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Economy: Savings and Loan Bailout #123705

ABC Evening News for Thursday, Aug 17, 1989
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(Studio: Ted Koppel) President Bush recalled signing bill for bailout of savings and loan industry Report introduced.

(McKinney, Texas: Allan Dodds Frank) ABC News investigation of financial disaster behind lavish Texas housing development, Stonebridge Ranch, featured; details given of financing of project by Gibraltar Savings at urging of Richard Strauss, son of former Democratic national chairperson Robert Strauss, despite weakening of Texas economic structure; scenes shown from development site. [Richard STRAUSS - says real estate values have declined.] Government takeover of both the Stonebridge contract and Strauss' personal contract when Gibraltar Savings went under explained; details given of likely government losses on project. [Representative Henry GONZALEZ - says Strauss has benefitted from sweetheart deals at taxpayers' expense.]

Frank, Allan Dodds;
Koppel, Ted

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