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Banking & Finance

April 29, 1993|From Times Staff and Wire Reports

GAO Suggests S&L Cleanup May Be Less Costly: The initial findings of a government audit suggest that the Clinton Administration may need far less money than it is seeking for finishing the cleanup of the savings and loan disaster, congressional sources said. The General Accounting Office reported that the Resolution Trust Corp. may need between $12 billion and $17 billion to complete its job--or as little as half the amount the White House says the thrift cleanup agency needs. The Administration is seeking $25 billion for the RTC, as well as $17 billion for the Federal Deposit Insurance Corp.'s Savings Assn. Insurance Fund, which will handle thrift failures after Sept. 30. That brings the total being sought for the bailout to $42 billion. The GAO findings are likely to put added pressure on the Administration to lower its price tag for the cleanup.

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