Turf wars, infighting sap RTC; lawsuits sink in a sea of agency wrangling

Article Abstract:

The Resolution Trust Corp (RTC) has for much of 1992 been troubled by bureaucratic infighting, restructuring which some suspect has political motives and low morale. In Feb 1992 RTC CEO Albert L. Casey ordered a downsizing of the agency, which some saw as an election year ploy to declare the savings and loan crisis resolved. The RTC's some 20 regional offices were reorganized as six super-regions and many lawyers either laid off or reassigned to the Federal Deposit Insurance Corp. Some 40% of the agency's professional liability section was laid off.

Management, United States. Resolution Trust Corp.

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First trial under bank 'kingpin' act targets oil dealer

Article Abstract:

The trial of petroleum dealer Roy William Harris, to start in Nov 1992, will be the first prosecution under the 'kingpin' banking fraud laws enacted in the wake of the savings and loan debacle. The kingpin provisions are part of the Comprehensive Thrift and Bank Fraud Prosecution and Taxpayer Recovery Act of 1990, enacted as part of FIRREA. Critics feel these provisions are unconstitutionally vague. Harris was the chief executive officer of Arochem International Inc and Arochem Corp, now both bankrupt.

Cases, Bank fraud

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