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CALIFORNIA | LOCAL
February 4, 1989
If the taxpayers must pay for the 50% increase in salary that our politicians demand, then let our politicians use that tax money to help the S&L industry. People who are trying to save a few dollars shouldn't be taxed both ways. MONROE RUBINGER Beverly Hills
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CALIFORNIA | LOCAL
June 11, 2009 | Dennis McLellan
Robert R. Sprague, a former Los Angeles-based leader of the savings and loan industry and a philanthropist who was a major donor to UC Irvine, has died. He was 92. Sprague died of cancer June 2 at his home in Corona del Mar, said his daughter, Lois M. Sprague.
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CALIFORNIA | LOCAL
August 17, 1990
In response to Pete Wilson's savings and loan contributions: Your editorial ("A Good Issue, but the Wrong Man," Aug. 7) supporting Wilson in accepting contributions from the S&L industry is premature. With painful knowledge of how this particular segment of our business community has operated in the past, it is hardly likely this immense amount of money was granted to Wilson because he's just a nice kid. Maybe he is a nice kid, but the S&Ls don't give unless they can get. This is a situation which bears close scrutiny, and your editorial is premature.
BUSINESS
September 21, 2003
"S&L Investors Awarded $94 Million" (Aug. 13) states that, according to one of the attorneys for Southern California Federal Savings & Loan and its former shareholders, only one case has been resolved out of about 120 related cases arising from the cleanup of the S&L industry after the thrift crisis of the 1980s. Contrary to that statement, almost half, 55 cases, have been resolved, and almost two-thirds have received a judgment from the trial court. Of the 65 remaining cases, 19 are before appellate courts and 46 remain before the trial court.
BUSINESS
October 20, 1986
Federal Home Loan Bank Board Chairman Edwin J. Gray said he is "deeply disappointed" that Congress failed to approve the bill that would have raised $15 billion for the Federal Savings and Loan Insurance Corp. and expanded the powers of federal bank regulators to merge weak institutions with stronger ones. Gray said the bank board "will do its level best" to deal with mounting problems in the S&L industry.
BUSINESS
January 21, 1987 | KATHLEEN DAY, The Washington Post
The Federal Home Loan Bank Board is worried that the 12 regional Federal Home Loan banks soon will refuse to lend money to the sickest U.S. savings and loan institutions, the bank board and the U.S. Treasury have told Congress. A refusal to make new loans could leave 272 ailing S&Ls--which are losing $6 million a day--without enough cash to meet day-to-day expenses, according to a Nov. 26 memo made available Tuesday.
BUSINESS
April 27, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The House Banking Committee, bitterly divided along party lines, voted Wednesday to require the savings and loan industry to provide up to $150 million a year in subsidized home mortgages for poor and moderate income persons in exchange for legislation bailing out the insurance fund for thrift deposits. "All our frustrations over housing legislation for the last eight years came out on this issue," said Rep. Richard H. Lehman (D-Sanger), after the 90-minute debate, which included bursts of passionate oratory seldom seen in discussions of financial legislation.
BUSINESS
August 12, 1990
James Flanigan's "Deficit Fighters Eye Mortgage Interest" (July 25) should read "Deficit Fighters Sound Death Knell for Economy." If these misguided lawmakers looked past the end of their panicked noses, they would realize that any increase in revenue derived from limiting mortgage deductions would be offset by the financial trauma this would cause to our economy. Think carefully about who would be adversely affected, beginning with the already crippled savings and loan industry and continuing to the building, real estate, banking and even retail sectors.
BUSINESS
May 3, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The House Banking Committee, after a marathon 14-hour session, voted Tuesday for a sweeping savings and loan rescue package that includes tough financial standards for S&Ls and new housing opportunities for poor people. The committee voted 49-2 to approve the biggest financial bailout ever, a $157-billion expenditure to restore the federal insurance fund that protects deposits up to $100,000. Only two members of the committee, Democrat Joseph Kennedy of Massachusetts and Republican Jim Leach of Iowa, voted against the measure, which had the enthusiastic support of the Bush Administration.
CALIFORNIA | LOCAL
June 29, 1990 | ALAN C. MILLER, TIMES STAFF WRITER
Rep. Howard L. Berman (D-Panorama City) received $45,950 in campaign contributions from the scandal-plagued savings and loan industry in the 1980s, the 10th-highest amount among present House members, according to a Common Cause study released Thursday. Among other San Fernando Valley area representatives, Elton Gallegly (R-Simi Valley), who was first elected in 1986, received $20,050, and Carlos J. Moorhead (R-Glendale) received $14,635, the citizens lobby reported. Rep. William M.
BUSINESS
July 27, 1996 | PATRICK LEE, TIMES STAFF WRITER
Consumer groups are worried about how consumers will fare under the wave of changes reshaping the thrift industry, including mergers and bank conversions that promise the greatest upheaval since the 1980s savings and loan debacle. Community lending advocates, meanwhile, worry that the changes will divert the former savings and loan industry from its historical task of providing mortgages to prospective homeowners and financing housing in poor and minority communities.
BUSINESS
March 18, 1995 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Banking industry officials insisted Friday that regulators should proceed with a proposal to reduce bank payments by $4.4 billion to the federal fund that insures their deposits. But savings and loan associations told a regulatory hearing here that they could be driven into extinction if they must pay substantially more for deposit protection than their bank competitors.
BUSINESS
March 11, 1994 | From Associated Press
Profits of savings and loans slipped slightly last year--to $5 billion from $5.1 billion the year before--but it was a far cry from the industry's bad old days of multibillion-dollar losses. It was the third consecutive year of profits for the industry after four years--1987 through 1990--that saw it hemorrhage more than $30 billion. The 1,669 institutions that have managed to survive the S&L crisis earned profits of $1.
BUSINESS
March 30, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
Buoyed by a runaway refinancing market, Orange County's savings and loan industry ended a decade-long drought by posting a profit of $302.1 million for 1992. In previous years, local thrifts' earnings have been dragged down by losses at failed S&Ls that regulators seized but continued to operate. Last year, such failures among the county's 22 thrifts didn't damage earnings much. The same S&Ls earned a profit for 1991, but the industry as a whole lost $20.
BUSINESS
November 9, 1992 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
As leaders of what remains of the nation's savings and loan associations meet here this week, they are assessing a host of issues that confront their industry--the economy, regulation, community reinvestment, affordable housing and others. Clearly the main concern on the minds of the delegates of the Savings & Community Bankers of America is what the Clinton Administration will do to get the economy--particularly the housing industry--back in gear.
NEWS
October 28, 1992 | JAMES BATES, TIMES STAFF WRITER
Jay Janis, the nation's top savings and loan regulator in the Carter Administration and most recently the head of the trade group representing California's thrifts, died Monday night in UCLA Medical Center after a long bout with leukemia. He was 59. A popular figure in the state's savings and loan industry, the Bel-Air resident had served since Jan. 1 as president of the California League of Savings Institutions.
BUSINESS
November 11, 1986 | TOM FURLONG, Times Staff Writer
Congress' recent inability to recapitalize the Federal Savings and Loan Insurance Corp. resulted in part because the savings and loan industry did not fully support the plan, two congressional leaders said Monday. In blunt remarks at a national convention of savings and loan executives here, Rep. Fernand J. St Germain (D-R.I.) and Sen.
BUSINESS
June 16, 1991
In the Mutual Funds column, "Industry Is Unlikely to Have S&L-Type Troubles" (May 26),Russ Wiles makes clear that the mutual fund industry is probably not vulnerable to the stupidity-cum-cupidity that sank the S&L industry. Perhaps I'm paranoid, but isn't there another kind of risk, unique to funds: a very large pool of uninsured money, representing holdings by many individuals who are not sophisticated investors--"weak hands" in Wall Street parlance. Imagine a run on the funds by such investors spooked by the collapse of a money center bank or major insurance company, or an unexpected default on an investment-grade debt.
BUSINESS
June 7, 1992 | JAMES S. GRANELLI
With his infectious smile and a glint in his eyes, Gerald H. McQuarrie welcomed a group aboard his boat, the Pez Vela, for a short fishing trip off Newport Beach early on a sunny Saturday morning last July. The savings and loan business was his vocation, but fishing was his avocation.
BUSINESS
June 16, 1991
In the Mutual Funds column, "Industry Is Unlikely to Have S&L-Type Troubles" (May 26),Russ Wiles makes clear that the mutual fund industry is probably not vulnerable to the stupidity-cum-cupidity that sank the S&L industry. Perhaps I'm paranoid, but isn't there another kind of risk, unique to funds: a very large pool of uninsured money, representing holdings by many individuals who are not sophisticated investors--"weak hands" in Wall Street parlance. Imagine a run on the funds by such investors spooked by the collapse of a money center bank or major insurance company, or an unexpected default on an investment-grade debt.
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