OTS Director Quits; Maxxam S & L Trial Imperiled

OTS press release link:
http://www.ots.treas.gov/pagehtml.cfm?catNumber=31#?catNumber=31

Ellen Seidman tendered her resignation as Director of Office of Thrift Supervision this week. George Bush has quickly named James Gilleran, a California banker, as the nominee to replace her. The Director of OTS is the ultimate judge in Hurwitz's $821 million S&L administrative law hearing.
The Judge, Arthur Shipe, only issues a recommendation. Technically, this
is a hearing and not a trial. Hence, the unusual legal decision-making
process.

Unless Judge Shipe makes a ruling immediately and gives Ms. Seidman an
opportunity to make her final determination before her resignation takes
effect as to how much money Hurwitz and MAXXAM will owe, the chance of the
OTS achieving any justice in this matter will become most slim.

The confirmation hearings for the new Director will be conducted by the
Senate Banking Committee, now under Democratic control. They need to grill
James Gilleran on how he will handle this matter. Urge the committees
to inquiring as to these men's connection to Hurwitz/MAXXAM and about their
track records as bankers (do they have any failed banks to their credit).
Powell's hearing is over but Gilleran's has yet to be scheduled. Now is
the time to act if we are to preserve the S&L trials against Hurwitz!
Banking committee contact info is as follows:

Aide to Banking Chairman Senator Paul Sarbanes (D-MD) is Marty Grumberg AND
Dean Shahinian both at 202 224 7391. fax # 202 224 5137. Call them both!

Aide to Senator Jon Corzine (D-NJ) is Roger Hollingsworth 202 224 4744. FAX
# is 202 228 2197. Corzine is very progressive.

Aide to Senator Christopher Dodd (D-CT) is Alex Sternhell 202/224 2823.
Fax # 202 224 1083.

Aide to Sen. Tim Johnson (D-SD) is Naomi Camper 202 224 5842 fax# 228 5765..

Aide to Sen. Jack Reed (D-RI) is John Burger. 202 224 4642. Fax # 202 224
4680 He is very friendly.

Aide to Senator Charles Schumer (D-NY) is Latania Harry at 202/224 6542.
Fax 202 228 3027. She's new but helpful.

Aide to Sen. Zell Miller (D-GA) is Leslie Wooley at 202/224 3643. Fax.
202 228 2090

Aide to Sen. Tom Carper (D-DE) is Margaret Simmons at 202 224 2441 Fax.
202 228 2190.

Aide to Sen. Debbie Stabenow (D-MI) is Mat Young at 202 224 4822. Fax:
202 228 0325.

Aide to Sen. Evan Bayh (D-IN) is Catherine Cruz-Wojtasik 202 224 5623. Fax
202 228 1377


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