PEOPLE: Seidman Deftly Fields a Tough Question

Mr. [L. William Seidman] said bank examiners were distracted from the smoldering Bank of New England by fires raging in the Southwest - where 10 major banks required federal assistance in 1988 and 1989. Olympic Federal Savings and Loan of Berwyn, Ill., is back in the news with disclosures that U.S....

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Bibliographic Details
Published inThe American banker Vol. 156; no. 57
Main Author Barbara A. Rehm, Bill Atkinson, and Robert M. Garsson
Format Newspaper Article
LanguageEnglish
Published New York, N.Y SourceMedia 25.03.1991
Subjects
Deferred compensation
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Summary:Mr. [L. William Seidman] said bank examiners were distracted from the smoldering Bank of New England by fires raging in the Southwest - where 10 major banks required federal assistance in 1988 and 1989. Olympic Federal Savings and Loan of Berwyn, Ill., is back in the news with disclosures that U.S. Agriculture Secretary Edward Madigan failed to disclose while serving in Congress that he had an agreement with the thrift that paid him $56,900 in deferred directors fees. Mr. Madigan, a Republican, was on the board when Olympic staged a high profile fight against the Office of Thrift Supervision, which wanted to place the savings association under the Resolution Trust Corp. Olympic's lawsuit led to a court decision holding that M. Danny Wall had been illegally installed as director of the OTS.
ISSN:0002-7561
1945-578X