Tucson Citizen from Tucson, Arizona • 25

Tucson Citizen SB Friday March 3 1939 WWW A OVER 43 YEARS Proving Quant Stamps to Serious Collectors American Philatelic Brokerages 7225 Oreo (N Com Oreo I 297-3456 wilTfail budget head says Industry analysts see failures reaching 900 Bush plan could need more tax money Sale! Sale! Sale! CTcnciviDn Throughout -JN extra time to meet the new capital standards that would take effect in 1 99 1 if Congress approves the Bush plan Under the plan would have to maintain capital reserves equal to 6 percent of assets compared with 3 percent now But the bankers which will also face a 6 percent capital requirement in 1 991 want Congress to show no mercy to the thrifts their rivals for consumer savings They argue that federal regulators have been too soft on for too long In yesterday's action the biggest to date the FDIC seized 12 in Texas 10 in Kansas eight in Arkansas four in Louisiana two in Alaska and one in Mary land They have total assets of $79 billion Darman's disclosure before the Senate committee set the stage for a fierce political battle between the industry and the banking business The healthy already burdened by a heavy premium for their federal deposit insurance want ur March 1 'P Channel new manager is making cautious changes Maps Globes Books About Places People of the World Language Aids Travel Guides Travel Accessories Native Arts Crafts from Around the World riod of paying off the bonds that would finance the rescue If the administration had to offer higher-thary estimated interest rates on -txrads Darman said that coullid substantially to repayment costs Senate Banking Committee Chairman Donald Reigle said that the administration seemed to be asking Congress to write blank check" to finance the bailout Darman responded: obligation and the (deposit) insurance are already The exchange demonstrated the only certainty in the fast-changing debate: The federal government will honor its promise to protect deposits up to $100000 The disappearance of hundreds of from the beleaguered industry accompanied by the closing of thousands of branch offices will not jeopardize depositors with insured savings Meanwhile federal regulators continued their campaign of seizing control of insolvent institutions The thrifts are placed under conservatorships allowing regulators to have ultimate control of key business decisions on interest rates mortgage charges and investment policies The Federal Deposit Insurance Corp took control of 37 institutions in six states bringing to 73 the total number of thrifts brought under the control since President Bush announced his bailout plan last month Lot Angelee Tlmee-WSirgton Poet New Service WASHINGTON White House Budget Director Richard Darman giving a preview of a drastically altered savings and loan industry said yesterday that the Bush administration expects 200 currently solvent to fail within the next two years in addition to the 345 insolvent institutions already slated for shutdown or sale Another 400 thrifts face likely extinction if they cannot raise additional capital to meet the tough new financial standards proposed by the administration as part of its rescue package Darman told the Senate Banking Committee Industry analysts have been predicting a drastic shrinkage of the troubled industry which totaled about 3000 institutions as of mid-1988 before the closure or merger of 223 of them But Darman is the first administration official to offer such a fore-' cast and independent analysts said he: might be underestimating the potential industry shakeout Bert Ely' a consultant in Alexandria Vau predicted that as many as 800 to B00 more could be wiped out' compared with 600 Darman also warned that the ultimate costs of the Bush program to dispose of insolvent and guarantee deposits up to $100000 conld balloon beyond the current estimate of $94 billion from the taxpayers during the full 33-year pe- T-S Continued from 1 PLACES PEOPLE A TRAVEL BOOKSTORE AND MORE 2623 Campbell Ave M-F 9-6 Sat 10-5 Sun 12-4 322-621 1 this market obviously like this station it has done well in ratings-" But Jollie 31 admits Channel programming and his friendship with Clear Channel President Dan Sullivan the only reasons he took the job Channel 18 has some of the finest state-of-the-art equipment at its modern facility at 1885 Sixth Ave Jollie said The equipment is valued at more than $1 million he said If a good offer came along Gear Channel might consider selling the building and relocating to a less expensive less glamorous facility Jollie said just to be honest rather stay had tried to find a buyer for two years was at the point where it either had to sell the station immediately or go off the air old contracts owed by the church have been bought Jollie said Renegotiations with syndicators who sell shows to television stations were completed before the buy-out he said Despite the financial strain the station caused the diocese and the competition from two other independent television stations here Jollie believes Channel 18 has the programming and audience potential to grow did a lot of things he said of the diocese of for 100 'No0''' ie 1 Mr SjfSS Sa Hurry In today UkeAYAPPnce I0'9 6 327-6557 Sun cards Welcome All Major Credit cam virrren mSMl fci -4 Vm ifc 9 h'Jt tw yi 4 -v BIRD turn SON DIALS STATUES POTS TABLES I BENCHES FISH PONDS PUMPS CHEMICALS SPRAY HEADS mm lights! J'T' I Wt ns i FY i I I I 15 TO 25 OFF 00 ALL F0UIITAI1IS 2 tier EIIICAM PETITE (INCLUDING PUMP) 41 r3 4 1 2 wslm £03700 A 1 tti 1 na DAILY WEEKLY MONTHLY V' JcSlEE any MeraBank branch At last count there were only 82 to choose from The the brainchild of MeraBank The bank with $8 billion in assets The bank that gives you some-thingyou get everywhere elseThe peace 3 mind of knowing weVeheen around 64 years TThX Once upon a time open a CD to get a really high rate on your savings But there was one little bugaboo: Liquidity You get your hands on your money without getting the dreaded Substantial Penalty for Eaiiy Well folks we fixed all that Introducing The PaceSetter Account from MeraBank It pays a whopping 8V2 on deposits of $50000 or more Thats one of the nicest rates around And guaranteed until April 1 (It may change after that) The PaceSetter gets you past the liquidity problem too Because you have instant access If you need your money for any reason be there for you Just come into VWmAntHife CALL JIM MILLER 881-3930 M-F 700 PM MeraBank Jeep i iSlO CMinRakFSHlm tnnr- v1UffiV' 4.