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Playground Daily News Newspaper Archives May 27 1990, Page 3

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Playground Daily News (Newspaper) - May 27, 1990, Fort Walton Beach, FloridaSunday. May 27. To to Daity news Paol Lajustice department draws fire ass amp a losses mount Washington a the nation s Bill for clean Fig up the sayings and loan crisis is rising a along with the temperatures of legislators who accuse the Justice a department of dragging its feet on prosecuting a amp a fraud. As the rhetoric heats up. Some department officials Are hinting that major indictments could come Down soon. A we do have some excellent investigations that we Hope will be very productive in the very near future a Marvin Collins the . Attorney in fort Worth. Texas said last thursday. Collins declined to elaborate since the Justice departments policy is not to discuss pending cases. But there is speculation that indictments could be announced in the coming weeks against a amp a High fliers in Texas a hotbed of Thrift fraud and failure. Tie Bush administration meanwhile has sharply boosted its estimates of How much the government will have to borrow to clean up the savings and loan mess. Treasury Secretary Nicholas Brady told Congress this past week the borrowing need is Between $90 billion and $130 billion. The new assessment came after the administration insisted for More than a year that most of the problem could be resolved with the $50 billion in borrowing authority included in the a amp a bailout Bill. . Taxpayers will have to Shell out an astounding $325 billion or so to cover losses to depositors of the federally insured thrifts. Some democratic legislators perhaps sensing a potential Campaign Issue Are becoming More muscular in their approach to the a amp a debacle. And some government agencies such As the office of Thrift supervision seem to be taking a higher profile As Well. Timothy Ryan who became the ots director in Early april held his first news conference last wednesday. He outlined a a abroad game plan of enforcement under which the ots and other Federal agencies plan to coordinate efforts with the Justice department to bring perpetrators of a amp a fraud to Justice. At the White House. President Bush said the worsening Thrift crisis a causes me great am Ems and the first priority of government policy makers is to in act the depositors. The House banking committee held a hearing tuesday and wednesday on the $1 billion collapse of Silverado banking Sav old cabooses find new Homes Danville m. A on a siding near an interstate Highway the old cabooses sit out of service but they re far from the end of their line. Already Many of these Railroad relics have been cleaned painted and moved across the country to serve As quilt shops ice Cream Parlours storage buildings and Motel rooms. A the railroads done to make them anymore a says Don Flynn a Danville businessman who has just five of his original a caboose Fleet left at the siding visible from interstate 74. Flynn who operates Prairie states warehouse has the cabooses lined up outside his business with a Telephone number and a for Sale sign displayed for passing motorists. The collection caught the Eye of James Friedlander of Freeport Maine. A last year in the Tead of Winter we were driving by Prairie states and saw four or five cabooses parked on the tracks along the interstate a Friedlander said. A they gave us the keys and said to pick the one we Friedlander selected his favorite paid Flynn $3,500 for it. And shipped it to Freeport for an additional $2,000. A Crane lifted the caboose from the track and took it to Friedlander a 15-room bed and breakfast Home. He and his wife planned to use the caboose for another sleeping room. A instead we use it for an office and for storage a said Friedlander. Flynn acquired the 26 cabooses in 1982 after the death of the Danville businessman who owned them. A we had the tracks out Here and so we just brought the cabooses he owned out Here and tried to sell said Flynn. The first 14 went for $2,500 each. The Price has risen to $4,500. Each caboose is 40 feet Long 13 feet wide and 16 feet High and weighs 30 tons. They have toilets and heating stoves that were used by the Railroad crewmen who once Rode in them. Ings and loan association a Denver Thrift that counted Bush a son. Neil among its directors. Committee chairman rep. Henry b. Gonzalez a Texas said he will ask attorney general Dick Thornburgh to testify before the panel As it Broadens its a amp a investigation. Another Democrat on the committee. Rep. Frank Annunzio of Illinois was More strident. A we must find out Why the Justice department is so reluctant to investigate savings and loan cases a Annunzio told the hearing wednesday. A the taxpayers have a half trillion reasons to want an answer to the question when Are the savings and loan Crooks going to jail a in fact some of them already have been put behind bars since Congress passed the a amp a bailout Bill nine months ago. Twenty three former Thrift officers and roughly the same number of real estate developers brokers and accountants Are serving terms ranging from six months to 30 years for Bank fraud conspiracy and rela ted charges according to the Justice department. But Justice still has a backlog of thousands of potential criminal cases under investigation ranging from simple Teller thefts to serious abuses that dragged Down thrifts. A the cases themselves Are very difficult to make a Justice department spokesman Doug Tillett said thursday. A a it a very difficult to prove criminal intent nearly All of the convictions so far have been in Southwest Texas. The department has set amp a fraud task forces in 27 cities across the country. Tillett said government investigators have to Trace a very Complex usually bogus financial transactions with the result that it takes three to four years on average to build a fraud Case. Tillett declined to comment on whether the department planned to announce big indictments soon. He did Promise however that a a you re going to see concern about the Pace of investigations and prosecutions Isnit limited to the democrats on the banking con Pittee. A a it a not a Pisan thing at All a said a committee staffer on the Republican Side who asked not to be identified by name. A a we re More than prepared to help to get the attorney general up he was More inclined than the democrats however to give the Justice department the Benefit of the doubt on the foot dragging Issue. A i would assume that they re doing the Best they can a he said. Doug Lowey see me for All your transportation needs. Pro mood get 244-3181 212 Hony wami Sid. 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