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BUSINESS
December 4, 1988 | TOM FURLONG, Times Staff Writer
Edwin T. McBirney III cut a wide swath through the lending circles of this city a few years ago when he owned and operated Sunbelt Savings Assn., known as Gunbelt Savings during the go-go McBirney era. High-strung and jet-fueled, McBirney was widely known as "Fast Eddie" because of his love for big development deals done with flair and dispatch.
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BUSINESS
April 30, 1993 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
A key House panel voted Thursday to slash $12 billion from the Clinton Administration's request for funds to complete the selloff of failed savings and loans. The Administration gave its political blessing to the reduced amount--down from $42 billion-- as having the best chance of final approval by the full House, which has been reluctant to approve enough money to finish the S&L cleanup. The reduced figure for cleanup funding is "reasonable and fair," said Rep. Herbert C. Klein (D-N.J.
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NEWS
January 28, 1988 | TOM FURLONG, Times Staff Writer
Financial Corp. of America, hammered by continued heavy losses, on Wednesday proposed that the federal government come to its rescue with a $1.5-billion bailout of its operating subsidiary, American Savings & Loan, the country's largest thrift. Irvine-based FCA, which has been on shaky financial ground since it suffered a terrifying $6.8-billion run on its deposits in 1984, on Wednesday announced a whopping loss of $468 million for 1987, including $225 million in the fourth quarter alone.
BUSINESS
March 26, 1993 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Senate Banking Committee on Thursday approved the Clinton Administration's request for $45 billion to finish the savings and loan cleanup, but freshman Democrats insisted on reforms to protect against waste and fraud at the federal agency handling the cleanup. "There is absolutely no way I could vote for a blank check for the Resolution Trust Corp.," said Sen. Barbara Boxer (D-Calif.
BUSINESS
April 4, 1992 | From Times Staff and Wire Reports
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.
BUSINESS
March 26, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
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.
BUSINESS
May 6, 1992 | Reuters
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.
BUSINESS
April 30, 1993 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
A key House panel voted Thursday to slash $12 billion from the Clinton Administration's request for funds to complete the selloff of failed savings and loans. The Administration gave its political blessing to the reduced amount--down from $42 billion-- as having the best chance of final approval by the full House, which has been reluctant to approve enough money to finish the S&L cleanup. The reduced figure for cleanup funding is "reasonable and fair," said Rep. Herbert C. Klein (D-N.J.
BUSINESS
June 14, 1990 | JAMES BATES, TIMES STAFF WRITER
Treasury Secretary Nicholas F. Brady is expected to warn Congress today that the government's thrift bailout agency could run out of money as early as October, an event that would halt government efforts to mop up sick savings and loans. The disclosure came through comments from Resolution Trust Corp. Chairman L. William Seidman in response to reporters' questions in Washington. Details of Brady's expected testimony also was disclosed Wednesday in the trade publication American Banker.
NEWS
March 17, 1993 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
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.
NEWS
February 28, 1993 | JAMES RISEN, TIMES STAFF WRITER
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.
BUSINESS
February 2, 1993 | DANIEL AKST
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.
BUSINESS
May 6, 1992 | Reuters
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.
BUSINESS
April 4, 1992 | From Times Staff and Wire Reports
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.
BUSINESS
March 26, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
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.
BUSINESS
March 23, 1990 | ROBERT A. ROSENBLATT and JAMES BATES, TIMES STAFF WRITERS
The Bush Administration, warning that delays in seizing insolvent savings and loan associations could cost taxpayers millions of dollars, asked an appeals court on Thursday to uphold the government's takeover powers. The Administration said a lower court action Wednesday, blocking the seizure of an Illinois thrift, "may irretrievably disrupt the government's regulation of the thrift industry." U.S. District Judge Royce C.
BUSINESS
February 26, 1992 | From Times Wire Services
The chairman of the House Banking Committee expressed "grave concerns" Tuesday about a Bush Administration proposal to pump taxpayer money into sick savings institutions before they fail. The plan, advocated by Office of Thrift Supervision Director Timothy Ryan, would in some cases bail out S&L stockholders in addition to depositors. Rep. Henry B. Gonzalez (D-Tex.
BUSINESS
December 9, 1991 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Hoping to save billions of dollars in bailout costs, federal savings and loan regulators will announce today a major expansion of their efforts to find buyers or viable partners for troubled S&Ls before the institutions become insolvent and are seized by the government. The program, called accelerated resolution, already has been used, on a limited scale, in 27 of nearly 600 failed S&Ls.
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