April 16, 1989 |
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.
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.
November 16, 1990 |
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.
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.
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.
April 22, 1987 |
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.