August 1, 1994 - Part 4
August 1, 1994 - Part 4
(15:35:25) The CHAIRMAN. May I just respond to Senator Kerry. You put that issue on the table and I've been trying to think of how with the limitations we've been given, that kind of an issue A properly dealt with because I think it does pose another question I will say, because there will be follow-up hearings, that Senator Mitchell has indicated there will be a later phase beyond the scope of what we're asked here to do. That resolution that would em- power any later phase is yet to be written. It would seem to me that any issue, such as the one you raise now or that anyone else might raise, would properly be the subject for a discussion As to " what the scope of a follow-up resolution might be. I think that would be the time at which you'd mark out the boundaries of what was or was not going to be looked at in some thorough investiga- tive way. I certainly think you're within your rights to state your opinion now on the general observation Senator KERRY. I appreciate that, Mr. Chairman. The reason I do it is because at that very moment is when the attention shifted. What this panel has acknowledged, was a different treatment of an S&L from normal back in 1992. At that very moment ' you - had what are now known as the forgotten 50 Texas S&L's, some of whom lost $2,422,000,000; $1,474,000,000; $1,389,000,000. Some of them lost 141 percent of their net worth. One lost 892 percent of its net worth; another 216 percent of its net worth. Not one suit was brought. Not one subpoena was issued. Relative to most of those, Mr. Chairman, Madison is way down the line. If you're sitting in the RTC setting priorities, The New York Times creates a priority and all of a sudden, in these 193 institutions that were ahead of Madison, nothing happens. It raises a very serious issue about the RTC, Mr. Ryan. You know that because' we've been communicating for months. I simply raise this, Mr. Chairman, because I would like to ask my colleagues in this Committee for a consensus that we ought to be--serious allegations have been laid out by people within the RTC that the RTC is losing billions of dollars, that major opportunities for recoupment for the taxpayers are being passed up. You know this is not new to you because I mailed you on this. I think it is vital for this Committee to see the internal documental tion of the RTC with respect to that issue, and I simply want to put that in front of the Committee. I know it's outside of this, but it is not really outside of this. It is very much central to what has happened here, and my hope is that the Committee will press that issue with the RTC. My hope is that we can have the documentation of Mr. Ryan. 91 The CHAMMAN. I want to indicate, after we've heard from Sen ator Boxer, unless we open a whole new direction here, that I think we're within 5 minutes of finishing with this panel, in which case we would excuse the panel, take out 45 minutes as a break pe- riod, and then plan to have Ms. Hanson here. I'll just tell every body that, so you can think about it. Senator Domenici, are you going to seek additional time now? I want to call on Senator Boxer. Senator DOMENICI. No, no. I would ask for 30 seconds after she's finished. The CHAIRMAN. Actually, in rotating back and forth, if you wanted to go now, you're entitled to do so. Senator DOMENICI. All I wanted to say to my good friend from Massachusetts, I find-I'm not stating right here and now that I have objection to what you want us to consider or that I agree with it, but I would just like to make an observation. It would seem to me that, since we are very limited in scope and every Senator may have a different thing that they would like to be considered in the next phase ' I'm willing to breach the scope, and I'm not saving you did, nay friend. A way to breach the scope is to lay before the Committee what we would like to be considered later on, with the justification be' that we're just trying to make a point that we want to make sure investigation covers this. We could pi out things that we are worried about in the third phase, when our Special Prosecutor is finished, and we could say every day, "Well, we want to just talk about this because we want to make sure it's in the next investigation." I would hope the Chairman would urge that all of us resist that. That's not what we're supposed to be doing here. To that extent, I pledge myself not to do that and I hope everyone else does.