Cleveland banker tied to bank loan probe and land deals
Federal investigators probe John H. Bustamante, former First Bank chair, over possible improper gains from loans to Bottom Line Productions and related land purchases. The Plain Dealer notes bank insolvency with liabilities 1.4 million greater than assets and Bustamante’s restructuring in 1987.
MENTIONED IN THIS ARTICLE
the Plain Dealer
John H. Bustamante
First Bank
Bottom Line Productions Inc
Bustamante
Consumers United Insurance Co
Bottom Line
Consumers United
Cleveland
Bank
First Intercity Corp
First Intercity
Federal Bank
Poll finds most Americans doubt feds can solve thrift crisis
A national AP Media General poll of 1,108 adults shows widespread doubt in federal efforts to resolve the savings and loan crisis. Only 31 percent believe a long term solution will emerge, while 39 percent expect only a temporary fix.
MENTIONED IN THIS ARTICLE
Feds
New York
Media General
Associated Press
S&l
Congress
White House
Bush
Bush plan bailout for savings and loan system unveiled
President Bush proposes a 28.1 billion dollar taxpayer cost over five years and 39.9 billion over ten, funding 50 billion in bonds plus 40 billion already pledged. FDIC would insure S and L deposits separately, with a new Resolution Trust Corp to wind down insolvent thrifts within five years. Joint supervision by FDIC and FSLIC, with stronger enforcement and higher penalties, S&Ls to meet 6 percent capital by 1991.
MENTIONED IN THIS ARTICLE
S&l
Bush
Richard Darman
Federal Deposit Insurance
S&ls
FDIC
Federal Deposit Insurance Corp
Resolution Trust Corp
FSLIC
Federal Reserve
Office of the Comptroller of the Currency
Justice Department
Chicago Tribune Graphic
Wall Street Retreats Amid Inflation Fears And Circuit Breakers
Futures trading limits on stock-index contracts surfaced on the Chicago Mercantile Exchange for the first time since last year s circuit breaker measures were approved by the SEC and CFTC in response to inflation jitters and the risk of a replay of the 1987 crash. A nine member jury in the GAF Corp corruption case remained deadlocked after a ninth day of deliberations surrounding the Ivan Boesky confession linked trial. IBM stock tumbled after forecasting weaker first quarter profits due to a chip issue delaying 3090S mainframe deliveries. Energy policy calls for major conservation steps to curb consumption and ease global warming, per an EPA report to a Senate subcommittee.
MENTIONED IN THIS ARTICLE
Wall Street
Chicago Mercantile Exchange
Securities and Exchange Commission
Commodity Futures Trading Commission
Ivan Boesky
Mary Johnson Lowe
GAF Corp
IBM
International Business Machines Corp
Consolidated New York Stock Exchange
United States
Environmental Protection Agency
Senate
EPA
Realtor Home Still Great Tax Shelter
Tax law changes close many loopholes yet homeowners retain key benefits. Home sale gains can be deferred with a like‑for‑like purchase within two years. Age 55 plus can claim $125000 tax‑free gain on principal home. Office deductions remain but are tightened to net income. Century 21 Demby Inc Realtors offers help at 405 Middle Ave Elyria, 323-4641.
MENTIONED IN THIS ARTICLE
Demby Inc Realtors
Middle Ave
Elyria
Inflation surge spooks markets as prices jump
New inflation data show wholesale prices rising 1.0 percent in February, pushing annual wholesale inflation above 12 percent. Analysts warn higher rates could slow housing demand and lift borrowing costs, threatening the Bush plan on debt and deficits. Strong entities include Labor Department, Federal Reserve, Bush administration, Nikko Securities, Daiwa Securities America.
MENTIONED IN THIS ARTICLE
New York
St. Patty’s Day
Robert Brusca
Nikko Securities International Inc
Labor Department
Federal Reserve
Michael Moran
Daiwa Securities America
Brusca
EPA accused of conflicts in Superfund contract abuses
A GAO report says the EPA risks conflicts in its Superfund contracting as it relies on contractors to police themselves and may not detect when a firm working for both sides provides biased data. Rep. Dingell urges independent EPA oversight to prevent abuses in cleanup cost recovery.
MENTIONED IN THIS ARTICLE
EPA
General Accounting Office
GAO
Associated Press
John D. Dingell
Dmich
William K. Reilly
Dingell
House Energy and Commerce Committee
Panel
Also Mentioned on This Page
FBI
Media General Inc
Richmond, Va
Richmond Times-Dispatch
Richmond News Leader
Tampa
Robert Demby
Nation’s Central Bank
PEM
Geveland Street
Washington
House
Pentagon
TA Adler-Royal
ROYAL
Cleveland Street
Lorain
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