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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.
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NEWS
May 9, 1996 | SARA FRITZ, TIMES STAFF WRITER
Whitewater defendant James B. McDougal, testifying Wednesday at his conspiracy trial, altered his account of a 1985 conversation with then-Gov. Bill Clinton in which McDougal agreed to retain Hillary Rodham Clinton as a lawyer for his savings and loan. McDougal, who was the Clintons' investment partner in the failed Whitewater resort development, said he decided to retain Mrs. Clinton as attorney for Madison Guaranty Savings & Loan after Clinton stopped by his office in August 1985.
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BUSINESS
April 28, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The House Banking Committee on Thursday approved tough new financial standards for the nation's beleaguered savings and loan industry, requiring S&L owners to provide billions of dollars in additional capital as the foundation of a rescue plan for the federal deposit insurance system. The bipartisan vote of 36 to 15 was a victory for the Bush Administration and committee Chairman Henry B. Gonzalez (D-Tex.), who sought a tougher requirement than the Senate had approved last week.
NEWS
May 8, 1996 | SARA FRITZ, TIMES STAFF WRITER
Whitewater defendant James B. McDougal, testifying in his conspiracy trial Tuesday, flatly denied the charges against him and insisted that his name was forged on critical prosecution documents. "I am innocent on all counts brought by the special prosecutor," declared McDougal, a feisty former savings and loan owner and onetime investment partner of President Clinton.
BUSINESS
July 18, 1989 | JAMES S. GRANELLI, Times Staff Writer
The proposed sale of Pioneer Savings & Loan in Newport Beach to Irvine developer John E. Wertin has died. Wertin, who bought a recovering Bank of San Clemente in late 1987, had been negotiating for the purchase of Pioneer since September. He gave up on July 3, according to a recent notice from the state Department of Savings and Loan. Neither Wertin nor James F. Deane, Pioneer's chairman, could be reached to explain why the deal fell through.
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
June 15, 1989 | ROBERT A. ROSENBLATT and PAUL HOUSTON, Times Staff Writers
President Bush, declaring that Americans "have every right to be disturbed and shocked" by the savings and loan crisis, Wednesday called for the House to pass a bill forcing thrift owners to supply billions of dollars in additional capital for their businesses. Top officials of both parties conferred at the White House with Bush and predicted that the House will vote this week to give the President the S&L rescue legislation he wants. Thumping his hand on the table in the Cabinet room as he opened the meeting with congressional leaders, the President said, "In my view, it is time for the American public and our Administration to say that enough is enough and to earnestly ask for the support of the Congress."
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
September 13, 1988 | JAMES S. GRANELLI, Times Staff Writer
Developer John E. Wertin, who bought control of a recovering Bank of San Clemente last year, has agreed to acquire Pioneer Savings & Loan in a $1.5-million cash deal that would help end a bitter dispute over ownership of the Newport Beach savings institution. Wertin, head of the Pacific Co.
NEWS
May 31, 1994 | JAMES RISEN, TIMES STAFF WRITER
How much did Hillary Rodham Clinton know in the early and mid-1980s about the troubled business dealings of her Whitewater partner and sometime law client, James B. McDougal? And did she play a role in his efforts to bail himself out? These questions have become an important part of the Whitewater controversy facing the President and Mrs. Clinton. And in the incremental way that the affair is now developing, new documents have surfaced that don't fit comfortably with Mrs.
NEWS
November 30, 1992 | from Associated Press
Sen. Phil Gramm (R-Tex.) said Sunday he provided only routine help to a savings and loan operator who was paid $63,000 for doing $117,000 worth of work on the senator's vacation home. The FBI looked into the transaction but dropped the probe after the Senate Ethics Committee conducted a cursory review of the matter, the New York Times reported Sunday. The thrift owner, Texas businessman Jerry D.
BUSINESS
May 21, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Richard J. Meyer, a real estate investor who headed an Anaheim bank, pleaded not guilty Wednesday to fraud and other charges in a 14-count indictment stemming from the 1986 collapse of a Northern California savings and loan. Meyer, 54, was released on his own recognizance after entering his plea before U.S. Magistrate F. Steele Langford in San Francisco. No trial date was set. Meyer faces a maximum penalty of 70 years in prison and fines totaling $2.6 million.
BUSINESS
April 7, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Saying that Charles H. Keating Jr. needs to be punished for his "callous disregard and betrayal of trust," a Los Angeles County probation officer recommended Monday that Keating be sentenced to a long prison term for his conviction last fall on state securities fraud. Thomas W. Aiken, in a report filed with Los Angeles County Superior Court, dashed any hope that the former operator of Lincoln Savings & Loan might have had for independent support for probation at his sentencing Friday.
BUSINESS
March 12, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Charles H. Keating Jr. will be the first witness called to the stand early next week as testimony gets underway in the trial of the securities fraud lawsuits brought by investors who lost more than $250 million after the 1989 collapse of his company and its Lincoln Savings & Loan subsidiary. But it is unlikely that the former Arizona developer will say anything. Instead, he is expected to invoke his Fifth Amendment privilege against testifying to avoid incriminating himself.
BUSINESS
March 10, 1992 | From Staff and Wire Reports
In a federal courtroom reconfigured to accommodate a rash of high-tech equipment, final jury selection began Monday in the civil fraud and racketeering trial of former Lincoln Savings & Loan owner Charles H. Keating Jr. and more than a dozen co-defendants. U.S. District Judge Richard M. Bilby said his courtroom looked "ready for a rock concert."
BUSINESS
May 6, 1988
John L. Molinaro, the former owner of defunct Ramona Savings & Loan in Orange, fired the attorney who five weeks ago won court approval for Molinaro to withdraw guilty pleas to criminal fraud charges. Molinaro, who is serving a two-year federal prison term for fraud stemming from his attempt to secure a passport under a fake name, fired San Jose lawyer Ronald W. Rose.
BUSINESS
October 6, 1989 | GREGORY CROUCH, Times Staff Writer
One day after he was found guilty of bank fraud and conspiracy, a former owner of an Orange thrift was sent to prison Thursday by a federal judge after prosecutors said they were worried he might flee the country given his past conviction for passport fraud. U.S. District Judge David V. Kenyon lifted the $600,000 bail on John L. Molinaro and ordered he be taken to Metropolitan Detention Center in Los Angeles. Molinaro cursed deputy marshals as they handcuffed him and led him away.
BUSINESS
February 25, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
The Senate Ethics Committee, which appeared to conclude its investigation of the so-called Keating Five senators last year, apparently hasn't finished its probe of the Lincoln Savings & Loan influence scandal. The committee, which reprimanded five U.S. senators, is now looking into the roles that certain senators may have played in trying to help former Lincoln Savings & Loan owner Charles H. Keating Jr. sell the Irvine-based thrift three years ago.
BUSINESS
January 14, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
A federal judge on Monday refused to disqualify Charles H. Keating Jr.'s lawyer from defending the former Lincoln Savings & Loan owner on criminal charges of bank fraud and racketeering. U.S. District Judge Mariana R. Pfaelzer indicated that Stephen C. Neal would be able to continue representing Keating even though he previously had represented two co-defendants in civil matters. The two co-defendants--Keating's son, Charles H. Keating III, and one of Keating's sons-in-law, Robert M.
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