European Stars And Stripes (Newspaper) - September 7, 1988, Darmstadt, Hesse                                Wednesday september 1988 the stars and stripes Page 5 so Rescue to Cost record $2 billion Texas group to take Over California Thrift Washington not the Federal Home loan Bank Board monday announced the most expensive res Cue of a single savings and lean association on record in a transaction thai will cast the Agency 12 billion. After five Days or negotiations he Agency said it had reached an agreement to sell the s30 billion american savings and loan association of Stockton calif., to a group headed by Robert m. Bass of fort Worth Texas. The chairman of the Bank Board m. Danny Wall said in a Telephone interview that it would provide assistance equal to 52 billion and the Bass group would inject ss50 million in Cash to rejuvenate the institution. In return for its 12 billion the Bank Board will own30 percent of american savings. The agreement is the fourth such transaction involving is billion or More that the Bank Board has participated in during the past three weeks and in All the Agency has committed itself to financial Aid packages Worth More than $ 12 billion since mid August. But while this Deal will be the most costly single Rescue Tor the Bank Board it will not be the most costly transaction Wall noted. On aug. 19, the Agency announced that it had combined eight Texas institutions to form the Sunbelt savings feb of Dallas and would inject up to i  billion of Aid. While the Bank Board has been shutting Down merging or finding new owners for troubled Thrift institutions at a brisk Pace the financial assistance required has not come in the form of Large Cash outlays by the Agency which regulates the nation s 3,000 Sav Ings and loan associations. Rattler the Bank Board s assistance has involve billions of dollars in promissory notes issued by its Federal savings and loan insurance corp. As Well As guarantees to an acquiring company against losses Uncertain assets of the ailing institution. In monday s agreement for example the $2 billion in savings and Loans slates with the most losses total profit or loss for the first Quarter 198s in millions of dollars 195 113,476 -w.6 first Quarter Chicago Tribune grip source Foddai Hom Loon Bank books ins Devenc number per year of ,-insured saving and Loans  1380 81 82 83 84 85 66 87 88 first Quarter of 19b8 based on generally accepted accounting princ Plas Aid includes a j 500 million note from the folic and s1.5 billion in guarantees on american savings assets. The action announced monday represents a mile Stone for the Bank Board in its efforts to clean up an Industry that almost lost control Over its lending practices in the Early 1980s. Savings institutions at that time attracted financial buccaneers who took excessive risks on real estate Loans and often resorted to fraud when things began Togo wrong. Indeed american savings and its Parent company the financial corp. Of America Are examples at the industry1 High risk Era. The organization was put together from two Thrift institutions in the Early f980s by Charles w. Knapp who developed it into the largest in the country by paying High interest Rales on deposits and making real estate Loans that other institutions had rejected although for a Lime Knapp appeared lobs a master of savings and loan finance his Empire quickly came apart in 1984. Fly the fall of that year inc institution was suffering huge losses and the Bank Board stepped in and replaced Knapp As chairman with the current chairman William a pop Joy who could not be reached for comment monday. 50 arrested in free food fracas in san Francisco san Francisco a fifty people were arrested monday when a group trying to distribute free food and cadets scuffled with police who had previously warned the group to get a permit or move elsewhere. A television cameraman was injured when a police officer knocked him to the ground at the fracas on the Edge of Golden Gale Park. Food and fists went flying when a squad of police officers wearing riot gear closed in on about 200 peo ple gathered for the food not bombs Giveaway. To was the second time in a week the group had clashed with police. On aug. 29, 29 people were arrested in a similar confrontation. Group leaders a idiocy will return each monday. The latest confrontation took place about 45 min utes after the group marched into inc Southeast Corner of the Park adjacent to the Haight Ashbury District popular in the 1960s among hippies and in inc 80s among people who buy and restore victorian  moved in As the group s members began giving food to one another. Police spokesman sgt. Jerry Senkir said it was considered an illegal give away after food was Given to 25 people. As the officers approached food began to Fly through the air. One officer was hit in the face with a plate office and another was struck in the neck with Tomato. A police officer grabbed Pix cameraman flan Schoepp knocking him to the ground. The cameraman Lay stunned for a few moment with blood trickling from his Cheek and his camera tossed aside. He then got up and resumed filming the clash some of those arrested were dragged away with their swimsuit strolls9 among changes planned in miss America pageant wrists bound by plastic lies. They were loaded int police vans and taken away. Senkir said they faced a possible Misdemeanour count of creating a nuisance and two Park infractions illegal distribution of food and illegal leafleting. The Park infractions carry a maximum penalty of a$50 Fine Senkir said one woman also faced a charge of assaulting an officer. Senkir said the Giveaway would not be illegal if the group had obtained permits. He said the group had been offered other Sites for the Giveaway but rejected that idea. The group had 15 to to canons of food including bread carrots lettuce Rice melons and com. The leaflets said the group had been harassed in recent months by police and had been unfairly characterized by mayor Art Agnos As being interested in sex plotting the homeless and hungry. Sands of time Atlantic City no. A longtime watchers of the miss America pageant May notice a few changes during saturday s contest including swimsuit strolls and an improved final crowning moment. Bill Caligari the production manager for the miss America pageant has been testing new ideas in local contests in the past year. Other changes will be a deeper set on the stage and a a Iha cd runway that will give us More Leni Billy in production numbers Caligari said during a rehearsal break last week. But a More daring innovation is in the swimsuit com petition he said instead of standing in front of the judges and inkling up As we called it we re going to have the girls do a walking turn and not Stop Al All Caligari said. We re de emphasizing that inspection image that it had for so  the changes in this year s pageant scheduled id be televised nationally by Abc came largely from brainstorming sessions held in the Pasi year after the appointment of the pageant s new executive director Leonard Horn Caligari recalled thai Horn almost immediately came in and listed All inc things he did t like about the pageant production in years past. It s exciting there s a lot of change Caligari said. We re going Back to the Days when the top contestants were asked questions on stage and these won t be airhead  Horn said the questions will be intelligent questions. We re not going to be testing them on current events but they won t be silly questions  the final moments of the Competition will also be different than in recent Yean Calgari said. Tradition ally the fourth third second and first runners up were announced and then the new miss America was announced from the remaining six contestants. This year the fourth third and second runners up will be announced and then to heighten the drama the remaining six contestants will be narrowed Downto two. The first runner up will then be announced leaving the new miss America Caligari said. The interplay Between the two Young ladies promises to be Good he said. We be tested this in some of the states and it s worked Well the pageant production will also have one fewer song and dance number Caligari said. The time saved from dropping that number will allow the producer to include Brief video spots of the lop 10finalists interviews before the judges Caligari said. In the stars and stripes 40 years ago today. /. Sept. 7, 1948 the soviet Union formally pro posed a meeting with Britain France and the United states to discuss the Fate of Italy s prewar colonies i Africa. 30 years ago today. Sept. 7, 1958 speaking to a meeting of the har Vard business school association vice president Richard m. Nixon called for a program of Broad tax Nils to stimulate the nation s Economy despite a projected i12 billion government deficit. 20 years ago today. Sett 7, 1968 a bomb exploded in the chinese sector of Saigon killing at least eight people and reviving fears of a Viet Cong attack on the City. 10 years ago today. Sept 7, 1978 speaking Al Ramstein a on the eve of the annual autumn forge exercises Gen Alex Ander m. Haig jr., supreme Allied commander in Europe praised nato s ability to Bridge the Atlantic but added that More Progress was still needed