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Walter J Connolly

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BUSINESS
June 14, 1991 | From Times Staff and Wire Reports
The Bank of New England's ousted chairman took the blame for what became the third-largest bank failure in U.S. history. "I accept responsibility for my judgements that failed," former BNE Chairman Walter J. Connolly told the House Banking Committee, citing his failure to foresee the collapse of the Northeast real estate market. But Connolly also blamed the sudden tightening of federal rules for evaluating loans. "Overnight we owere forced to . . .
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BUSINESS
June 14, 1991 | From Times Staff and Wire Reports
The Bank of New England's ousted chairman took the blame for what became the third-largest bank failure in U.S. history. "I accept responsibility for my judgements that failed," former BNE Chairman Walter J. Connolly told the House Banking Committee, citing his failure to foresee the collapse of the Northeast real estate market. But Connolly also blamed the sudden tightening of federal rules for evaluating loans. "Overnight we owere forced to . . .
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BUSINESS
December 27, 1989 | From Associated Press
Walter J. Connolly Jr., chairman and chief executive of the Bank of New England Corp., will resign his CEO position when a replacement is found, the troubled bank said in a statement Tuesday. Asked if this meant Connolly will stay on as chairman, Marcia Ryan, a bank spokeswoman, said only "the word of the release is as it stands." She acknowledged "there is an ambiguity" about the wording regarding Connolly's future position with the bank.
BUSINESS
December 27, 1989 | From Associated Press
Walter J. Connolly Jr., chairman and chief executive of the Bank of New England Corp., will resign his CEO position when a replacement is found, the troubled bank said in a statement Tuesday. Asked if this meant Connolly will stay on as chairman, Marcia Ryan, a bank spokeswoman, said only "the word of the release is as it stands." She acknowledged "there is an ambiguity" about the wording regarding Connolly's future position with the bank.
BUSINESS
February 28, 1990 | JAMES BATES
Former Columbia Savings & Loan President Lawrence K. Fish is expected to be named as chairman and chief executive of troubled Bank of New England. Fish, 45, would fill the job formerly held by Walter J. Connolly Jr., who was ousted by the Boston bank's directors in December amid huge losses caused mainly by the plunge in New England's real estate market. Last week, the bank reported a $1.1-billion loss for 1989. The bank would not comment, and Fish could not be reached.
NEWS
January 8, 1991 | JAMES BATES, TIMES STAFF WRITER
What once was known as the Massachusetts economic miracle is turning into what many banking experts believe is a Texas-style financial debacle. Although widely expected, the sudden seizure by federal regulators Sunday of the three major banks that are part of Boston's Bank of New England--the third-largest bank failure ever--has sent a sobering chill through the industry and has raised broader questions about the fragility of the nation's banks in a sliding economy.
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