Germain Act deregulated the savings and loan industry — small local institutions — which led to the savings and loan crisis of the late '80s and early '90s.
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I put it in front of the savings and loan.
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The 1980s savings and loan lending boom driven by Reagan-era deregulation.
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And if you really think about the advent of the mortgage industry, the savings and loan industry, then the savings and loan crisis, then the great financial crisis, the boom in hedge funds, the boom in private equity, what is that?
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Others, like the$2000 billion savings and loan crisis in the 20023s, are manmade.
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U.S. crackdown on the banks after the savings-and-loan scandals of the 1980s. Norway's
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WaMu had been nation's largest savings and loan before the FDIC seized it on Sept.
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It was 1989—before the housing bubble, even before the savings and loan industry blew up.
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Montgomery County police said Frantz Wilson was worried enough to warn Chevy Chase Savings and Loan.
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Thank you for choosing DAD Savings and Loan, we appreciate the chance to serve your financial needs.
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Asked why SZHISZ did not cover the savings and loan sector's failures, the government declined to comment.
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Deregulation of the savings and loan associations brought widespread failures and bailouts in less than a decade.
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In office, Mr. Bush confronted the savings and loan crisis, a budget battle, and Iraq's invasion of Kuwait.
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Astoria Bank (Formerly Astoria Federal Savings and Loan Association) --Support Rating at '5'; --Support Rating Floor at 'NF'.
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The 2008 crisis was nearly 200 times greater in scope and pain than the savings and loan crisis.
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Recall that more than 800 bankers went to jail after the savings and loan crisis of the 1980s.
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S. Attorney Sessions brought many prosecutions against bankers for their role in the historic savings and loan fraud.
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Hillary Rodham Clinton's relationships with Madison Guaranty Savings and Loan Association, Whitewater Development Corporation, or Capital Management Services.
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He was quickly hired by the Washington Federal Savings and Loan Association in Miami Beach as an auditor.
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Before that, during the savings and loan crisis, the peak year for failures was 1989, when 534 lenders failed.
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This was the classic squeeze that drove the savings and loan industry out-of-business in the U.S. – i.e.
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Her family rarely saw her: through the week, she worked as a teller at Chevy Chase Savings and Loan.
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One of George H. W. Bush's sons, Neil Bush, was tied to Silverado, a collapsed savings and loan association.
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The Savings and Loan bailout was the biggest legislative accomplishment for George H.W. Bush, which he signed on Aug.
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One place to get a C.D. or an I.R.A. is an S AND L, or savings and loan. 6D.
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Another defendant in the Maspeth savings and loan robbery, Michael Guidici, 22, is scheduled to go to trial this fall.
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None was worse than Charles Keating's Lincoln Savings and Loan inCalifornia, which collapsed in 22013 leaving thousands of investors penniless.
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The SEAL's grandfather was embroiled in the $2.5 billion collapse of California's Lincoln Savings and Loan in the late 1980s.
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In the 1970s, he was a lawyer for the Lincoln Savings and Loan Association, the financial institution in Irvine, Calif.
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By this point in 1989, President George H.W. Bush had already signed legislation responding to the savings and loan crisis.
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Parsons, a former lawyer, became CEO of Dime Bancorp in the 1990s just before the savings-and-loan crisis struck.
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Some are growing fast: M-PAWA, a mobile savings-and-loan service in Tanzania, acquired 1m customers in just five months.
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When white banks refused to approve loans for black enterprises, blacks established more than 103 banks and savings and loan associations.
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Some of those junior investors are Italian retail bondholders – shades of Lincoln Savings and Loan there – which makes that politically unpalatable.
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The federal government had bailed out entire financial industries before, such as the savings and loan crisis of the late 1980s.
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Among his many other works were commercial buildings in Singapore and Honolulu; a savings and loan branch in Rancho Mirage, Calif.
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The Senate Banking Committee report on the savings and loan crisis cited "rampant fraud among owners and managers" of these institutions.
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Adopted in 1989 during the savings-and-loan crisis, Firrea was dusted off and redeployed by prosecutors after the 2008 financial crisis.
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As a first-term senator in 1987, he met with federal regulators on behalf of a donor and savings-and-loan chairman.
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During his first year in the White House, Bush 41 and Congress enacted legislation to mop up the failing savings and loan industry.
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In the late nineteen-eighties, during the savings-and-loan crisis, I was serving on a jury in Travis County, which includes Austin.
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He became known as an independently minded conservative, but his involvement in the Keating Five savings-and-loan scandal nearly ended his career.
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Frank had left Wall Street during the savings and loan crisis of the late 1980s to buy up failed thrifts through Houston's Coastal Banc.
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GE's case resolved claims under the Financial Institutions Reform, Recovery, and Enforcement Act, a 1989 law arising from that decade's savings-and-loan scandals.
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A vulture standing amid the flowers in front of the savings and loan was undeterred by an irate employee shouting and waving a clipboard.
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When the bank first launched its virtual savings and loan app known as "Timiza" — Kiswahili for "Achieve" — in March 2018, it attracted 13,000 customers.
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Mr. Gore had been scrutinized over his solicitation of campaign contributions, and Mr. McCain had been investigated for helping a savings and loan tycoon.
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In the 1990s, Colony Capital bought bad loans during the savings-and-loan crisis and bet on Asian assets after the Asian currency crisis.
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Charles H. Keating Jr., who died in 2014, went to prison after defrauding thousands of people who had deposited money in savings and loan institutions.
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If the accounting problems are wide enough in scale, they can lead to financial crises, such as the savings-and-loan crisis of the 1980s.
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Judge Hooks and others will tell you that we have an account here in the savings and loan association from the Southern Christian Leadership Conference.
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He draws a contrast with the savings and loan crisis in the US in the 1980s, after which about 800 senior bankers went to jail.
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Regulators gained the right to freeze executive payouts at troubled banks after the savings and loan crisis of the 1980s and 1990s but exemptions are common.
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A 6-year-old's valiant effort to procure an advance in his allowance for a toy was unfortunately denied by the bank DAD Savings and Loan.
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Anyone old enough to remember the video of former Lincoln Savings and Loan chief Charles Keating being led away in convict's attire can attest to that.
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In Texas, many savings-and-loan companies failed because of a collapse in real-estate prices that had accompanied a fall in the price of oil.
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The Savings and Loan debacle led to significant industry reform, including a "Prompt Corrective Action" rule to close weak banks before their capital is completely depleted.
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After the savings-and-loan crisis of the nineteen-eighties, prosecutors convicted nearly nine hundred people, and the chief executives of several banks went to jail.
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They are wagering that we have forgotten both the 1980s Savings and Loan debacle and its repeat performance in the more recent 2008 global financial crisis.
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Hungary's parliament on Tuesday passed legal amendments that strengthen regulatory oversight by the central bank, including the right to initiate investigations at savings and loan banks.
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The Justice Department litigation was brought under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which was passed after the savings and loan crisis.
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He had risen to a major job at a savings and loan and later helped found a bank in the Little Havana section of the city.
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The GAO will also look back at work by the Office of Thrift Supervision, which merged with the OCC in 2011, and regulates savings and loan institutions.
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My view is that it would be regarded as an insolvent savings and loan institution with a terribly mismatched balance sheet that was headed for meaningful trouble.
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NEW YORK(Thomson Reuters Regulatory Intelligence) - More than 1,000 bankers went to jail as a result of the U.S. savings-and-loan crisis in the 1980's.
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From Michael Milken's junk bond scandals to the savings and loan scandals to Microsoft's predatory schemes around its operating system products, misbehavior in business soon paid well.
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Then, the campaign employed push-poll phone calls to remind voters of Mr. McCain's role in the savings and loan crisis and the so-called Keating Five scandal.
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FHB shares fell to their lowest level since the integration with the savings and loan sector began in 2013, erasing 40 percent of its value in 10 days.
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Astoria Bank (Formerly Astoria Federal Savings and Loan Association) --Long-Term IDR 'BBB-'; --Short-Term IDR 'F3'; --Long-term Deposits 'BBB'; --Short-term Deposits 'F2'; --Viability Rating 'bbb-'.
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The last several bear markets signaled recessions: the Great Recession of 2008, the dot-com bust of 2000 and the savings and loan crisis of the early 1990s.
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Some insurance firms have linked up with Saccos, Kenya's network of savings and loan cooperatives, which offer savers steady returns and allow members to borrow in hard times.
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She was briefly a senior producer for the NBC newsmagazine "Expose," and also produced "Other People's Money," a 1990 PBS "Frontline" documentary about the savings-and-loan scandal.
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On April 18, 2012, two weeks after the arson, Mr. Gotti and Mr. Rullan were also accused of robbing a Maspeth Federal Savings and Loan Association in Queens.
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The history of this law shows that Congress was attempting with this law to protect financial institutions, particularly savings and loan associations, against various forms of insider abuse.
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The Obama administration has used legislation that stemmed from the savings and loan crisis in the 1980s as a means to pursue cases stemming from the financial crisis.
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On the low side, there was his early entanglement in the "Keating Five," a group of senators scandalized after intervening on behalf of a failing savings and loan.
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In the 1980s savings and loan crisis, supposedly boring institutions engaged in nothing more exotic than making mortgage loans failed en masse, costing the taxpayer upwards of $150 billion.
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White Collar Watch During the savings-and loan-crisis in the early 1990s, the question "Where were the lawyers?" was asked about the wrongdoing taking place at numerous banks.
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He was not charged because the savings-and-loan industry all but collapsed (though Mr. Milken's junk-bond dealings played a direct role in the collapse of some institutions).
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"That supposed breakthrough was overhyped," said Black, a former financial regulator in the US government who pursued wrongdoers in the savings and loan scandal in the 1980s and 1990s.
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Less than 10 percent of Kenya's housing credit is in the form of bank mortgages, with most people borrowing from savings and loan cooperatives, funded by members' deposits, it said.
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The defendants contended that prosecutors improperly relied on a 1989 law arising from the U.S. savings-and-loan crisis to extend the statute of limitations to 10 years from five.
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Using family documents and her mother's memories, Echols depicts a man whose financial malfeasance foreshadowed the savings-and-loan debacle of the eighties and the stock-market crash of 2008.
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OTP alleges that FHB sold some assets to state-owned Hungarian Post at an inflated price, and bought the state's stake in savings and loan lender Takarekbank at a discount.
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About two and a half hours west of The Old Home, in Sidney, Ohio, the People's Savings and Loan Association looks much like it did when it opened in 1917.
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And the answer is basically that high oil prices plus savings and loan deregulation created an anomalous construction boom/bust cycle in the 1980s that left Texas oversupplied with housing.
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A big sell-off in the government-bond markets in 1994 started when the Fed tightened policy after a period when rates were kept low during the savings-and-loan crisis.
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The savings and loan crisis and the insider trading scandals of the 2628s, and the accounting scandals at Enron, WorldCom and Arthur Andersen in the 28503s, all had their criminal prosecutions.
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Periodic crises since the Great Depression have led to additional congressional legislation, notably to resolve the savings-and-loan crisis in the 1980s and an increase in bank failures shortly thereafter.
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Unless the funding crisis for multiemployer pension plans is addressed, the "solution" will look more like the savings and loan crisis of the 28503s, under which the taxpayers lost $22019 billion.
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He was one of five senators who took favors from Charles Keating to intercede with federal regulators on behalf of the Lincoln Savings and Loan Association, which collapsed with catastrophic losses.
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The savings and loan crisis of the 1980s and the early 1990s was the most prominent U.S. example how a spike in short-term rates could wreak havoc in the financial industry.
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Created during the savings-and-loan crisis, the 1989 law allows regulators to vet and veto candidates for senior roles at banks, but that power is typically reserved for financially troubled firms.
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There are plenty of reasons why bank executives avoided the fate they suffered in the late 1980s, when in the wake of the savings and loan crisis over 1,000 executives were convicted.
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The Navy SEAL killed in Iraq this week was Special Warfare Operator 1st Class Charles Keating IV, the grandson of a banker jailed in the 1990s in the savings and loan scandal.
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The investigation centered on Whitewater Development, a venture heavily subsidized by Clinton friend Jim McDougal, and the probe widened into the Madison Savings and Loan scandal that cost investors millions in losses.
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In between, Mr. Simpson produced some of Washington's most important journalism, writing stories on the Keating Five savings-and-loan scandal and the assorted misadventures of Newt Gingrich, then the House speaker.
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Lorem Ipsum, Dallas-Fort Worth The past has shown us that G.O.P.-sponsored deregulation has ended in scandal and recessions: the savings and loan debacle in the '80s, and the Great Recession.
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She gained the money to fuel her collecting after she married Barry Taper, a scion of a prominent Los Angeles family whose father made a fortune in the savings and loan business.
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New York's oldest neighborhood was still a commercial center in the early 1990s, but Wall Street was nursing a hangover from the 1987 stock market crash and the savings and loan crisis.
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Keating was the grandson of the financier of the same name who became notorious in the 1980s and then served prison time for his role in the so-called "savings and loan" scandal.
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Bank failures and collapse, the absolute total destruction of the savings and loan industry, and the implosion of the retail market and real estate in general, something we've never seen anything like it.
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Doug Ducey of Arizona identified the serviceman as Charlie Keating IV, the grandson of the Arizona financier Charles H. Keating Jr., who was imprisoned in the savings-and-loan crisis of the 1980s.
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But he was dogged by what some considered the state's sluggish response to the savings-and-loan crisis, which left taxpayers with a bill for protecting deposits and heralded a nationwide financial debacle.
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He also admitted to taking part in the robbery of $5,941 from the Maspeth Federal Savings and Loan Association in which prosecutors said he and Rullan manned the getaway care on April 28, 2012.
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The Navy SEAL was identified by the Associated Press as Charlie Keating IV. Keating's grandfather was Charles Keating, Jr., who was involved in the savings and loan scandal of the late eighties, early nineties.
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Denda's business was set up through one of over 300 village savings and loan associations (VSLAs) across Ethiopia, which aim to help members – most of whom are women – become more economically stable and independent.
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Gibralt also established Balfour Holdings, a real estate company focused on distressed properties — apartment complexes, shopping centers, residential subdivisions — created by the savings and loan crisis in the United States beginning in the 1980s.
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"Frankly, we haven't seen a moment like this — where the banks are making far more money than people believe — since we came out of the [savings and loan] crisis in the early '90s," he said.
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The local bank Third Federal Savings and Loan — whose owners, descendants of Polish immigrants, started the foundation Mr. Karakul runs — is helping to build and finance new homes that sell for as much as $130,000.
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Ms. Kiden, who is now a community-based facilitator with the International Rescue Committee, advised Ms. Meling to join a women's savings and loan group so she could safely save her income and earn interest.
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In the late 1980s, McCain was one of the "Keating Five" senators accused of improperly intervening on behalf of Phoenix savings and loan executive Charles Keating in an investigation by the Federal Home Loan Bank Board.
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The Whitewater special prosecutor was appointed owing to the discovery of fraudulent financial arrangements in connection with land deals that led to the collapse of a savings-and-loan, costing taxpayers tens of millions of dollars.
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One of the more than 22012 S&Ls that went bust was the Lincoln Savings and Loan Association of Irvine, California, whose chair Charles Keating was a generous donor to a number of politicians' campaign funds.
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That was when the government seized Washington Mutual — a giant savings and loan association, known as WaMu, that had suffered a sudden mass exodus of depositors — and sold its assets to JPMorgan Chase for $1.9 billion.
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In the late 1980s, he was one of the "Keating Five" senators accused of improperly intervening on behalf of Phoenix savings and loan executive Charles Keating in an investigation by the Federal Home Loan Bank Board.
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It was a smorgasbord recession — a downturn with multiple causes, ranging from the troubles of savings and loan institutions, to a glut of office buildings, to falling military spending at the end of the Cold War.
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The Whitewater scandal involved an investigation into a land deal Bill and Hillary Clinton made back in 1978, and the deal's relationship to a savings and loan association that failed in 1989 — Dylan Matthews explains more here.
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McCain was one of the "Keating Five" — five senators accused of trying to persuade federal regulators to ease up on Charles Keating, a major campaign donor who became financially compromised during the 1980s savings-and-loan crisis.
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She listed the upheavals that followed — the savings and loan crisis of the 1980s and 1990s, the collapse of the giant hedge fund Long-Term Capital Management in 2100 and the Enron scandal a few years later.
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Had America merely suffered from an asset bubble in housing (like the dotcom bubble of the 1990s) or a lending mishap (like the savings and loan crisis of the 1980s), it could have weathered the storm, he feels.
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Also, Washington Mutual, which was in the San Francisco jurisdiction, was one of the highest-profile bank collapses during the financial crisis, and much of the savings and loan crisis of the late 1980s revolved around the region.
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I was looking for the county chair of my party, who, the notes on my phone said, was one Cornel Bowen, an official with the savings and loan, which I could see at the end of the street.
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Michael Milken, the "junk bond king" whose business played a role in the savings-and-loan crisis in the 1980s, was among the bevy of white-collar criminals who received official pardons from President Trump this past week.
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FHB's shares have also suffered because its business model, which involves close cooperation with the savings and loan sector, was seen as being hit by a new law passed on Tuesday which weakens the independence of savings cooperatives.
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In both cases, the court held that a federal law passed in 1989 after the savings and loan crisis extended the time period that the FDIC could sue on behalf of two failed banks that it took into receivership.
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His right-wing government has set about overhauling the financial sector and injected 136 billion forints of capital to help boost the stability of savings and loan cooperatives in a banking market dominated by OTP and foreign-owned lenders.
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That was in contrast to previous scandals: After the great crash of 1929, the head of the New York Stock Exchange went to prison — so did the culprits of the junk bond, savings and loan and Enron financial scandals.
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An enduring attraction to clear space and undiluted colour became manifest; a few paintings from this time, such as the beautifully spare "Savings and Loan Buildings" (1967)—a glass building block set against an unvaried cyan sky—appear almost abstract.
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The real point is to take the Fed out of being a massive investor in real estate mortgage securities, thus out of being a promoter of house price inflation and out of effectively being a giant savings and loan vehicle.
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Orban's business allies have made significant inroads in the banking sector in recent years, acquiring controlling stakes in MKB, one of the largest banks in the country, as well as FHB mortgage bank and the savings and loan cooperative Takarekbank.
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The Turner-Frazier trial contained one final surprise: according to court papers, the prosecution proffered evidence that a Chevy Chase Savings and Loan Check was made out $7,000 payable to Breake P. Johnson -- with the participation of Kym Aven Wilson.
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But we remember that during the savings and loan crisis during the 1980s, risky practices -- including poor real estate loan standards, thin capital, risky assets, and dependence on short-term funding -- led to the collapse of hundreds of savings banks.
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The last three financial crises — the Great Recession a decade ago, the dot-com bust at the turn of the Millennium, and the savings-and-loan crisis thirty years ago — were marked and arguably sparked by significant accounting irregularities and fraud.
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William K. Black, a renowned former bank regulator who played a key role in exposing the fraud at the center of the savings and loan crisis of the late 1980s, is now a leading critic of the DOJ's financial settlement strategy.
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Then there is William K. Black, an associate professor of economics and law at the University of Missouri, Kansas City, who describes himself as "a serial whistle-blower" when he was a federal regulator during the savings-and-loan crisis of the 1980s.
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R.D. Bone showed me way back in the day when we were working in a now-defunct savings and loan where we used to hang out on the sub-basement level, me in the MIS (now called IT) division, Harold in record storage.
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In her sentencing decision, Judge Wood said that she received several letters from the public asking her to punish Mr. Milken for the "alleged abuses of the 1980s" — the savings-and-loan crisis, the takeover craze and the rampant use of junk bonds.
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OTP, which confirmed to Reuters that it had sent the complaint to the EU, said members of the savings and loan sector received an unfair market advantage due to the protection of SZHISZ and called the 136 billion injection illegal state aid.
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The Clintons' unexpected ouster from their comfortable life occurred at a time when Arkansas was swirling with new money and get-rich-quick schemes as companies like Tyson and Walmart minted millionaires and new savings and loan institutions were spreading throughout the South.
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In 1989, at the height of the savings-and-loan crisis, Congress adopted the Financial Institutions Reform, Recovery and Enforcement Act, which extended the statute of limitations for bank-related crimes to 10 years from five because of the complexity of the investigations.
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Ms. Massion, now 22015 and living outside Chicago, said she couldn't remember a time when she didn't paint or draw — including her young adult years, which she spent on a dairy farm, and her time selling annuities for a savings and loan.
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By comparison, the Reagan-era savings and loan scandal, the Enron scandal, the mortgage-backed securities crisis and the annual losses to offshore tax havens cost ordinary taxpayers hundreds of billions of dollars, tens of millions of times more than one welfare cheat.
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Donald Trump : All right, we're here to decide if we should buy the Garfield Arms apartment building, on Lexington Avenue, from Stan Lewis for ninety-six million dollars, assuming that the financing from the Herzegovina Savings and Loan is still there after the investigation.
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Mr. McCain was elected to the House in 1982 as a self-declared Reagan conservative and largely remained in that mold until a brush with the savings and loan scandal in the late 1980s inspired him to become a champion of campaign finance reform.
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In other words, legislation that Congress enacted in order to prevent banks, savings and loan associations, and other financial institutions from being victimized is now being used by the Justice Department to penalize and weaken the very financial institutions that Congress tried to protect.
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Hungary's savings and loan banks have been a key part of Prime Minister Viktor Orban's plans to create a largely domestically-owned banking sector and now the government has tightened regulatory control over the sector, which previously enjoyed some regulatory independence from the central bank.
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The one blemish on Mr. Glenn's squeaky-clean political reputation came in the 19593s, when he was one of five senators present at a meeting with federal regulators concerning accusations of savings and loan association fraud against Charles H. Keating Jr., a former Ohioan.
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Navy SEAL killed The U.S. Navy SEAL killed in Iraq has been ID'd as Charles Keating IV, a grandson of savings-and-loan financier Charles Keating Jr. Keating died in northern Iraq after ISIS attacked a base where he and other SEALs were advising Kurdish Peshmerga forces.
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The case involving Countrywide may be more disheartening because it calls into question the scope of a federal statute from the savings and loan crisis, the Financial Institutions Reform, Recovery, and Enforcement Act, or Firrea, that the Justice Department used to extract large settlements from banks.
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A deregulation of elements of the banking industry in the early 22008s led to a boom in new lending activity from savings and loan institutions, many of whom ended up taking on unwise risks and going bust — at great expense to the taxpayer via FDIC guarantees.
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To prevent the PBGC from turning into Federal Savings and Loan Insurance Corporation and protect taxpayers from a bailout, sharing the costs between the plans and their participants to alleviate the multibillion-dollar multiemployer pension shortfall is a reasonable concept that should be considered sooner rather than later.
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During Bill Clinton's first presidential run in 21977, her years as a corporate litigator at the Rose Law Firm were exhaustively examined for possible conflicts of interest involving clients like Tyson Foods, Walmart and Madison Guaranty, a savings-and-loan that became a central focus of the Whitewater investigation.
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Glenn was caught up in the Keating Five scandal of 1989 when he and four other Senators were accused of improperly interfering with a regulatory investigation into the Lincoln Savings and Loan Association in 1987 after the Association's Chairman, Charles Keating, made contributions of more than $1 million to various senators.
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And five of those times it took place just before a significant pullback in stocks: the double-dip recessions of 1980-1982, the savings and loan crisis of the late 1980s, the Asian debt crisis of 1997, the bursting of the tech bubble in 2000 and the Great Recession of 2008.
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There were multiple forces propelling the booming economy of the 23.4s, including a sharp drop in short-term interest rates — from 7 percent at the end of 1990 to 3 percent two year later — to offset a recession brought on in part from the crisis in the savings and loan industry.
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In this task he had a strong psychological motivation: He hoped to wipe out the stigma of his mostly undeserved inclusion in the Keating Five, a group of senators who had gone overboard in helping a failed savings and loan owned by a major donor, Charles Keating, in the late 1980s.
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The government argues that the lawsuits were timely under the Financial Institutions Reform, Recovery and Enforcement Act, a 1980s law coming out of the savings and loan crisis that provides the F.D.I.C., when acting as a receiver, additional time to bring claims to court by overriding other statutes of limitations.
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The banking regime that emerged from the New Deal, and persisted until the late twentieth century, is a good example: investment banks, savings-and-loan associations, commercial banks, and stock brokerages all lived in legal safe harbors, protected from competition with one another; financial power was far less concentrated than it is today.
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The founders of ProPublica, Herbert and Marion Sandler, have given over a billion dollars to largely progressive philanthropic causes including the American Civil Liberties Union and were also known for expanding a savings-and-loan bank that instituted some of the same practices that led to the housing market collapse in 2008, Forbes reported.
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He calls the decision not to pick Mr. Lieberman "another mistake that I made" in his political career, a self-indictment that includes his involvement in the Keating Five savings and loan scandal and his reluctance to speak out during his 2000 presidential bid about the Confederate battle flag flying above the South Carolina Capitol.
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He began smartly, moving quickly to end the ideological combat of the Reagan years, broke cleanly on environmental issues with his indifferent predecessor — the upgrade of the nation's clean air laws was a major achievement — faced up to the savings and loan scandal and offered creative approaches to the debt of developing nations, especially in Latin America.
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Congress made things a bit murkier by adding a provision in 1989 in the Financial Institution Reform, Recovery and Enforcement Act, which was adopted to help address claims from the savings and loan crisis, that extends for up to three years the period in which the F.D.I.C. can file a lawsuit after it takes over a failed bank.
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Already, by Ronald Reagan's second term, the investigation of two stunning new scandals, domestic and foreign, were underway: the massive failure of the deregulated savings-and-loan industry and Iran-Contra, with its weapons sales to the terrorist regime of Iran (and the collaboration of the United States in the murders of clergy, labor organizers, and peasants throughout Central America).
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Toward the end of the conversation, Mr. Axelrod, a friendly interviewer for sure, asked Mr. Holder about the elephant in the room: Why were so few Wall Street bankers, traders and executives held accountable for the 2008 financial crisis, compared to the many individuals who were sent to jail for their roles in the savings-and-loan crisis of the 1753s?
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The long and bloody battle killed dozens of Islamic State fighters and one member of the SEALs, Special Warfare Operator First Class Charles Keating IV. Petty Officer Keating, a decorated member of the SEALs who served both in Iraq and in Afghanistan, was a track star from Arizona and the grandson of a disgraced banker jailed in the 1990s for his role in the savings and loan scandal.
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One piece was a boom and bust in commercial real estate, partly connected with the savings-and-loan crisis and aftermath, which led to a sharp drop in nonresidential construction: Another piece was a drop in consumer confidence, brought on by oil price hikes and Gulf War jitters: Yet another piece was the post-Cold War drawdown in defense spending: So, no one overarching narrative, but the combination was enough to cause a recession.
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It happened when he found himself embroiled, and caught out, in something distasteful: doing too much for lobbyists from the gambling industry (he loved to toss $100 chips round a craps table, lucky feather and penny stowed in his pocket); accepting favours and funds from Charles Keating of the savings-and-loan scandal; trading low blows with rivals in his runs for the Republican nomination in 2000 and for the presidency in 2008—and then failing at both.
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