Records Outline Simon's Role at Collapsed S&L

LA TIMES ^ | 06/13/02 | MICHAEL FINNEGAN

[gubamyster]

From the start of his campaign for governor of California, Republican nominee Bill Simon Jr. has played down his role in the 1993 collapse of Western Federal Savings and Loan, a debacle that cost taxpayers $122 million.

By his account, he had nothing to do with the 1988 purchase of the Marina del Rey thrift by his family and other investors. By his account, he served on its board of directors for about a year to monitor the investment, but was not engaged in "anything to do with the operation of the thrift."

[Vladiator]

Simon's response to Davis' ad: "DID NOT!!"
Davis' response to Simon: "DID TOO!!"
Simon's response to Davis: "DID NOT!!"
Davis' response to Simon: "DID TOO!!"
Simon's response to Davis: "DID NOT!!"
Davis' response to Simon: "DID TOO!!"
Simon's response to Davis: "DID NOT!!"
Davis' response to Simon: "DID TOO!!"
Simon's response to Davis: "DID NOT!!"
Davis' response to Simon: "DID TOO!!"

My response: ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ.

Is this really going to continue until November? Ugh.

[SunStar]

[Simon] served for nearly two years on its 11-member board. For the next two years.

Oh, well this proves his culpability right here! [/Sarcasm]

[goldstategop]

And the L.A Slimes presents this airing of dirty linen as a non-partisan investigation. Yeah right. Like they've really dug deep into the Oracle fiasco in Sacramento.

[Orblivion]

Heh. Being on the Board of a company doesn't neccessarily mean jack. My dad's on the board of a 70 million dollar company and he goes to meetings once maybe twice a year. He doesn't get a salary either. He's merely a board member. The president of the company is the one making all the decisions. I think these charges that somehow he was a crook in this are probably completely overblown. If all they have is his signature on a buisness purchase and his seat on the board for 2 years. Woop dee doo!

[Grim]

The Gray Davis slime machine ramps up. And he has $40million to invest in this kind of stuff. Ahh democracy, ain't it great?

[gubamyster]

And the L.A Slimes presents this airing of dirty linen as a non-partisan investigation.

Yeah, and the LAT found room on the front page for this, but haven't found the space to print articles on all of Davis's scandals.

[thucydides]

LA Times of the media arm of the democrat party swings into action on behalf the corrupt establishment it supports.

[Undivided Heart]

I wonder when the Left Angeles Times will outline the how Davis squandered the budget surplus...

[Fish out of Water]

fyi

[NormsRevenge]

Does Parsky have anything to do with this :-?

[wingnuts'nbolts]

I seem to remember that FiDi and her husband had an S&L that tanked.

[WIMom]

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[AEMILIUS PAULUS]

Ah-h! My here-to-fore silent cynicism can now be expressed without restraint.

He lies-which is part of any political figures make up. (Some even say it is genetic.)

However, let's get down to the real vices. What are his other vices? Little boys? Little girls? Little boys and little girls? Interns? Watching his wife with other guys while he whips himself? Sodomy of the ordinary type? Alcohol? Drugs? Alcohol and drugs? Good Lord politicians, in America, in 2002 A.D., are mathematically predictable

[goldstategop]

If you read the entire story, Bill Simon and his brother bought Western Savings and Loan at the request of the Federal government on terms that would have allowed the company to be made solvent. The Feds broke their word soon after and imposed such stringent regulations that it made any private sector recovery effort impossible. And to top it all off the government asked the Simons to put even more into a failing business venture rather than find a way to permit the S&L to made whole. No depositor lost a dime on their accounts. The truth of the matter is Simon wasn't a crooked businessman; he just happened to have made a bad investment at the worst possible time made even worse by government ham-handedness. If anything the story isn't a fable of Simon's recklessness as a business entrepreneur, something Governor Gray Davis wants people to believe; its really an account of how the government deceived the Simons about letting them make good on their investment. And this is the same government that on the state level has brought us a $24 billion deficit. Sure, Simon had bad luck but who doesn't? That's very different from the habitual mismanagement and lack of attentiveness to this state's condition demonstrated by Gov. Davis over the past 4 years. I'll still take Simon over Davis any day since as a career businessman, even with the S&L fiasco, his record is still better by a mile than that of Davis, the career politician. And I'm sure the voters will agree come November.

[Jean S]

Related post regarding this bogus accusation against Simon.
The Coin-Operated Governor (Gray Davis)

[Jean S]

ping

[NormsRevenge]

BUMP
DUMP DAVI$ & the Den of Socialists



GO SIMON

[Ernest_at_the_Beach]

Thanks for the pings!

Good ole LA SLIMES doing their supporting act for Davis!

calgov2002:

calgov2002: for old calgov2002 articles. 

calgov2002: for new calgov2002 articles. 

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