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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Lisa who wrote (6339)	9/29/1999 3:24:00 PM
From: Zoltan!	Read Replies (2) \| Respond to of 769667

>>Compliments of George Bush and the S&L Crisis..which was brought on by the Deregulation process.. Compliments of the Dems in Congress. The largest contributors to Dem congressional campaigns in the 1980's were the S & L's. AlGore, in fact, recently hired one of the men most responsible: Mr. Gore also raised eyebrows in May with the appointment of former Rep. Tony Coelho to run his presidential campaign. Among hardened political professionals, the move was taken as a sign that the Gore campaign will not overly trouble itself about the ethical quandaries of big-time money raising. In 1989, Mr. Coelho beat a hasty retreat from Congress as scandal clouds gathered around him. The immediate cause of his departure was an undisclosed financial relationship with financier Michael Milken. But Mr. Coelho by that time had become infamous as a pioneer of the hardball political shakedown, threatening business and political action committees for "donations" with the reminder that congressional Democrats were in a position to punish their enemies and reward their friends. It was politics as blood sport, and Rep. Coelho pursued it with a vengeance. One friend that reaped the reward was the savings-and-loan industry. Mr. Coelho raised millions for the Democratic Party from S&L owners, including hosting parties aboard a Potomac yacht named the "High Spirits," owned by Vernon Savings & Loan of Texas. He rewarded his S&L friends in 1987 by helping to gut a House reform package, prolonging a debacle that cost the taxpayers more than $200 billion. Vernon's owner eventually was convicted of looting the S&L, and Mr. Coelho was forced to reimburse the conservators for the use of the yacht. interactive.wsj.com