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Herbert J Young

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BUSINESS
March 27, 1988
Regarding the article about Herbert J. Young of Gibraltar Savings in Beverly Hills ("Gibraltar Savings, Hurt by Losses, Replaces Young," March 5): I have known Herbert Young for 35 years on both a business and personal level. I am also a stockholder of Gibraltar Financial, the parent of Gibraltar Savings. Young always has conducted himself in an exemplary manner and has been a great credit to the savings and loan industry as well as to Gibraltar Savings, which grew from a small institution with only a few branches when he took charge to a $15-billion, 92-branch financial giant ranking among the 10 largest savings institutions in the nation.
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BUSINESS
November 16, 1990 | JAMES BATES, TIMES STAFF WRITER
Drexel Burnham Lambert's junk bond group manipulated some Southern California thrifts in marionette-like fashion, providing financial sweeteners to executives of local thrifts who bought its bonds while pressuring them if they balked at Drexel's wishes, documents filed this week by federal regulators show.
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BUSINESS
April 20, 1988 | TOM FURLONG, Times Staff Writer
Herbert J. Young, replaced recently as head of ailing Gibraltar Savings in Beverly Hills after more than 35 years with the firm, has received a lump-sum payment of $1.29 million, the company's annual proxy statement shows. Young's retirement from Gibraltar Financial, the parent company, was announced early last month. Young, 56, had been chairman of the firm for 20 years and chief executive for the past 27.
BUSINESS
April 16, 1989 | TOM FURLONG,, Times Staff Writer
Herbert J. Young was flat-out wrong in early 1987 when he predicted the future for Gibral-tar Savings, a financial institution in Beverly Hills that he had run for more than 25 years. "The key fundamentals are in place for a successful year. . . . ," Young said in his annual written report to shareholders. "All indications point to continued interest rate stability and a healthy real estate market in the company's principal lending areas." In fact, in the ensuing 24 months, soaring interest rates and severe down drafts in the real estate market sparked nearly $250 million in losses at Gibraltar Financial, the parent company, and ultimately led to large withdrawals of deposits at Gibraltar Savings.
BUSINESS
April 16, 1989 | TOM FURLONG,, Times Staff Writer
Herbert J. Young was flat-out wrong in early 1987 when he predicted the future for Gibral-tar Savings, a financial institution in Beverly Hills that he had run for more than 25 years. "The key fundamentals are in place for a successful year. . . . ," Young said in his annual written report to shareholders. "All indications point to continued interest rate stability and a healthy real estate market in the company's principal lending areas." In fact, in the ensuing 24 months, soaring interest rates and severe down drafts in the real estate market sparked nearly $250 million in losses at Gibraltar Financial, the parent company, and ultimately led to large withdrawals of deposits at Gibraltar Savings.
BUSINESS
March 5, 1988
Cultural decline is a hobby and these words in the heading lured me into reading a load of drivel by Thomas. The climax of this onanistic tirade is a question mark. "What kind of people do we want to be?" That is easy, Cal. We want to be like the ones we see on TV--rich, pretty, vacuous, ruthless, successful, one dimensional, small, contentable and utterly dispensable. Thomas seems to think that more rules and regulations would be a big help.
BUSINESS
November 16, 1990 | JAMES BATES, TIMES STAFF WRITER
Drexel Burnham Lambert's junk bond group manipulated some Southern California thrifts in marionette-like fashion, providing financial sweeteners to executives of local thrifts who bought its bonds while pressuring them if they balked at Drexel's wishes, documents filed this week by federal regulators show.
BUSINESS
November 4, 1986
Jerome Nussbaum has been promoted to president and chief operating officer of Gibraltar Savings, Beverly Hills. The 40-year-old Nussbaum succeeds Herbert J. Young, who continues as chairman and chief executive. Young also continues as chairman and president of Gibraltar Financial Corp., the S&L's parent. Nussbaum, who joined Gibraltar in 1985, will continue as executive vice president and chief financial officer of the parent company, Gibraltar said.
BUSINESS
July 25, 1986
Gibraltar Financial's second-quarter profit rose 16.1% while six-month earnings fell 6%, the company said. The 1986 results include a charge of $5.94 million in connection with the early retirement of a portion of floating-rate subordinated notes due November, 1991. Earnings for the quarter rose to $12.6 million from $10.9 million in the second quarter of 1985. Earnings from January through June were $21.4 million, down from $22.9 million earned in the first six months of last year.
BUSINESS
April 22, 1987 | TOM FURLONG
Three large Los Angeles-area savings and loan companies--Great Western Financial, Gibraltar Financial and Coast Savings & Loan--all reported markedly higher earnings Tuesday for the first three months of 1987. Great Western Financial reported record first-quarter earnings of $81.2 million, up 15% from the first quarter of 1986. The results marked the 10th consecutive quarter that Great Western Financial, based in Beverly Hills, has achieved record results.
BUSINESS
April 20, 1988 | TOM FURLONG, Times Staff Writer
Herbert J. Young, replaced recently as head of ailing Gibraltar Savings in Beverly Hills after more than 35 years with the firm, has received a lump-sum payment of $1.29 million, the company's annual proxy statement shows. Young's retirement from Gibraltar Financial, the parent company, was announced early last month. Young, 56, had been chairman of the firm for 20 years and chief executive for the past 27.
BUSINESS
March 27, 1988
Regarding the article about Herbert J. Young of Gibraltar Savings in Beverly Hills ("Gibraltar Savings, Hurt by Losses, Replaces Young," March 5): I have known Herbert Young for 35 years on both a business and personal level. I am also a stockholder of Gibraltar Financial, the parent of Gibraltar Savings. Young always has conducted himself in an exemplary manner and has been a great credit to the savings and loan industry as well as to Gibraltar Savings, which grew from a small institution with only a few branches when he took charge to a $15-billion, 92-branch financial giant ranking among the 10 largest savings institutions in the nation.
BUSINESS
March 5, 1988
Cultural decline is a hobby and these words in the heading lured me into reading a load of drivel by Thomas. The climax of this onanistic tirade is a question mark. "What kind of people do we want to be?" That is easy, Cal. We want to be like the ones we see on TV--rich, pretty, vacuous, ruthless, successful, one dimensional, small, contentable and utterly dispensable. Thomas seems to think that more rules and regulations would be a big help.
BUSINESS
April 23, 1986 | TOM FURLONG
Gibraltar Financial Corp. said Tuesday that its earnings fell 27% in the first quarter of 1986, a marked contrast to many of its large California competitors, which are reporting record profits. Gibraltar Financial, parent company of Gibraltar Savings, said first-quarter earnings were $8.78 million, compared to the $12 million that it earned in the first three months of 1985.
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