June 22, 1991 |
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.
February 2, 1988 |
Anthony M. Frank, a colorful innovator in the savings and loan industry, is expected to be named the new head of the U.S. Postal Service today, replacing Preston R. Tisch. Frank is chief executive of First Nationwide Bank, the nation's sixth-biggest savings and loan. The San Francisco-based financial institution was bought by Ford Motor Co. two years ago for nearly $500 million.
December 12, 1987 |
Savings and loan executives across the nation are worried that federal regulators are spending too much time and money trying to sell off ailing Financial Corp. of America in Irvine. "I feel (industry) pressure both inside and outside of California not to spend too much of our resources on FCA," M. Danny Wall, chairman of the Federal Home Loan Bank Board, said during an industry convention here.
May 28, 1986
Jeffrey A. Levitt, whose ouster last year as president of Old Court Savings & Loan sparked a run on Maryland's privately insured savings and loans, entered the plea to charges of theft and misappropriation of nearly $15 million of depositors' funds. Levitt also pledged to repay the money before he is sentenced in July. Prosecutors have requested a minimum 25-year jail term for the 44-year-old financier and lawyer.
November 12, 1992 |
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.
January 4, 1991 |
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.
November 21, 1990 |
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.
September 19, 1990 |
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.
February 21, 1991 |
"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.
August 25, 1991 |
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.