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Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, at the time the lowest rate since World War II. [2] The Keating Five scandal was prompted by the activities of one particular savings and loan, Lincoln Savings and Loan Association of Irvine, California.
At the time of the Federal seizure on April 14, 1989, Lincoln Savings was the 42nd largest savings & loan in the country with 29 branches throughout Southern California and assets of $5.4 billion and deposits of $4.4 billion but only $20 million in required capital on hand instead of the required $325 million in capital. [10]
Charles Humphrey Keating Jr. (December 4, 1923 – March 31, 2014) was an American sportsman, lawyer, real estate developer, banker, financier, conservative activist, and convicted felon best known for his role in the savings and loan scandal of the late 1980s.
Lincoln and Secretary of War Edwin Stanton went on to order the arrest of the New York staff of the Independent Telegraph Company, and closed the company offices in Baltimore, Harrisburg, Pittsburgh, and Philadelphia. The Washington company offices were also closed and searched, and the superintendent was interrogated and imprisoned.
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States between the Union [e] ("the North") and the Confederacy ("the South"), which was formed in 1861 by states that had seceded from the Union.
The document in which Abraham Lincoln set in motion the Union's military response to the launch of the U.S. Civil War is now among Illinois' prized papers of the 16th president, thanks to a ...
This became more urgent during the Civil War, when Congress and Lincoln were struggling to finance the war efforts. [2] Without a national mechanism for issuing currency, the Lincoln administration could not exploit the powers and loopholes that, for example, Britain could with its central bank, in order to finance the high expenses involved.
Today, Lincoln is remembered as guiding America through its most contentious period to date -- the Civil War era. As the nation stood divided, President Lincoln fought to unify the nation and ...