Investigation of Lincoln Savings & Loan Association: Hearings Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, First Session ....
U.S. Government Printing Office, 1989 - Bank failures
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accounting action activities additional American amount application appraisal approval asked assets association authority Bank Board believe BLACK California capital Chairman CLERK committee Common Stock Company concerns continue Corporation deposit direct direct investments directors district documents effect enforcement equity examination fact Federal Federal Home FSLIC funds give going Gray holding Home Loan Bank income increase indicated industry institutions Insurance interest investments involved issue Keating Lincoln losses March meeting million needed noted October offering operating ORPOS Page Patriarca percent prepared President problem profits proposed purchase question real estate received recommendation record regulators regulatory request response result risk rule San Francisco Savings and Loan securities Senator shares staff statement Supervisory Agent Texas things thrift transactions violations worth
Page 459 - ... internal and independent auditors. 7In addition to the bank and thrift regulators (the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Home Loan Bank Board) and Justice, the other members of the working group include the National Credit Union Administration, the Farm Credit Administration, and the Federal Bureau of Investigation.
Page 445 - ... the institution or closely affiliated with it have, in general terms, breached their fiduciary duties; traded on inside information; usurped opportunities or profits; engaged in self-dealing; or otherwise used the institution for personal advantage. Specific examples of insider abuse include loans to insiders in excess of that allowed by regulation; high-risk speculative ventures; payment of exorbitant dividends at times when the institution is at or near insolvency; payment from institution...
Page 602 - SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the bank has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.
Page 834 - Executive Director, Office of Regulatory Policy, Oversight and Supervision Lincoln Savings and Loan Association Ja Vice Pr AGREEMENT This Agreement is -ad?
Page 671 - ... or has committed or engaged in any act, omission, or practice which constitutes a breach of his fiduciary duty as such director or officer, and the Board determines that the bank has suffered or will probably suffer substantial financial loss or other damage...
Page 465 - Combating Fraud, Abuse and Misconduct in the Nation's Financial Institutions; Current Federal Efforts Are Inadequate' (House Report 100-1088, October 13, 1988), specifically addresses such law enforcement issues.
Page 446 - A total of 85 such referrals were made in regard to 19 of the 26 failed thrifts in our sample. These referrals, which were made primarily by Bank System personnel and filed with the district banks, cite suspected violations of criminal statutes such as false entries, conspiracy, theft, embezzlement, willful misapplication of funds, and fraud.4 Other allegations include falsifying information on loan applications, kickbacks, and bribes. In the 85 referrals, allegations of criminal violations were...
Page 453 - Board has nevertheless issued various regulations to limit or prohibit certain conflicts of interest to reflect its conclusion that the conflicts so limited or prohibited are especially inimical to the accomplishment of the purposes of title IV.
Page 453 - IV set forth in paragraph (a) of this section and the personal financial interests of directors, officers, and other affiliated persons of insured institutions. Conflicts of this type which have demonstrably resulted in such adverse effects are considered by the Board to be inherently unsafe and unsound practices and conditions. The board accordingly holds that each director, officer, or other affiliated person of an insured institution...
Page 445 - It defined fraud and insider abuse in this manner: 3 "...individuals in a position of trust in the institution or closely affiliated with it have, in general terms, breached their fiduciary duties; traded on inside information; usurped opportunities or profits; engaged in self-dealing; or otherwise used the institution for personal advantage. Specific examples of insider abuse include loans to insiders in excess of that allowed by regulation; high-risk speculative ventures; payment of exorbitant...