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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Common terms and phrases
ACC's accounting acquisition ADC loans agreement AMCOR American Continental appraisal Arthur Andersen assets association's Bank Board BARNARD BLACK Board of Directors brokering California CDSL Chairman Gray Charles Keating Cirona committee Common Stock Company's conservatorship consolidated CRAWFORD DeConcini deposit direct investments district Dochow documents enforcement equity risk investments Federal Home Loan FHLBank FHLBB FHLBSF financial institutions fraud FSLIC funds Home Loan Bank Incentive Stock Option income increase insider abuse Insurance involved issue junk bonds KANJORSKI Keating liabilities Lincoln Savings Loan Association Loan Bank Board meeting Memorandum million number of shares October 31 offering ORPOS outstanding Patriarca percent Phoenix Preferred Stock President problem profits proposed purchase real estate recommendation referrals Registrant regulators regulatory response San Francisco Savings and Loan SCHUMER Senator shareholders shares of Common staff statement Stickel subsidiaries supervision Supervisory Agent TCS Mortgage Texas thrift transactions underwriting violation
Popular passages
Page 462 - ... 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 451 - ... 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 607 - 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 838 - 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 471 - 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 452 - 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 459 - 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 459 - 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 451 - 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...