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OPINION
December 11, 1988 | Eliot Janeway, Eliot Janeway is the publisher of the Janeway Letter. His next book, "The Economics of Chaos," will be published in February by Dutton
If Voltaire or George Bernard Shaw were around today, either sage would have complained that we live in an age when what is seriously helpful sounds funny, but what is accepted wisdom is downright ridiculous. So suppose a third of the country's savings-and-loan firms go bust. And the latest jump in interest rates breaks another batch.
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BUSINESS
June 8, 1997 | JAMES FLANIGAN
How did Ahmanson blow it? Washington Mutual Inc., a Seattle-based savings and loan holding company, last week won the battle to take over Great Western Financial and now will rank third in California in total deposits, with 17% of the market, just behind Wells Fargo at 19% and Bank of America at 22%. H.F. Ahmanson, the parent company of Home Savings, remains back at 8% of the state's deposit totals.
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BUSINESS
October 26, 1992 | James S. Granelli, Times staff writer
The future of the besieged savings and loan industry has been in doubt ever since a federal law forced thrifts to restructure operations in 1989. But Mario J. Antoci, who heads giant American Savings Bank in Irvine, sees a long-term role that thrifts will fulfill. Antoci, 58, former president of Home Savings of America, now the nation's biggest thrift, took over last month as chairman of the industry's statewide trade group, the California League of Savings Institutions.
SPORTS
June 24, 1989
Considering the failure of the Lakers to three-peat, coupled with the crisis in the savings and loan industry, will Laker management be forced to rename the Great Western Forum, the FSLIC Forum? MICHAEL KURAS Burbank
CALIFORNIA | LOCAL
October 20, 1990 | MARK GLADSTONE, TIMES STAFF WRITER
Assemblyman Tom Bane (D-Tarzana), a longtime champion of the savings and loan industry, received $513,000 in campaign contributions from thrifts--more than any other state legislator in the 1980s, according to a survey by two public-interest groups. In all, the survey said, savings and loans in the last decade contributed $4.1 million to state lawmakers, including at least $216,000 to Assembly Speaker Willie Brown (D-San Francisco), $214,000 to Senate President Pro Tem David A.
BUSINESS
September 25, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Two former directors of failed Delta Savings Bank have won a rare victory against federal thrift regulators as a judge found that the government failed to prove that the directors caused any of Delta's losses or knowingly violated any laws. The directors--Michael Kim and Young Il Kim, who are unrelated--do not have to pay restitution for any loss at the Westminster thrift, and are not barred from the savings and loan industry, according to a decision by Administrative Law Judge Arthur L. Shipe.
BUSINESS
October 19, 1987 | From Reuters
Continuing problems in the savings and loan industry could force Congress to merge the healthy Federal Deposit Insurance Fund for commercial banks with the weakened insurance fund for thrifts, a leading bankers' organization was told on Sunday. The problems of the Federal Savings and Loan Insurance Corp. may require another $50 billion in capital, but Congress approved only $10.8 billion, Rep. Jim Leach (R-Iowa), told the annual convention of the American Bankers Assn.
BUSINESS
June 2, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Gerald H. McQuarrie, co-founder of Downey Savings & Loan and one of the industry's leaders, died at his home over the weekend of acute leukemia, the thrift announced Monday. He was 70. McQuarrie, whose illness struck several months after he retired last July as chief executive officer, remained active and continued to work as Downey's vice chairman until the disease disabled him two months ago. His wife and three children were with him when he died Saturday. Downey co-founder Maurice L.
CALIFORNIA | LOCAL
January 12, 1989
The rising indignation of taxpayers over the burden that they will bear in bailing out failed savings-and-loan institutions, and probably a number of banks as well, is understandable. The public has been betrayed by a culpability that runs from dilatory regulators and complacent bureaucrats in the executive branch of the federal government to a Congress eager to please the politically powerful masters of the thrift and banking industries.
BUSINESS
September 25, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Two former directors of failed Delta Savings Bank have won a rare victory against federal thrift regulators as a judge found that the government failed to prove that the directors caused any of Delta's losses or knowingly violated any laws. The directors--Michael Kim and Young Il Kim, who are unrelated--do not have to pay restitution for any loss at the Westminster thrift, and are not barred from the savings and loan industry, according to a decision by Administrative Law Judge Arthur L. Shipe.
BUSINESS
June 2, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Gerald H. McQuarrie, co-founder of Downey Savings & Loan and one of the industry's leaders, died at his home over the weekend of acute leukemia, the thrift announced Monday. He was 70. McQuarrie, whose illness struck several months after he retired last July as chief executive officer, remained active and continued to work as Downey's vice chairman until the disease disabled him two months ago. His wife and three children were with him when he died Saturday. Downey co-founder Maurice L.
BOOKS
December 30, 1990 | Robert Kuttner, Kuttner writes about economics for several publications. His forthcoming book is "The End of Laissez-Faire." He served as chief investigator of the U.S. Senate Banking Committee in the mid-1970s
By now, the story line of the savings-and-loan debacle is well established: In the late 1970s, thrift institutions found themselves lending at fixed rates but competing for deposits with new money-market mutual funds, which could pay market rates. In keeping with the spirit of the times, the solution was deregulation. First, savings and loans were permitted to pay market interest rates on their deposits (which increased their costs of money). By the early 1980s, they were also allowed to be far more speculative in their own investments.
CALIFORNIA | LOCAL
October 20, 1990 | MARK GLADSTONE, TIMES STAFF WRITER
Assemblyman Tom Bane (D-Tarzana), a longtime champion of the savings and loan industry, received $513,000 in campaign contributions from thrifts--more than any other state legislator in the 1980s, according to a survey by two public-interest groups. In all, the survey said, savings and loans in the last decade contributed $4.1 million to state lawmakers, including at least $216,000 to Assembly Speaker Willie Brown (D-San Francisco), $214,000 to Senate President Pro Tem David A.
NEWS
March 27, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Battered by losses in junk bonds and real estate, the savings and loan industry lost $6.5 billion in the fourth quarter and $19.2 billion for the year, both records, federal regulators reported Monday. The massive losses were surprising, because officials had suggested previously that the industry had reached its low point, having already recorded huge write-downs on real estate and other assets.
SPORTS
June 24, 1989
Considering the failure of the Lakers to three-peat, coupled with the crisis in the savings and loan industry, will Laker management be forced to rename the Great Western Forum, the FSLIC Forum? MICHAEL KURAS Burbank
NEWS
March 27, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Battered by losses in junk bonds and real estate, the savings and loan industry lost $6.5 billion in the fourth quarter and $19.2 billion for the year, both records, federal regulators reported Monday. The massive losses were surprising, because officials had suggested previously that the industry had reached its low point, having already recorded huge write-downs on real estate and other assets.
BUSINESS
April 9, 1986 | TOM FURLONG, Times Staff Writer
The takeover fight that began last week between the parent companies of Great Western Savings and Fidelity Federal Savings is the culmination of more than a year of board room infighting. It is a story of misunderstandings and accusations in the inner circles of California's generally chummy savings and loan industry. Though executives at each S&L are not saying much, voluminous documents provide a look at how an amicable merger accord 11 months ago has turned into a nasty squabble today.
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