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NEWS
November 5, 1990
Add Rep. Frank Annunzio of Chicago to the list of congressmen responsible for prolonging the savings and loan bailout and costing taxpayers billions of dollars. Mr. Annunzio's display of election-year bravado killed a stopgap rescue measure designed to give the Resolution Trust Corp. enough cash to continue shutting down insolvent thrifts. The result: a long delay that will add $3 billion or more to S&L cleanup expenses.What makes Mr. Annunzio's action even more unseemly is his history of close family ties to the savings and loan industry, his opposition to bills clamping down on wayward S&Ls, his willingness to promote the cause of an S&L that gave him $12,000 in campaign funds and his efforts to hide these contributions.
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NEWS
By Frederick N. Rasmussen, The Baltimore Sun | August 29, 2012
Wilbur D. "Woody" Preston Jr., a retired partner in the Baltimore law firm of Whiteford, Taylor & Preston who was Maryland's special counsel during the 1985 savings and loan crisis, died Monday of complications from Alzheimer's disease at Gilchrist Hospice in Towson. He was 90. Mr. Preston's yearlong investigation into the causes of the savings and loan crisis that swept Maryland in the mid-1980s resulted in the publication of the highly acclaimed Preston Report, which was a thorough and detailed analysis of the debacle.
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NEWS
August 14, 1992
Another in the long string of outrages in this nation's biggest financial scandal -- the collapse of the U.S. savings and loan industry -- was on view last month as members of Congress jockeyed for position to posture once more for political gain on this issue. And posturing seemed to be all these incumbents cared about: No one was remotely interested in the fact that this wheel-spinning is costing taxpayers $6 million a day.If the grandstanding in the House Banking Committee continues through the end of the year, the delay could wind up soaking taxpayers for $1.4 billion.
ENTERTAINMENT
By Sam Sessa, The Baltimore Sun | June 24, 2010
Every so often on the TV show "Scrubs," an a capella group known as Ted's Band makes a cameo, singing a TV theme song or another quirky cover. Ted's Band is a real quartet called The Blanks, who, when it's not taping for "Scrubs," sings cover songs and performs sketch comedy at clubs around the country. In 2004, the quartet released an album of covers and vignettes with actors from "Scrubs" called "Riding the Wave." Sunday, the band will be at Rams Head on Stage in Annapolis. In interviews, band member Sam Lloyd, who plays the character Ted on "Scrubs," and fellow Blanks performer Philip McNiven have an off-the-cuff rapport and a dry sense of humor that blurs fact and fiction.
NEWS
November 27, 1993
Has Congress seen the last of the savings and loan crisis of the 1980s? That was the hope as reluctant lawmakers, after a costly delay, this week gave the Resolution Trust Corp. enough money to complete the S&L cleanup once and for all.Congress' stubborn refusal to give the Reagan, Bush and Clinton administrations enough cash to do the job properly has greatly increased the cleanup cost to taxpayers. The final bill: $150 billion. The longer Congress dawdled, and the more demagogic lawmakers railed against a taxpayer bailout, the more expensive it became to shut bankrupt thrifts.
BUSINESS
December 4, 1990
Supporters of a congressional bill that would shift the cost of the savings and loan bailout to the rich staged some street theater yesterday with Santa getting mugged.Santa carried a bag of presents labeled "Quality Education, National Health Insurance and Housing." A masked bandit sporting a sign saying "S&L banker" then grabbed the goodies. The drama was played out in front of 30 N. Calvert St., a closed branch of Baltimore Federal Financial, a defunct thrift that was taken over by the government.
NEWS
By Knight-Ridder News Service | June 27, 1991
WASHINGTON -- The savings and loan bailout needs an additional $180 billion, Treasury Secretary Nicholas F. Brady told the Senate Banking Committee yesterday, detonating an ugly round of bipartisan complaint and accusation that climaxed with Mr. Brady demanding a personal apology.For more than an hour, the normally taciturn Treasury secretary sat silent as one senator after another criticized the S&L bailout's escalating costs and the seemingly endless reports of bureaucratic bungling.Sen.
BUSINESS
October 4, 1990
WASHINGTON (AP) -- Former Federal Reserve Chairman Paul Volcker denies that the high interest rates he encouraged in the early 1980s spawned the problems of the savings and loan industry later in the decade.Volcker, appearing yesterday before the House Banking Committee, said the industry's ill-advised excursion into risky investments, not the highest interest rates since the Civil War, proved its downfall."The industry could have survived that episode [of high interest rates] and the great bulk of it did," he said.
NEWS
By James Risen and James Risen,Los Angeles Times | August 18, 1991
WASHINGTON -- Two of the great financial scandals of recent years -- the collapse of the savings and loan industry and the strange case of the Bank of Credit and Commerce International -- are starting to converge as federal investigators unravel hidden ties between the two.Uncovered only in the last few days, the link between the S&L debacle and the BCCI scandal already is threatening to lead to a new round of charges of political influence-peddling in...
NEWS
By Robert Kuttner | January 14, 1994
THE Clintons have belatedly bowed to bipartisan pressure for a full airing of the Whitewater affair.Now they should give the investigation their full cooperation, the sooner the better.As students of Watergate will recall, it was the presidential cover-up that undid Richard Nixon, not the original break-in by low level henchmen.Unfortunately, the Clintons -- both lawyers -- have been handling this affair as if it were some obscure private litigation, in which the lawyerly game is to thwart the other side by delay, obfuscation and seclusion of potentially damaging information.
NEWS
October 4, 2006
Emily Schafer, a retired savings and loan assistant manager, died of congestive heart failure Sept. 27 at Ridgeway Manor Nursing Home. The lifelong Catonsville resident was 92. Born Emily Anna Chamberlain in an apartment above a dentist's office on Frederick Road, she was a 1931 graduate of Catonsville High School and president of her senior class. She also played basketball, volleyball and field hockey for the school. She attended a business school in downtown Baltimore, worked for a state agency and an insurance firm and gave piano lessons in her home.
BUSINESS
By BLOOMBERG NEWS | August 25, 2004
WASHINGTON - A $350 billion pension shortfall among U.S. companies may force the federal agency that insures retirement plans to seek a taxpayer bailout similar to the one during the savings and loan crisis, the Cato Institute, a conservative policy research group, said yesterday as it released a study on the issue. The Pension Benefit Guaranty Corp. had a record deficit of $11.2 billion last year after taking over plans for 152 companies, including Bethlehem Steel Corp. and US Airways Group Inc. Without changes to funding and premium rules, the federal agency's deficit is likely to swell to $18 billion in the next 10 years, and may reach more than $50 billion, said Richard A. Ippolito, a former PBGC chief economist who wrote the study for Cato, a Libertarian think tank.
NEWS
July 27, 2003
D. Paul Etzler, a former board chairman and president of Fraternity Federal Savings and Loan Association, died Tuesday of lung cancer. He was 80. His former colleagues at the 90-year-old Baltimore institution credit him with setting the tone for conservative investing that saw Fraternity through the turbulent 1970s and 1980s, when first inflation, and then scandal, decimated the ranks of Maryland's old-line neighborhood savings businesses. "He refused to stray into investment areas that the bank was not familiar with, which caused the demise of so many S&Ls during that period," said Richard C. Schultze, president of Fraternity.
BUSINESS
By BLOOMBERG NEWS | March 28, 2002
NEW YORK - A joint venture led by SL Green Realty Corp. agreed yesterday to buy 1515 Broadway in Times Square for about $480 million, marking the largest real estate transaction in New York since before Sept. 11. The 54-story, 1.75-million- square-foot property is the headquarters of media company Viacom Inc. and houses the MTV studios. The seller of the building is a partnership led by Axa SA's Equitable Life Assurance Society unit, Steve Solomon, a spokesman for New York-based SL Green, said in an interview.
BUSINESS
By BLOOMBERG NEWS | June 26, 2001
SEATTLE - Washington Mutual Inc., the largest U.S. savings and loan, agreed yesterday to buy Dime Bancorp for $5.2 billion in stock and cash, its biggest push into the Northeast U.S. market. Dime shareholders are to receive $40.84 in either cash or stock for each common share held, based on Washington Mutual's average share price last week. That is about 11 percent more than Dime's most recent closing price. Buying Dime will give Washington Mutual, the No. 1 U.S. mortgage lender, a 10 percent market share at a time when falling interest rates are boosting profits in the industry.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 24, 1999
T. Rowe Price Associates Inc. won approval yesterday to operate a federal savings and loan that will allow it to offer certificates of deposit nationwide.The new T. Rowe Price Savings Bank, based in Baltimore, will not make loans or sell mutual funds, according to the Office of Thrift Supervision, the Treasury Department agency that regulates federal savings and loans."We just want to round out the range of investment services and savings opportunities for individual investors," said Steven E. Norwitz, a spokesman for the Baltimore mutual fund company.
NEWS
By Jack W. Germondand Jules Witcover | September 16, 1990
Richard Nixon, that brass-knuckle politician, often quoted, and lived by, the old axiom that "if you strike a king, be sure you kill him." Here in Michigan, it's being applied by Republican Representative Bill Schuette in his underdog challenge to two-term Democratic Sen. Carl Levin.While Mr. Levin may not exactly be a king in Michigan politics, he has a longtime reputation for integrity, and Mr. Schuette is taking dead aim at it. As Mr. Nixon liked to point out, the strategy can backfire, but that is not dissuading the young, ambitious Mr. Schuette from pursuing it vigorously.
NEWS
By Los Angeles Times | July 14, 1991
WASHINGTON -- The federal government is likely to lose as much as 40 cents on the dollar in selling its current crop of savings and loan assets, a Los Angeles Times investigation shows.The losses are expected to be far greater than they have been during the past two years and are likely to add tens of billions to the current $160 billion estimated price tag for the government bailout of the ailing thrift industry.A computer review of the records of the Resolution Trust Corp., which oversees the S&L rescue effort, shows a widening gap between the dollar value that the failed S&Ls had assigned to the mortgages, securities and properties that the government seized when it shut the institutions down and the amount of money that the government is apt to get back when these assets are sold.
BUSINESS
By BLOOMBERG NEWS | June 24, 1998
WASHINGTON -- The U.S. government agreed to a $39 million settlement with a unit of Conseco Inc. that may mark a turning point in cases involving billions of dollars in claims arising from the savings and loan cleanup in the early 1990s.The agreement includes a payment of $9 million in cash to Conseco, a Carmel, Ind.-based insurance company. The settlement is designed to fully compensate Conseco for the stock and cash that its Statesman Savings Holding Corp. unit invested when it took over three troubled Iowa thrifts in 1988, Justice Department lawyer David Cohen said.
BUSINESS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | June 18, 1998
Patapsco Bancorp Inc., the holding company for Patapsco Bank, said yesterday that it has signed an agreement to acquire Belmar Federal Savings and Loan Association in Baltimore.Belmar, a one-office mutual company with assets of $18.7 million, will be merged into the Patapsco Bank in Dundalk.Patapsco Bancorp stock will be offered to qualified members of Belmar at a discount to the market price, said Joseph Bouffard, the holding company's president.As part of the acquisition, Belmar will convert to a commercial bank, Bouffard said.
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