The Blanton Museum of Art
"...All eyes are on the characteristically tight-lipped FDIC, as the agency weighs its next move. The current deadline for filing objections to a discharge of Bradley's debt is Oct..."
"...11]. The past failure to collect this debt by the responsible federal agency, the FDIC, has been inexplicable..."
"...If FDIC lawyers need a road map to pursue fraud claims against Gary Bradley to collect on a $73 million debt, they would likely turn to the lawsuit that First Gibraltar Savings Bank brought against James Gressett in 1995...."
"...seeks to block that discharge on grounds that Bradley tried to defraud creditors through several maneuvers made within a year of his July 2002 bankruptcy. The FDIC alleges Bradley transferred two promissory notes, gave his fiancée jewelry and money, sold or transferred property, and then failed to list these transactions on his Chapter 7 filings..."
"...Whether the FDIC will pursue similar fraud claims against Bradley remains uncertain. Creditors will have a couple of months to continue investigating Bradley's financial situation before deciding whether to file objections to Bradley walking on all or part of a $100 million debt...."
"...HURWITZ GETS SUED BY FDIC. Earlier this month, the Federal Deposit Insurance Corporation (FDIC) filed a $250 million lawsuit against Charles Hurwitz, the Houston-based CEO of Maxxam Corp., for his role in the failure of United Savings Association of Texas, which costs federal taxpayers some $1.5 billion...."
"...Between 1990 and 2002, when the real estate business went from bust to boom to bust, Ikard's timeline traces the descent of Bradley's Circle C Development Corp. into bankruptcy, followed by Bradley and Gressett's sale of their ownership of the Houston Rockets, Gressett's bankruptcy in 1994, and an FDIC judgment against Bradley and Gressett in June 1995...."
"...FDIC: Bradley's court filings say he owes exactly $73,500,208.45 in failed loans...."
"...(This was done at the request of Embrey Partners, Ltd. in San Antonio, which signed an agreement to buy the property from its owner, Brian, Fooshee, & Yonge Properties, in November 1997.) In a letter written that month, the agency's then-director, Larry Paul Manley, informed the FDIC, the agency now in charge of brokering RTC properties, that not only had the property deteriorated physically, it was located in an area plagued by crime, of which "at least some -- can be attributed to the surrounding commercial uses (bars, stores, and nightclubs) and the elevation" of the property..."
"...But, it turns out, that's a lot of people: 10.4% of Texas households don't have a bank account, according to a 2013 FDIC study; the national average is 7.7%. The numbers differ vastly by race: 20% of black Texas households and 18% of Hispanics don't have a bank account, compared to 3.1% of whites and 2.9% of Asians...."
"...Keating oversaw the Lincoln Savings and Loan back in the 1980s, and like our current financial crisis, he used his customers' investments to bet on risky financial instruments that ultimately went belly up. The non-FDIC insured deposits were lost, wiping out tens of thousands of accounts, and costing the taxpayers billions..."
"...And: "The FDIC said the combined profit of the financial institutions it regulates plunged 46 percent ... during the first three months of the year" (The New York Times, May 30, p.C6)..."
"...It is the job of the Texas Depart-ment of Agriculture to keep an eye on the business of storing grains. "We are to elevators what the FDIC is to banks," says Rick Garza, coordinator for the commodity programs at TDA, "except we're dealing with grain instead of money." He oversees 217 licensed operators with about 500 elevators around the state..."
"...and the IRS that is, the taxpayers some $80 million owed in failed loans and back taxes. Most of the debt, $75 million, is owed to the FDIC for loans Bradley took out to develop the Circle C Ranch subdivision in Southwest Austin..."
"...5 trial date for Gary Bradley and the Federal Deposit Insurance Corp., which is trying to collect on $70 million that the Circle C Ranch developer borrowed but never repaid. Though Bradley took out the loan in the Eighties, the FDIC is focusing its investigation on more recent history -- specifically, the high-dollar transactions and transfers the developer made in the months leading up to his bankruptcy..."
"...Well, they're at it again trying to turn Hwy1826 ("The scenic road to The Salt Lick") into a power line corridor to serve these same developers, like FM Properties and Gary Bradley, who still refuses to pay his FDIC judgment of over $50 million in our taxpayers' dollars. Amazingly enough this area is also in the zone just protected by Austin voters with Proposition 2..."
"...2) Ann has an MBA and has extensive fiscal and management experience at the federal and state level. She was part of an FDIC senior management team that oversaw four states and dealt with solvency issues facing 1,500 financial institutions, ranging from small town banks to multi-billion dollar institutions..."
"...Austin attorney Ann Graham, a Democratic precinct chair, announced Tuesday her candidacy for the post. Graham is a former general counsel for the FDIC and the Texas Banking Department, and has voluneered for the Center for Battered Women and the Second Street Ministry for the homeless...."