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Show This tent HteSsRge is tlse@ ts 1Eeefl Hie ifRRge kSHi fStRtiflg in Sef f)fSeess. Be Slife ts SfSf) f8e tSf) .25" sff Rftef Qie Sef flfssess. J Salt Lake/Central Utah .DESERET NEWS :M etro Local-RegionaIj81-813 Weather/83 Deaths/813 Sunday,August2,1987 THETHIIFT8 Some 300 depositors gathered Saturday in West Bountiful's Bowery Park to mark the first anniversary of the thrifts' collapse. They enjoyed picnic fare while listening to speeches on the legal battle's status ~ D.O.I.T. member Dolly Plumb, below, said the group,has "declared war" on the crisis. Battle-weary depositors are still working hard for the money By Matthew Brown Deseret News business writer Thrifts taken over; depositors wondering; proposed rescue plans. Depositors hoping; special legislative ses, sions; depositors organizing. Failed rescue plans; depositors doubting; lawsuits filed and dismissed, Depositors protesting; liquidation plans approved; depositors losing hope . . . Utah's thrift crisis drags on. It's been 'one year since state regulators shut down Utah's privately insured thrift and loan industry, but a conclusion to the debacle - involving $100 miflion belonging to more than 15,000 depositors and an underfunded, state-created guaranty fund - seems a long way off, How long? Consider Nebraska. That state's thrift crisis began in i983 when Commonwealth Savings Co. and its deposit insurer, the Nebraska Depository Institution Guaran~y Corp., PHOTOGRAPHY! GARY McKELLAR WEsT BOUNTIFUL - ~e year after the state took control of five failing Utah thrift and loans, depositors gathered Saturday in West Bountiful's Bowery Park to piCliic, mingle and rally their spirits . • D.O.l·.T. (Depositors of Individual Thrifts, pronounced "Do it") sponsored the gathering of about 300. The organization, now representing)ust under 2,000 depositors, intends to file a class-action suit against .. the state seeking a better settlement. Abowery wall banner featured a new slogan, "In Utah we . trusted, now we're .J: B1 crumbled' under pressure of a run. Almost four years later, about 6,500 depositors have received 46 percent of their money back as liquidation of Commonwealth's $54 million in assets continues. . Commonwealth depositors have two lawsuits against state officials and principals of Commonwealth pending in federal court and are readying litigation for the state courts. Nebraska's Department of Banking has had six directors in four years. The Beehive state is on its second commissioner of financial institutions. Several lawsuits have been filed in federal court, and more may be headed for the state courts. An interminable liquidation process has begun ' for five thrifts as some depositors face the prospect of receiving less than half of their money after all thrift assets are sold. . "1 wasn't planning on becoming commissioner, but I was quite certain I would be dealing with the thrifts," said Utah's Commissioner of Financial Institutions George R. Sutton, when asked if he thought last year that thrift problems would still exist. busted," which is destined bumper sticker. ~•. He explained that one of the first things he picked up on when arriving at the Department of Financial Institutions in 1983 as deputy commis;;ioner was how much time regulators spent dealing with industrial thrift . companies, At that time, Murray First Thrift kept regulators particularly busy, MFT failed in 1982, which state officials blame for dangerously draining the resources of the Industrial Loan Guaranty Corp. - the privately managed fund set up by the Utah Legislature in 1975 to insure deposits of thrifts like MFT. Inadequately capitalized from its inception, the ILGC never recovered from bailing out MFT depositors, state officials claim, and the last four years have been spent clos- ' ing and merging smaller thrifts as the big ILGC players escaped to their parent companies or attained federal insurance. By January 1986, the lawmakers mandated that all industrial loan companies must secure federal deposit insurance by 1989. But the deadline was abandoned when regulators Please see THRIFTS on B2 be l?n a As depositors munched on hot dogs;.· committee member Bob· Dunfield's family set up a stand to sell T-shirts in nine bright colors, white to watermelon, with the warning, "Live on the EDGE -'- Bank in Utah." Any profits go to J he committee's efforts. :.,. . The picture on each shirt shows a little old lady on a precipice. "Just an average person taking her pennies to the bank," Dunfield said. .Speeches by the committ6(!'s" leaders ,; Pardons board mulling over papers for Hi Fi commutation hearing stop the execution, Selby's defense attorney, Gilbert Athay, requested that the entire Board of Pardons be disqualified and the hearing be delayed until a new governor replaces every panel member. Bangerter's statement makes it impossible for board members, who are appOinted by the governor, to be be impartial, Athay claimed. Earl Dorius, an assistant attorney general who is handling the case for the state, said on Saturday that he doubted that argument would convince the board. Athay may also argue that the Utah death From the Sky Bauman Collection penalty law is flawed and that his client will be executed because he is black. Photo taken in 1869 by Andrew J. Russell shows Beehive and Lion houses rising above trees along South Temple. "I really don't think that's going to go anyplace," Dorius said. "If they want to try to put the Utah death penalty on trial, rather than focusing on ' Mr. Selby, it's feasible we would have to call every prosecutor on the case since 1983, every jury that's ever sat on a capital case ~ or even a case that potentially could Actually, the w;;.ll was 9 feet high. But Rustween them, called the Governor and PresiBy Joseph Bauman have gone capital even if it never did - memj sell was accurate .about the compound being a dent's Office. They had been of great interest Deseret News staff writer bers of the Utah Supreme Court, federal disphysical landmark. And it was even more imever since construction began in 1852. trict court, even the U.S. Supreme Court. , . In 1869, when photographer Andrew J . RusRussell took at least two clear views. In a portant as a socialI and religious headquarters. I sell arrived in Salt Lake City, his camera was caption, he wrote: "I don't mean to sound facetious, but the Today, National Park Service officials are drawn to Brigham Young's home. It was a way to put that argument to rest is to bring in "BRIGHAM YOUNG'S RESIDENCE. This proposing formal recognition for all three natural subject for his glass-plate negatives. everyone who's involved with the death penalhouse is surrounded by a wall 15-feet high. It buildings as national historic landmarks. They ty and prove that it wasn't racially occupies a very commanding position and can The two-block Young compound contained are located at 63 to 67 E. South Temple., motivated." the city's most prominent structures: the Bee- be seen in approaching the city in any Please see RUSSELL or B3 hive House, Lion Hou.se and the building be- direction." Please see SELBY on B3 Members of the Utah State Board of Pardons are spending the weekend studying hundreds of pages of documents submitted by defense and prosecution attorneys in the case of Hi Fi killer Pierre Dale Selby. The convicted torture killer is scheduled to go before the board Aug. 13 for a hearing on ' whether his death sentence should be commuted to life in prison. Board of Pardons members are studying the documents, filed on Fr.iday, in advance of a board meeting to be held Thursday to decide what evidence will be allow.ed in the Aug. 13 commutation hearing. Selby and William Andrews were convicted in the 1974 killings of three people in the Hi Fi ... .,Shop in Ogden. The victims were shot in the head after being forced to drink caustic drain cleaner. Two men survived, including one who was choked and had a pen kicked into his ear. . Board Chairwoman Victoria Palacios said that the hearing might stretch into a second day, and that the panel would sequester itself for several days, if necessary, to reach a r decision. . Because of an earlier comment by Gov. " Norman H. Bangerter that he would be "very disappointed" if the Board of Pardons voted to Buildings may achieve landmark status ! Arts, crafts, food and people fill Park City ( Park City's Main Street has been transformed into an outdoo~ gallery of arts and crafts this weekend for the 18th annual arts festival. More than 200 artists from all over the United States are showing wares ranging from handmade clothing and oaR furniture to pottery and watercolOrs in booths lining the street~ The artists were selected from hundreds of applicants by board of judges. Festivalgoers are finding a few changes thi~ year. All food booths are at the top of Main Street in a pavilion with shaded sea,ting, not interspersed-among the displays as . they were last year. Probiems with last year's Main Street beer garden led the Park City Council to prohibit alcohol sales in the main festival area. Shuttle buses will continue to transport festivalgoers from almost anywhere in Park City to Main -' Street. The entrance fee is $1. . . • a ) PHOTOGRAPHY! DON GRAYSTON r l . . |
