa Ludtke Chicago: Gavin Scott, Barbara Dolan, Elizabeth Taylor Detroit: S.C. Gwynne Atlanta: Joseph J. Kane, Don Winbush Houston: Richard Woodbury Miami: James Carney Los Angeles: Jordan Bonfante, * Jonathan Beaty, Scott Brown, Cristina Garcia, Jeanne McDowell, Sylvester Monroe, James Willwerth San Francisco: Paul A. Witteman...