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BUSINESS
March 17, 1990 | JAMES BATES, TIMES STAFF WRITER
The Hyatt Grand Champions Resort in Indian Wells, one of the largest properties listed for sale by the federal Resolution Trust Corp., was sold for $65 million to the Japanese real estate firm Maruko, sources familiar with the sale said Friday. The sale, which closed escrow late Thursday, is a boost for the beleaguered RTC, an agency formed last year to sell assets of financially troubled thrifts. The RTC has been criticized for moving too slowly in selling problem properties.
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CALIFORNIA | LOCAL
May 14, 2009 | Binyamin Appelbaum, Appelbaum writes for the Washington Post.
L. William Seidman, who led the federal response to the savings and loan crisis of the late 1980s as chairman of the Federal Deposit Insurance Corp., died Wednesday at a hospice in Albuquerque, N.M., of complications from pneumonia. He was 88.
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BUSINESS
November 22, 1991 | JAMES BATES, TIMES STAFF WRITER
In a stronger-than-expected showing, the federal agency mopping up the nation's savings and loan mess took in $106 million Thursday afternoon during its biggest-ever auction of commercial property. The results bode well for the use of auctions to quickly get rid of the $21 billion in real estate taxpayers have inherited from failed thrifts. The highly publicized event, held at the Doubletree Resort near Palm Springs, was considered a barometer of the Resolution Trust Corp.'
BUSINESS
March 26, 1998 | JOHN O'DELL, TIMES STAFF WRITER
Polygon Communities Inc. has paid the federal government $900,000 to settle a so-called whistle-blower lawsuit alleging that the developer lied to the Resolution Trust Corp. to buy a large parcel of land from the government agency in 1995. Under federal law, the maximum fine in such a case is $1 million.
BUSINESS
March 13, 1991 | From Associated Press
The House on Tuesday night rejected a bill that would have pumped another $30 billion of borrowed taxpayer money into the bailout of depositors in failed savings and loan associations. The bill, written by a bipartisan majority of the House Banking Committee and supported by the Bush Administration, failed on a 220-201 vote.
BUSINESS
July 11, 1990 | From Associated Press
Savings and loan bailout officials approved a policy Tuesday that they hope will save taxpayers' money by selling insolvent thrifts before the institutions lose value during months of government control. In a major strategy shift, the board of Resolution Trust Corp., created last summer to clean up the S&L industry, voted 4-0 to adopt a program to find buyers for weak thrifts before, rather than after, they fail.
BUSINESS
November 2, 1990 | From Associated Press
Bush Administration officials decided Thursday to stave off a shutdown of the savings and loan bailout by taking advantage of a drafting error in last year's law. The mistake will let the Resolution Trust Corp. borrow up to $18.8 billion more than Congress apparently intended. The short-term borrowing, to be repaid through the sale of loans, real estate and other assets once owned by failed S&Ls, frees the agency to continue some cleanup activities into early next year.
BUSINESS
July 11, 1991 | JAMES RISEN, TIMES STAFF WRITER
Top government officials dealing with the savings and loan crisis said Wednesday that they are launching a nationwide search for a new chief executive officer from private industry to head the Resolution Trust Corp. The RTC's oversight board, made up of top Bush Administration officials and leading independent regulators, said the official will be given much broader powers than the agency's current executive director.
BUSINESS
November 20, 1991 | JAMES BATES, TIMES STAFF WRITER
The last time the federal Resolution Trust Corp. tried to hold a big publicized auction to rid itself of some of its best commercial real estate, the event unraveled before the first gavel slammed. That was last fall when a Miami auction company, hired by the thrift cleanup agency to run a splashy, televised selloff, failed to come up with promotion money as promised.
BUSINESS
June 14, 1990 | JAMES BATES, TIMES STAFF WRITER
Treasury Secretary Nicholas F. Brady is expected to warn Congress today that the government's thrift bailout agency could run out of money as early as October, an event that would halt government efforts to mop up sick savings and loans. The disclosure came through comments from Resolution Trust Corp. Chairman L. William Seidman in response to reporters' questions in Washington. Details of Brady's expected testimony also was disclosed Wednesday in the trade publication American Banker.
NEWS
June 17, 1996 | ROBERT L. JACKSON, TIMES STAFF WRITER
Republicans on the Senate Whitewater Committee, in a chapter of their upcoming final report, charge that White House aides obtained closely held information about ongoing federal probes related to the land-deal controversy by falsely claiming they needed the data to respond to inquiries by the media. The 700-page report, including a chapter known as "the Washington phase," dealing with alleged reactions by officials in Washington to the controversy in Arkansas, is due to be made public Tuesday.
NEWS
May 18, 1996 | ROBERT L. JACKSON, TIMES STAFF WRITER
Republicans on the Senate Whitewater Committee charged Friday that there were flaws and limits in an official report the White House has claimed clears President and Mrs. Clinton of wrongdoing in the Whitewater case. The focus of the committee's attention was a report prepared for the Resolution Trust Corp. at a cost of nearly $4 million by a San Francisco-based law firm that spent two years examining Madison Guaranty Savings & Loan, the failed Little Rock, Ark.
NEWS
November 30, 1995 | SARA FRITZ, TIMES STAFF WRITER
In a highly unusual attempt to defend President Clinton against Whitewater-related charges, Senate Democrats on Wednesday made public part of a letter in which a government investigator offhandedly accused Clinton of lying when he denied having an affair with Gennifer Flowers. Democrats on the Senate Whitewater investigating committee produced the letter excerpt in an effort to discredit Jean Lewis, an investigator for the Resolution Trust Corp.
NEWS
August 5, 1995 | SUSAN SCHMIDT and SHARON LaFRANIERE, THE WASHINGTON POST
The Rose Law Firm did the legal work on a 1985 land deal for Madison Guaranty Savings & Loan that involved "fictitious" transactions and led to losses large enough to bankrupt the S&L, the inspector general of the Resolution Trust Corp. reported Friday. The deal, which involved a number of prominent Arkansans, including the current governor, was criticized as early as 1986 by bank examiners who said Madison relied on a straw buyer to purchase the land.
CALIFORNIA | LOCAL
November 26, 1991 | JOHN CHANDLER, TIMES STAFF WRITER
In an attempt to rid the city of a pair of eyesores, Lancaster officials decided Monday to try to buy the remains of two housing tracts that have sat partially built and abandoned for more than two years as fallout from the nation's savings and loan crisis. City Council members, meeting as the city's Redevelopment Agency, voted 4 to 0 to submit an offer for the Legends and Silverado tracts to the federal Resolution Trust Corp.
CALIFORNIA | LOCAL
August 31, 1992 | AARON CURTISS, TIMES STAFF WRITER
Darrell and Annette Trojan were looking for a bargain--and they got one with the flash of a card. In need of a bigger house for their four children, the Lancaster couple joined about 100 other people Sunday at the Antelope Valley Inn to bid on 23 new residences held by the federal Resolution Trust Corp. Like many of the others, the Trojans were lured to the auction by prices that were as much as a third below the original asking prices of $140,000 to $188,000.
BUSINESS
June 13, 1995 | Times Staff and Wire Reports
Keating Witness Won't Have to Pay $3.5 Million: Judith J. Wischer, the star prosecution witness in the federal fraud trial of Lincoln Savings & Loan boss Charles H. Keating Jr., won dismissal of an order to pay restitution to the government. Wischer, an accountant who became the president of Irvine-based Lincoln's parent company, American Continental Corp. in Phoenix, had admitted to three felonies in a plea bargain. But Wischer told U.S.
BUSINESS
March 11, 1995 | From Bloomberg Business News
The Resolution Trust Corp., the thrift cleanup agency, proposed Friday to bar Salomon Bros. Inc. and Morgan Stanley & Co. from future agency contracts, citing alleged violations of agency rules prohibiting gifts to and entertainment of RTC employees, the agency said in a statement. The proposed exclusions are the first results of a continuing investigation by the RTC of practices of firms that have provided financial advisory and underwriting services to the agency.
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