May 15, 1989 |
John L. Molinaro had never set foot inside a financial institution except as a customer until the day he and a partner bought Ramona Savings & Loan. The Santa Ana resident had no college degree, and his only business experience was as a carpet salesman. "I had no experience at all . . . in connection with the running and directing of a savings and loan association," Molinaro acknowledged in a court deposition years later. Nevertheless, Molinaro and real estate developer Donald P. Mangano won swift approval from regulatory agencies in April, 1984, for their $4-million purchase of Orange-based Ramona and its $55 million in assets.
May 7, 1989 |
It was November, 1985, and Charlie Keating was perturbed. His company had bought Lincoln Savings & Loan in Irvine less than 2 years earlier, and federal regulators were trying to curtail his use of new state and federal laws that gave him wide discretion to invest S&L money--mainly customer deposits--in an array of ventures. It was then that Keating offered a high-paying job to Edwin J. Gray, the nation's top S&L regulator at the time. Gray turned the job down flat. A year later, he characterized it as a brazen attempt to "buy me out."
April 28, 1989 |
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.
April 11, 1989 |
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.
January 28, 1989 |
Real estate financier J. William Oldenburg and three former officers of a Utah-based savings and loan were indicted Friday for conspiracy to defraud the thrift of $26.5 million in 1984. The federal grand jury indictment names Oldenburg, 50, former chairman and owner of State Savings & Loan Assn. in Salt Lake City, as well as former thrift officers James Rossetti, 52; Nicholas L. Muccino, 59, and Martin L. Mandel, 44.
September 13, 1988 |
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.
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.
November 26, 1987 |
Former Ramona Savings & Loan Assn. owner John Lee Molinaro pleaded guilty to four criminal fraud charges Wednesday, admitting in court that he approved $10 million in loans to business associates who passed along most of the money to another friend who wanted to buy the S&L. Molinaro, 46, is believed to be the first former savings and loan executive to be charged with criminal fraud relating to the collapse of a California savings and loan.
August 14, 1987 |
Prudential Insurance Co. has paid $10.5 million--its largest death benefit ever--on a policy insuring North America Savings & Loan Assn. owner Duayne D. Christensen, who was killed in a Jan. 16 car crash just hours before regulators seized his troubled institution. The payment, however, is being withheld from the policy's sole owner and beneficiary, Janet F. McKinzie. Prudential placed the money Wednesday in the custody of the U.S.
February 12, 1987 |
The business manager and confidante of the owner of a failed Santa Ana savings and loan has been sued by federal regulators who allege she defrauded the institution of more than $21 million and caused its collapse last month. In a civil suit filed late Tuesday in U.S. District Court, the Federal Savings & Loan Insurance Corp. accused Janet McKinzie and North America Savings & Loan's late owner, Duayne D.