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• W291963073 abstract "Brother, can you spare a few billion? Need for working capital makes RTC's David Cooke wish more bucks would stop there Considering the magnitude of his job, David C. Cooke, executive director of the Resolution Trust Corp., projects an extraordinarily calm, collected image--he might even be considered laid-back. Talk to him about resolving the roughly 500 S&Ls RTC is expected to have to handle in its statutory five-year life and he minimizes predictions that it can't be done, providing, that is, certain funding issues can be worked out. He talks about the long hours he and many RTC staffers put in, but you get the idea that to him, it all goes with the territory. But if you want to rile him, talk about the advice given by some consultants that if you want to do business with RTC, you have to hire an intermediary--preferably them. Cooke has seen many of these people troop through RTC's Washington headquarters, visiting one executive or another with client in tow. a perception out there that RTC's process is secretive and that you've got to have somebody who knows the inside to walk you through the hoops, he says. do not need to get and entree to RTC. You do not need to go through a middleman. There's no need for That's not the way it's supposed to work, not the way we intend it to work, and as far as I know, it's not working like that. Just call us. RTC has taken steps to get the word out. Late last year it instituted a toll-free number bankers and others could call for a guide to thrift acquisitions and an up-to-date list of institutions under RTC conservatorship (1-800-RTC-4033). agency is in the process of setting up reading rooms where interested parties can look up detailed information on completed RTC deals. It runs newspaper ads when bids are to be accepted on institutions. And anyone interested in acquiring a thrift not yet put out for bid has only to call the RTC regional office covering the target's region to be added to the list of interested parties. The regional directors are always the first people to go to, says Cooke. Whether you want a big institution or a small one, they'll get you started. Cooke acknowledges that legal and financial advice can be helpful in putting a good bid together--I don't want to put anyone out of business--but he stresses that bankers who do what he says won't be lost in the shuffle. will be notified as that thrift comes up for resolution, you'll be invited to an open first bidders meeting, you'll hear exactly the kinds of transactions we have in mind and receive some forms to examine, and if you're already a bank and your primary regulator has no problems with you, you'll be allowed to bid, he says. If anything, Cooke adds, RTC's process is more open than FDIC's process for handling failed banks. With banks, generally nobody knows the bank is about to fail, so FDIC wants to handle it quickly. You've got concerns about a run, he explains. With S&Ls, everybody knows who these institutions are--we'll give you a list. So there's less need for secrecy. (Cooke, 44, is a 22-year veteran of FDIC and was most recently deputy to Chairman L. William Seidman.) ABA Banking Journal spoke twice with Cooke, first in his Washington office in December and then in a telephone interview after the finalized version of the RTC strategic plan came out. 100-page document was released by the RTC Oversight Board on the last day of 1989. Pace of attack. RTC, officially in existence since last August after passage of the Financial Institutions Reform, Recovery and Enforcement Act, has been criticized for not moving more quickly to resolve the S&L cases on its books. As of Jan. 8, 285 thrifts had been taken under the wing of RTC's conservatorship program. Another 37 that had been part of the program had been resolved as of that date. Our total is clearly going to be over 500, Cooke says. …" @default.
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• W291963073 date "1990-02-01" @default.
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• W291963073 title "Brother, Can You Spare a Few Billion?" @default.
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