| Show 4 z - a r 'Lb - - - : 6' OM — WV0 - trsc — ' ' 4 oft' 4' 4 -- z 4 10: I I I The Salt Lake Tribune (26A Sunday November 26 1989 1Greenspan Says in 1985 He Couldn't Foresee Lincoln's Fai hires WASHINGTON (AP) — Federal Reserve Chairman Alan Greenspan looking back on his work for Lincoln Savings and Loan Association says he doesn't believe he could have foreseen the thrift's spectacular failure expected to be the costliest in the nation's history Nearly five years ago Greenspan testified before Congress as a private consultant and lobbied regulators on behalf of Lincoln and its owner Phoenix Ariz millionaire Charles Keating Jr Keating objected to federal regulations restricting thrift institutions' direct investments in real estate development Greenspan a conservative economist generally opposed to government meddling in business supported him In an interview last week Greenspan said he was surprised and dis tressed by Lincoln's eventual failure because of sour real estate deals But he said he still supports short-terdirect investments when thrifts are risks exposed to interest-rat- e Supporters of direct investments have long argued that they can benefit S&Ls struggling with a portfolio of long-termortgages "I look back and I say to myself 'Was there something I should have seen and didn't see?' and the answer is 'There was nothing visible — at least to me”' Greenspan said In early 1985 Irvine Calif-base- d instituLincoln was a tion under aggressive managers who e eschewed traditional lending Greenspan was a private economist with impressive political credentials as President Ford's chief economic adviser a decade earlier Now Lincoln is insolvent and under government control Regulators say it will cost taxpayers $2 billion to protect its depositors making it the nation's largest S&L failure Greenspan is no longer a private consultant and suddenly his fiveystatements loom large As ear-old chairman of the Federal Reserve Board he is considered by many to be after the president the most powerful official in the nation The Fed influences daily life perhaps more than any other government agency through its manipulation of the economy and credit in a Feb 13 1985 letter to the Federal Home Loan Bank of San Francisco Greenspan argued that Lincoln deserved an exemption from regulations limiting to 10 percent thrifts' direct investment in real es tate and other commercial ventures Loan Insurance Corp" he said Two weeks later on Feb 27 1985 Greenspan told the House Government Operations subcommittee on consumer commerce and monetary affaits that direct investments while undoubtedly risky were essential for thrifts to diversify their holdings Traditional S&Ls which took in short-terdeposits and made long Lincoln's management he said was t"seasoned and expert in selecting and making direct investments" with "a long and continuous track record of outstanding success" The institution itself was "financially strong" in a "vibrant and healthy state" and "presenttedl no foreseeable risk to the Federal Savings and - -''' r''''--7-77- — t- i I 4 " I: n t 4i'''''A - '' 4 ' : 1 j 1 s t z e --- p' -- 1 t:i ' r :::: ' gt411Z'' !0 ':'- '144‘i N 5 rr'-'-7' i i r1 LI A ' i7 1 i Vb iA fl' 1 t lakl ' ''''''-- :' ' ‘ ' 0 S'f t'18' ' -: ::::::::::::::::::::::- ::::::::::": !:::: ‘1 ‘ -- - '" s ‘ SI ''''l ''S! ‘ - - ::::::- :- Ns ' :: 11 - s- : '' s s 1 si--'--- -- 1s1 '''' l i alPs 7t if I ' - ow- ::: ou RA ILL NEW !:!::::: ::: :: rt orINIJ -r It' ril : --- 40 - -- - - i s ‘ ' 'It Int ': Prl -- - --- 04344 i- - lika '" ' - - -'' ' y ' I' :7 - ' A ' - j ': - b mit i elk- : A4 " A law INSTANT REBATE! 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1 : - IT'S THE GRAND OPENING OF ' go'''''"' - i::::: :: -- t '‘ -- —- 4m - ' :1114:--- - - ''''' '1 MMMOmftmMIEmwma :::::: N ''''''-- - : US Gov't Approves Patent Claims for New Diet Pill (Unconditional money-hoc- k guarantee if not 100 satisfied) Visa MasterCard and American Express OK (Send card number expire date and signature) For fastest service for redit card orders ONLY call anytime 24 hours toll free 1(800) 527:9700 -1- 1:ElAtt-1111stwlEis- Lose Weight et 1 - ilititcl‘-1‘- - ' $35 for a 180 pill supply ( $ 3 handling) 9016 Wilshire Blvd to: Dept WS79 Beverly Hills CA 90211 4 '' A tir Doctors Invent 'Lazy Way' to elkt - 1 EVERY ADMIRAL APPLIANCE HAS A doctors' exclusive manufacturer only n (includes optional Send $20 for even better results) plan for a 90 pill supply ( $3 handling) or - :' 4 : ''1 ‘''t'''' ‘' i Advertisement cessful :: i' -- -- f :' J ti: F V! 1 il ' ni441 - r 161 e 4 !TO tt ig!! i 0 1 (1 0 7 - I '1 r VIVn r - ' 1 tf' q 14A fw 04i itospromv troott :: 1 t:tr4 te's !-- t-- Diet Pills Sweeping US According to one of the inventors - ' r711 11 r '' r - ifert-3- '74'77' ) -- ?' home-mortgag- William Shell heart specialist and associate professor of medicine at UCLA medical school "the new process is a "lazy way- to lose weight because the pills alone "automatically" reduce calories by safe fat It is 100 eliminating dietary and not a drug ' The pills are already sweeping the country with glowing reports of weight loss from formerly overweight people in all walks of life who are now slimmer trimmer and more attractive again Now Available to the Public If you are trying to lose 20 50 100 pounds or more you can order your highly sucsupply of these "no-ris- : ' g You proach" but he points out that most of the 17 S&Ls cited in his study were located in Texas later the cen- ter of the oil and real estate bust The central bank chairman's views have been cited as one of the reasons why a petition calling on S&L regulators to postpone lirect investment limits attracted 225 signatures in the House in early 1985 is now 'It was my view thenwasas it crucial the risk that interest-rat- e problem confronting S&Ls — the assets fiproblem of long-ternanced by short-terdeposits In that particular context at that particular time direct investment would reduce risk- he said Greenspan still believes Bentsen took a "rather sensible statistical ap term mortgage loans were vulnerable to a sharp rise in interest rates and direct investments were a valuable alternative he said He also endorsed a study by economist George Bentsen now with Emory University which cited the success of 17 S&Ls in direct investments Fifteen of the 17 have since failed S MON - FRI 9 am to 9 pm Saturday 7 ClosedI Sunday 9-- - 4" ' |
