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BUSINESS
May 9, 1989 | GREG JOHNSON, Times Staff Writer
It would be difficult to find two more distinct visions of the savings-and-loan industry than those held by Golden West Financial Corp. Chairman Herbert M. Sandler and Imperial Corp. of America President Ken Thygerson. Sandler, who has built Golden West's Oakland-based World Savings & Loan subsidiary into a consistently profitable financial institution, is content to stick with what he once described as "residential lending--boring, dull, residential lending." San Diego-based ICA, which has been diversifying beyond the traditional S&L business for the past three years into activities such as junk-bond investments and wholesale car and mobile home loans, has used new powers granted by regulators to move into what Thygerson once acknowledged as "strange and mysterious things" in the eyes of most industry executives.
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NEWS
December 19, 1996 | From Associated Press
A savings and loan executive who claimed "20/20" portrayed him as a crook won $10 million in a libel suit Wednesday against ABC. The seven-member federal jury concluded that the gist of the 1991 broadcast about BankAtlantic chairman and chief executive Alan Levan was false and that ABC knew it was untrue or had serious doubts about its accuracy.
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NEWS
June 16, 1989 | Robert A. Rosenblatt, Los Angeles Times
The House gave President Bush a major victory Thursday, supporting his demand for strict new capital standards for savings and loan associations as part of the complex rescue of the federal S&L insurance fund. On an overwhelming vote of 326 to 94, the House rejected a proposal that would have exempted S&L owners from supplying billions of dollars in new cash as a fiscal foundation for their institutions. A strong appeal from the President -- and the threat of a veto for the vital bill -- crushed a nascent revolt in the ranks of House Republicans, who had been subjected to an intense lobbying campaign by S&L executives.
BUSINESS
November 12, 1992 | From Associated Press
Savings and loan executives and economists say mortgage rates could start declining again if President-elect Bill Clinton proves to financial markets that he isn't going to balloon the budget deficit. Since early September, when average interest on 30-year fixed-rate mortgages hit a 19-year low of 7.84%, rates have jumped by nearly half a percentage point.
BUSINESS
April 18, 1989 | KATHLEEN DAY, The Washington Post
For years, Rep. Stan Parris badgered government regulators to crack down on widespread abuses in the savings and loan industry. The Virginia Republican was one of the loudest and most persistent critics of accounting rules that he said allowed hundreds of S&Ls to mask a steady decline into insolvency. He accused S&L regulators of being captives of the industry and called for the resignation of federal officials who he said had "done nothing to fix the problem." "We have generated a whole bunch of phony assets that are being called assets but which are in fact not," he told the House two years ago. "We in the Congress must take some responsible action to put the thrift industry . . . back on its feet."
NEWS
June 16, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
Giving President Bush a major victory, the House on Thursday approved a massive rescue package for the federal insurance fund that protects savings and loan deposits up to $100,000. Taxpayers would bear the heaviest burden of the legislation, which could cost as much as $300 billion over the next 30 years. The package, similar to a bill previously approved by the Senate, would spend billions of dollars to close or sell hundreds of financially crippled S&Ls and pay off their depositors who have insured accounts.
NEWS
June 16, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
Giving President Bush a major victory, the House on Thursday approved a massive rescue package for the federal insurance fund that protects savings and loan deposits up to $100,000. Taxpayers would bear the heaviest burden of the legislation, which could cost as much as $300 billion over the next 30 years. The package, similar to a bill previously approved by the Senate, would spend billions of dollars to close or sell hundreds of financially crippled S&Ls and pay off their depositors who have insured accounts.
BUSINESS
January 14, 1987
Eric Noda, 44, of Novato, Calif., a former senior vice president and loan officer for Columbus Marin Savings & Loan in San Rafael, Calif., was arrested and accused of stealing $1.3 million from the institution in a loan funneled through his ex-wife's company, federal officials said. He was charged with bank fraud punishable by up to five years in prison and a $250,000 fine, the FBI said. Columbus, founded in 1978, was taken over by the Federal Savings and Loan Insurance Corp.
NEWS
January 30, 1989 | From Associated Press
Officials trying to bail out the fund that insures deposits in federal savings and loan institutions should go after the "yacht-owning" executives of those institutions who contributed to the problem and get rid of unsound institutions, the chairman of a Senate banking subcommittee said today. "We ought to be seeing to it that those people who are driving around in Jaguars and have big yachts and belong to fancy country clubs come up to the bar now and pay up," Sen. Alan J. Dixon (D-Ill.
BUSINESS
November 2, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
David L. Boyles, a banker hired by Downey Savings & Loan to revamp its operations, unexpectedly quit as executive vice president and chief operating officer, officials of the thrift said Thursday. Boyles, who joined the institution only last February, told Downey officials that he would return to Seattle to manage a high-technology firm in which he has had a "substantial" ownership interest.
BUSINESS
August 25, 1991 | TOM FURLONG, TIMES STAFF WRITER
How in the world did Edward A. Forde--one of the earliest contributors to the nation's savings and loan debacle--wind up in a town like this? That's what many have asked in this sunbaked border spot of 20,000 people, where the ambience is more Mexican than American and an Anglo like Forde from the San Gabriel Valley stands out like a strikebreaker at a union rally. Forde, former chief of now-defunct San Marino Savings & Loan Assn.
BUSINESS
July 30, 1991 | MICHAEL FLAGG, TIMES STAFF WRITER
Convicted by a federal jury of tax evasion, Gilbert Fuentes was sentenced Monday to 30 days in prison after prosecutors said he took $200,000 in unreported income from a prominent Newport Beach businessman to keep quiet about an $11-million savings and loan fraud. Fuentes, 59, faced a maximum sentence of five years in prison and $250,000 in fines. Instead--in addition to the 30 days--he was sentenced to five years of probation and 3,000 hours of community service by Chief U.S.
BUSINESS
June 22, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
A former Columbia Savings & Loan executive has been convicted of tax evasion for failing to report $200,000 allegedly paid to him by an Orange County businessman accused of defrauding the Beverly Hills thrift of more than $11 million, federal prosecutors said. A federal jury Thursday convicted Gilbert Fuentes, 59, of San Diego after a three-day trial. The former chief financial officer of Columbia faces up to five years in jail and a $250,000 fine.
NEWS
February 21, 1991 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
"I think I've licked this thing totally," an ebullient Sen. Alan Cranston (D-Calif.) said Wednesday of his fight against prostate cancer. After weeks of grueling radiation treatment, followed by major surgery last month, Cranston has resumed playing tennis and will return to Washington on March 5 with an unrestricted work schedule.
NEWS
January 4, 1991 | ROBERT A. ROSENBLATT and SARA FRITZ, TIMES STAFF WRITERS
The "Keating Five" ethics case enters its climactic phase today with the first public cross-examination of the senators who went to bat for savings and loan mogul Charles H. Keating Jr. in his battles with federal thrift regulators. Robert S. Bennett, the Senate Ethics Committee's special counsel, will attempt to show that at least some of the senators were guilty of unacceptable behavior in their efforts to help Keating, who gave $1.3 million to their political campaigns and causes.
NEWS
November 21, 1990 | SARA FRITZ and ROBERT A. ROSENBLATT, TIMES STAFF WRITERS
Lincoln Savings & Loan owner Charles H. Keating Jr. and Sen. John McCain (R-Ariz.) had a bitter quarrel in 1987 after Keating told another senator that McCain--a former prisoner of war in Vietnam--was a "wimp" for refusing to help Lincoln in its battle with regulators, the Senate Ethics Committee was told Tuesday. Christopher L. Koch, an aide to McCain, testified that he witnessed the nasty encounter between Keating and his boss in the senator's office in March, 1987.
BUSINESS
July 30, 1991 | MICHAEL FLAGG, TIMES STAFF WRITER
Convicted by a federal jury of tax evasion, Gilbert Fuentes was sentenced Monday to 30 days in prison after prosecutors said he took $200,000 in unreported income from a prominent Newport Beach businessman to keep quiet about an $11-million savings and loan fraud. Fuentes, 59, faced a maximum sentence of five years in prison and $250,000 in fines. Instead--in addition to the 30 days--he was sentenced to five years of probation and 3,000 hours of community service by Chief U.S.
NEWS
December 19, 1996 | From Associated Press
A savings and loan executive who claimed "20/20" portrayed him as a crook won $10 million in a libel suit Wednesday against ABC. The seven-member federal jury concluded that the gist of the 1991 broadcast about BankAtlantic chairman and chief executive Alan Levan was false and that ABC knew it was untrue or had serious doubts about its accuracy.
BUSINESS
November 2, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
David L. Boyles, a banker hired by Downey Savings & Loan to revamp its operations, unexpectedly quit as executive vice president and chief operating officer, officials of the thrift said Thursday. Boyles, who joined the institution only last February, told Downey officials that he would return to Seattle to manage a high-technology firm in which he has had a "substantial" ownership interest.
BUSINESS
September 19, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Flip Darr figured that he would chalk up an easy win during a round of races at a back-yard pool party in 1973. His opponent was 11 years older, and Darr recalls thinking that "I could beat him, this old duck." But the "old duck" was Charles H. Keating Jr., 1946 national collegiate breast stroke champion and a man with an overpowering drive to win. Darr, then barely 40, didn't stand a chance against his opponent, then 51. "He cleaned my clock.
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