March 17, 1993 |
The Clinton Administration, coming to grips with the unfinished business of cleaning up the savings and loan industry, on Tuesday asked Congress for an additional $45 billion to dispose of insolvent thrifts and provide a hefty safety margin against future failures.
February 28, 1993 |
President Clinton and his advisers made the federal deficit look smaller in their new economic plan by leaving out the costs of the savings and loan bailout, senior Administration officials have acknowledged. They said the Administration decided against including the additional $15 billion to $25 billion it will cost to finance the remaining portion of the bailout when it formulated the economic agenda unveiled during Clinton's economic address on Feb. 17.
February 2, 1993 |
OK, here's the deal. We can pay maybe $700 million now, or we can pay $4 billion later. Sounds like an easy choice, right? Glendale Federal Bank says that's about the extent of our options regarding the ailing thrift. Either inject some of the taxpayer money that Glenfed says it is due or watch it turn into the costliest thrift bailout in history. Fortunately, those aren't the only alternatives, as much as Glendale Federal would like you to believe otherwise.
May 6, 1992 |
Republican Rep. Bill McCollum of Florida on Tuesday accused Treasury Secretary Nicholas F. Brady of cynically escalating thrift cleanup costs for political purposes. "I am outraged," McCollum, who is vice chairman of the House Republican Conference, said at a news briefing. McCollum said his proposal, which Brady opposes, would save an estimated $18 billion in thrift cleanup costs by preventing the failure of 30 thrifts.
April 4, 1992 |
Gonzalez Wants Healthy Thrifts to Bail Out RTC: The chairman of the House Banking Committee introduced a bill that would help fund the savings and loan bailout with a levy that would eat up about $500 million of the thrift industry's nearly $2 billion in 1991 profits. The legislation by Rep. Henry B. Gonzalez (D-Tex.) is sure to meet stiff opposition from savings and loans.
March 26, 1992 |
A controversial plan that would provide government financial aid to private buyers of several large, troubled California thrifts drew conflicting responses Wednesday from politicians, investors and financial experts. Under the Office of Thrift Supervision's proposal, the government would provide guarantees against losses by prospective purchasers of the sick thrifts. Shareholders, who would be wiped out if the institutions failed, would salvage some of their investment.