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OPINION
December 16, 1990
The S&L crisis, our thousand points of blight for the 1980s. MERRILL M. BASON Altadena
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BUSINESS
July 13, 1996 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The final price tag for the cleanup of hundreds of failed savings and loan associations will be $480.9 billion, a figure significantly higher than previous estimates, the General Accounting Office reported Friday. Most previous estimates were in the range of $100 billion to $150 billion for the total direct outlays by the Resolution Trust Corp. and its predecessor agency.
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BUSINESS
August 26, 1990
Vic Simon's article is right on. But why stop at taxing IRA's and Keogh's? Lets tax all pension plans. And, if it's only money that we need (damn the moral issue), lets tax churches, temples and all other religious efforts. Get real, Vic. Everyone knows the real reason for the S&L failures and the budget deficit. Attack the germ, not the rash. Get Congress to cut spending and put those S&L thieves in jail. JAMES P. WALSH Costa Mesa
BUSINESS
January 20, 1996 | DAVID G. SAVAGE, TIMES STAFF WRITER
The Supreme Court on Friday agreed to hear an appeal filed on behalf of a disgruntled credit card holder from Los Angeles who wants to revive a state law that limits late fees to $5 per month. The justices also agreed to decide a $10-billion dispute growing out of the savings and loan industry fiasco of the 1980s.
BUSINESS
June 21, 1989 | From Associated Press
Federal Deposit Insurance Corp. Chairman L. William Seidman, who would become the new deposit insurance czar under legislation moving through Congress, is talking to the Treasury Department about an idea that would enhance his power over the savings and loan bailout. Seidman is angling for greater authority over a new entity that will be created to close or merge insolvent S&Ls and dispose of real estate repossessed by the S&Ls, an industry official said. The FDIC chairman is said to be proposing that the FDIC's board, rather than a single person, be appointed chief executive of the Resolution Trust Corp.
BUSINESS
April 11, 1989 | From Associated Press
A House banking panel battled today over proposals to weaken the heart of the Bush Administration's savings-and-loan bailout plan by diluting a requirement that S&L owners back loans with more of their own money. In the first of a planned series of votes on proposed tougher capital standards, the House Banking subcommittee on financial institutions adopted, 30 to 17, a weakening amendment offered by Rep. Bill McCollum (R-Fla.). The Administration wants to encourage S&Ls to get out of areas such as real estate and insurance by requiring owners to back those investments entirely with their own capital.
BUSINESS
June 6, 1989 | From Associated Press
Banking groups lined up today to oppose legislation that would require financial institutions to cash government checks for non-customers and offer low-cost savings or checking accounts. The bankers told the Senate Banking subcommittee on consumer and regulatory affairs that banks have been doing a good job of voluntarily meeting the needs of the poor and elderly and should not have new government requirements imposed on them as proposed by Sen. Howard M. Metzenbaum (D-Ohio). "How can it make sense for Washington to mandate one rigid approach which is supposed to meet the needs of all our diverse communities?"
NEWS
May 4, 1990 | TOM REDBURN, TIMES STAFF WRITER
President Bush disclosed Thursday that L. William Seidman, the outspoken, independent bank regulator who was put in charge of the federal government's massive S&L bailout, will be replaced soon by William Taylor, a longtime Federal Reserve official. Seidman, who only two days earlier had been resisting White House efforts to push him out the door immediately, has not set a date for his departure as chairman of the Resolution Trust Corp.
BUSINESS
November 15, 1989 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Bush Administration and Congress averted a clash Tuesday over the rising cost of the savings and loan rescue operation by agreeing to delay any borrowing in excess of the $50 billion already approved by Congress. The House Ways and Means Committee approved a bill to curtail any new borrowing. But the measure won't take effect until Jan. 15, giving federal regulators time to find a borrowing plan that satisfies Congress.
BUSINESS
July 25, 1991 | ROBERT A. ROSENBLATT and DWIGHT MORRIS, TIMES STAFF WRITERS
Firms owned by blacks, Latinos and members of other minority groups have garnered only a trickle of the business coming from the federal government's effort to rescue the beleaguered thrift industry, a computer-aided investigation by The Times shows. Federal records show that the Resolution Trust Corp., which manages the bailout effort, has awarded black-owned businesses contracts with estimated fees totaling $26 million--2.
CALIFORNIA | LOCAL
December 3, 1993 | PETER DREIER, Peter Dreier, a professor of public policy at Occidental College and a former director of housing for the Boston Redevelopment Authority, is a Clinton appointee to the RTC Advisory Board
The proposed sale of the huge HomeFed Bank to another giant bank is an example of the Resolution Trust Corp.'s misguided "garage sale" mentality. The sale to Great Western Bank should be stopped until the RTC evaluates the impact on Southern California's economy, jobs and inner-city neighborhoods. Moreover, the withdrawal Tuesday of Stanley Tate's nomination to head the RTC gives President Clinton an opportunity to rethink the mission, operation and leadership of this troubled agency.
NEWS
September 26, 1993
The House passed and sent to conference with the Senate a bill (HR 1340) providing $18.3 billion for completing the savings-and-loan bailout. The Resolution Trust Corp. (RTC) would use the money to dispose of 80 bankrupt thrifts it is now keeping open. This brings to about $105 billion the appropriations approved by Congress since 1989 to reimburse lost deposits at more than 700 failed thrifts.
BUSINESS
April 14, 1993 | From Associated Press
Small investors are going to get a bigger crack at buying real estate and other assets seized in the savings and loan scandal, the S&L cleanup agency announced Tuesday. Responding to congressional critics, Deputy Treasury Secretary Roger C. Altman told a news conference that the Resolution Trust Corp. will rely less on grouping assets into large portfolios for sale to Wall Street firms and major investors. The portfolios were central to the Bush Administration's cleanup strategy.
NEWS
February 28, 1993 | JAMES RISEN, TIMES STAFF WRITER
President Clinton and his advisers made the federal deficit look smaller in their new economic plan by leaving out the costs of the savings and loan bailout, senior Administration officials have acknowledged. They said the Administration decided against including the additional $15 billion to $25 billion it will cost to finance the remaining portion of the bailout when it formulated the economic agenda unveiled during Clinton's economic address on Feb. 17.
BUSINESS
February 13, 1993 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
In what congressional overseers branded as evidence of loose controls in the savings and loan bailout, Price Waterhouse charged the government 67 cents a page to photocopy more than 11 million pages of documents at the failed Homefed Bank in San Diego, helping quadruple a $4-million contract to "$17 million and growing." The accounting firm obtained the contract from the Resolution Trust Corp.
OPINION
December 27, 1992 | Jonathan R. Macey, Jonathan R. Macey is J. DuPratt White Professor of Law at Cornell University.
A remarkable sleight-of-hand took place during President-elect Bill Clinton's recent economic conference in Little Rock, Ark. Before the summit, it was generally understood that many of the nation's banks were, at best, extremely fragile. Until the summit, conversations in policy circles had focused on whether the industry could even survive the 1990s.
BUSINESS
July 30, 1992 | JAMES RISEN, TIMES STAFF WRITER
President Bush renewed his demand Wednesday that Congress approve fresh funding for the savings and loan bailout, which has been stalled for months because regulators lack the money to dispose of failed thrifts. While the Senate has already approved the needed funding, Administration officials acknowledge that the House is unlikely to follow suit before the election, leaving the Resolution Trust Corp., the S&L cleanup agency, virtually paralyzed.
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