European Stars and Stripes (Newspaper) - September 14, 1991, Darmstadt, Hesse                                Saturday september 14, 1991 the stars and stripes a Page 17today s tip the Bush administration said the savings and loan bailout will run out of Money by the end of october but some lawmakers walked at doubling the taxpayer Cost of the program to $160 billion. Deputy Treasury Secretary John Robson and l. William Seidman chairman of the Federal Deposit insurance corp., told the House banking subcommittee on financial institutions thursday that Congress must soon appropriate More Money for the bailout Agency the Resolution Trust corp. Seidman said the Etc which he supervises had spent $67 billion of the $80 billion appropriated since the Agency was established in August 1989.conversion rates London up a fridays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $343.50 an ounce Silver at $3.95. British Pound. German Mark. French franc. Dutch Guilder. Belgian franc. Italian lira. Swiss franc. Greek drachma turkish lira. Saudi arabian Nyal. Spanish peseta portuguese escudo. Canadian Dollar austrian Schilling norwegian Krone danish Krone. These Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of British pounds to . Personnel for personal use. Through monday this will be $1.77 for a Pound based on a Price fixing Friday afternoon at military banking  York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on thursday. Stock Rwjr Nab bldg at amp to company Uniss corp ism corp Pepsico inc gent elec Glaxo bldg genl motor Tenn eco inc Marion Mer Telen de mex Boeing co syntax corp Block str ent Amer express american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading thursday. Stock Dow chem it Forest labs Echo Bay in Plains rest Elk Sportun it fruit of pm Corona up a carnival cars Abi Omed inc found Atn hath sept. 12 sept. 13 .1.7330 1.7295 1.6855 1.6910 5.7520 5.7530 1.9035 1.9050 34.815 34.950 1,266.05 1,266.00 .1.4795 1.4810 .187.29 187.50 .4,601.30 4,619.10 .3.7502 3.7502 .105.98 106.03 .144.91 145.16 .1.1364 1.1363 11.8800 11.9050 .6.6090 6.6245 .6.5205 6.5310 sales last net chg. 5,291,500 12 up % 3,079,500 38�?T/� up % 2,585,900 4% off % 2,239,000 104 up 2% 1,913,500 29% up % 1,911,400 69% 0 1% 1,877,800 48% up 2 1,734,400 36% up 1,712,000 40% off 1,695,500 37% up 1 1,673,300 38% up % 1,672,900 49% off % 1,669,000 42% up % 1,507,500 12 up % 1,451,800 25% unch sales list net chg. 2,721,600 6% off % 1,010,100 30 off 4% 667,600 7% off % 409,900 19% up 296,600 8% off 271,300 17% up 262,500 7 unch 262,000 22% up 1 238,500 14% up 1 % 236,300 21% up 1% Dow Jones new York up Dow Jones closing Range of averages thursday High Low close change 30 industrials 3023.26 2977.64 3007.83 up 20.80 20 transport 1191.47 1172.43 1183.89 up 8.47 15 utilities 208.00 206.18 207.12 up 0.31 65 stocks 1072.38 1056.89 1066.66 up 6.64 systematic fraud by Bocci hid Trail to Bank fed says Washington api a systematic and deliberate criminal fraud by the Bank of credit and Commerce International overwhelmed the Federal Reserve making it impossible to uncover by Cir a illegal ownership of a . Bank sooner fed officials said Friday. Lawmakers Are trying to determine How much fed officials knew about the operations of Bocci the foreign owned Bank enmeshed in a scandal involving alleged massive fraud laundering of drug Money and support of terrorists. In 1981, the fed approved the Purchase of financial general ban shares a Washington based Bank holding company by a group of persian Gulf investors. But this summer the fed announced it had discovered that the Arab investors acted As front men for Bocci in its illegal takeover of financial general now called first american ban shares inc. A this is essentially a Case of systematic and deliberate criminal fraud a three top officials of the Central Bank said in testimony prepared for a House banking committee hearing. A a Bocci took maximum advantage of an unsupervised corporate Structure to conceal and warehouse. Billions of dollars in fraudulent transactions a they said. A the Federal Reserve does not have the Power to coerce truthful testimony from uncooperative criminal conspirators. Nor can the Federal Reserve offer immunity to those willing to come  the fed the Justice department and other government agencies have come under fire for alleged failure to pursue by Cir a illicit activity earlier. A congressional report released last week charged that officials ignored danger signs concerning Bocci and missed a Chance to Stop illegal activities much sooner. A we must determine when the Federal Reserve knew about by Cir a fraudulent activities and what actions it took to Force corrections a rep. Henry b. Gonzalez a Texas the banking committee chairman said recently. A surely the Federal Reserve knew of these far Flung schemes before they appeared in the news  the Washington Post reported Friday that the Bank of England told the House committee recently that it knew in 1988 that Bocci secretly financed Stock purchases in first american. But fed officials have said they did not learn this information until december of 1990. In their prepared testimony the three officials said the fed a detected evidence of Money laundering by Bocci in Florida in 1987"and provided the information to Law enforcement agencies. The feds investigation of Bocci has been a intense and thorough a the officials said involving tens of thousands of pages of documents interviews of More than 50 people in the United states and abroad and cooperation with Law enforcement agencies. The fed officials arc Virgil Mattingly general counsel William Taylor director of banking supervision and e. Gerald Corrigan president of the Federal Reserve Bank of new York. Taylor recently was nominated by president Bush to replace William Seidman As chairman of the Federal Deposit insurance corp. A new York grand jury indicted Bocci its pakistani founder and its chief operating officer july 29 on charges of defrauding investors and stealing More than $30 million. On the same Day the fed announced it was seeking to Fine Bocci a record $200 million and to ban nine people tied to Bocci from involvement in . Banking. Reagan Bush tax cuts Aid Only Rich study says by the Washington Post Washington a Are you better off today than you were 15 years ago before the Advent of Supply Side economic policies according to citizens for tax Justice the answer is a resounding no unless you happen to be among the nations richest taxpayers. In a study of Federal fiscal policies Between 1977 and 1992, the non partisan group concludes that the tax cuts enacted in that period enriched the wealthy increased the tax Burden of the Middle class and grossly inflated the National debt. At the same time according to the study Federal spending on defense interest payments and Deposit insurance bailouts has soared even As the Normal government services most americans receive have been Cut Back. A Middle income people have reason to be mad at the government a said the organizations director Robert s. Mcintyre. A a it a charging them More and giving them  the study is the latest of a growing pile of analyses on Federal fiscal policy during the 1980s, when then president Reagan promised to Cut taxes build up defense and balance the Federal budget. It is also the latest study to be seized on by congressional democrats hungry for an Issue a tax fairness a by which they Hope to regain the affections of voters who believe their party stands Only for higher taxes and More government spending. At a thursday news conference with Mcintyre unveiling the study House majority Leader Richard a. Gephardt d-mo., accused Republican presidents Reagan and Bush of carrying on a a class War against Middle income working families to the Benefit of the wealthiest people in our  Gephardt vowed that by next year democrats in Congress will coalesce around a program of raising taxes on the wealthy and cutting them for the Middle class. He declined to say just what the specifics of such a program would be. The study concluded that the tax cuts the bulk of them under Reagan have resulted in lower Overall Federal tax Bur Middle income people have reason to be mad at the government. It s charging them More and giving them  a Robert s. Mcintyre tax group official Dens for Only the very poorest and very richest of . Taxpayers. Most other families Are paying a greater percentage of their family income to the government than they would be if the tax code had remained unchanged since 1977. According to the study the cumulative Impact of the tax cuts enjoyed by the richest 1 percent of american families a those now making an average of about $676,000 a year a has been to add More than $1.1 trillion to the National debt. For 1992 alone the study said the Treasury is losing about $164 billion from the tax cuts for this Small slice of the citizenry about half in taxes and half in interest costs on tax cuts from the year before. The study also makes a Long list of recommendations to make the tax system More equitable a and to begin reducing the Federal deficit and National , at amp to spar Over Federal phone contract by the new York times Washington the general accounting office said thursday that the Federal governments main contract to buy Long distance Telephone service will Force it to pay $148 million above commercially available rates Over the next two years. At amp tone of the two principal contractors denounced that conclusion by the congressional watchdog Agency however claiming it was based on questionable data. At Issue is what is known As the its 2000 contract in which the government buys most of its Lon distance services from either the american Telephone and Telegraph co. Or the  sprint communications co. The contract expected to total $25 billion Over 10 years covers both voice communications and data transmission services. It was negotiated with the intention of providing the government significant discounts in Exchange for High volume commitments. Congressional officials note that the contract has saved the government about $200 million since it was awarded three years ago. But the Gao estimated that the prices for voice Telephone service Are now 20 percent higher than present rates available to commercial customers. The Agency also said that rates for some data services arc As much As 60 percent higher than commercial rates currently available. At amp to officials said the Gao a analysis was wrong. A we believe our prices Are competitive with comparable commercial offerings a said Herb Linneon a spokesman for a i amp i