U S files 1 billion suit against failed thrift
The Federal government via the Resolution Trust Corp filed a 1.2 billion fraud and racketeering lawsuit in federal court against Western Savings and Loan Association, its presidents Gary and John Driggs, and about 50 officers and associates. The action seeks 200 million in damages, tripled under racketeering law, plus 200 million for negligence and 245 million from a law firm’s partners. Western, founded in 1929 by the Driggs family, was seized June 14 1989 after losses and alleged sham real estate sales.
MENTIONED IN THIS ARTICLE
Phoenix
Resolution Trust Corp
Western Savings and Loan Association
West
Ern
S&l
Western
The
Thrift
Gary Driggs
John Driggs
Gary
UAW Chief warns of possible strike next year at Big Three
United Auto Workers President Owen Bieber warned the Big Three automakers that a strike next year could occur as the union contends it is being fragmented. He urged restraint, saying two sides make peace but one can start a war, amid losses from Caterpillar and GM job cuts, plant closures, and a declining union membership.
MENTIONED IN THIS ARTICLE
San Diego
United Auto Workers
Owen Bieber
U.S
Bieber
Caterpillar Inc
UAW
White House
H. Ross Perot
Electronic Data Systems
Perot
Tokyo stocks fall for fourth straight trading day
Tokyo share prices plunged in thin trading amid a pessimistic Japan economy survey. The Nikkei 225 fell 2.48 percent to 16,953.23, the first closing under 17,000 since April 22, as volume eased to about 200 million shares from Friday’s 763 million.
MENTIONED IN THIS ARTICLE
New York
Mobil
NYSE
Morgan
Cig Motoria Jt
AGA Int
Nhilab
NtSvin
Prey
Nike
Aeinli
Ant Oye Norwat
Fini BankAm
Baxter
Bethsil
Va Boeing
Bowair
Reebok
Sears
Texaco
Unocal
WalMart UN
Exxon
Waral
FedExport
Fednm
Pierre R. Smith
GrdMin
Svat
Hadson Saat
Hanson
Allied Corporation
Sih Harind
Ate
Airtel
Harley
AmerShip
Heinz
CoBancory Inc
CPC Inter. Inc
Hmebep Ig
Sbla
Emerson
First Bancorp Intrike
Goodrich
IBM
Northern Savings
Ohio Edison
Fanc Ave
P_N.C. Corp
Mears AD Am
Parker Hannifin
Maxys
Smuckers
SJMA
MeDer
Sunrise Medical
McDonld
Aaliee Texas Utilities
Merck
Ah T.rw
Woolworth F.W
Tokyo
Japan
Former Revco CEO cites miscommunication in firing
Boake A. Sells says his removal as Revco chief executive came from failing to keep investors and lenders informed during bankruptcy proceedings. He notes junk bond traders influenced decisions, including May refinancing with Goldman Sachs. Sells, fired June 3 by Sam Zell, insists he was not blocked by stubbornness but by a board preferring others.
MENTIONED IN THIS ARTICLE
Twinsburg
Revco
Boake A. Sells
Reven
Akron Beacon Journal
Sells
Sam Zell
Chicago
Zell
Goldman & Sachs Co
Record profits but many banks still in trouble
U S banks posted a first quarter profit of 7.6 billion dollars, a record, yet regulators warned that weak real estate loans and low rates keep many banks at risk. FDIC chair William Taylor noted 93 percent of 11,806 banks were profitable, but loan write offs totaled 6.3 billion and reserves rose by 7.2 billion.
MENTIONED IN THIS ARTICLE
Washington
William Taylor
Federal Deposit Insurance Corp
Taylor
Senate Banking Committee
FDIC
Also Mentioned on This Page
Ble
S&ls
Mike Hawkins
Western Savings
Los Angeles Times
Fred Lodge
Los Angeles
Atl
General Motors Corp. Caterpillar
Caterpillar
Senate
General Motors
Associated Press
America
Cleveland
HP Kittyhawk
Cerakgs Wails Die Dyuriu
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