Allied Bank organization
also: Allied Bank, Allied, Allied Banks, Allied Lakewood Bank, Allied Member Bank
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Related entities (most co-mentioned)
Walter Mischerperson · 32Herman Beebeperson · 15Houstonplace · 12Continental Savingsorganization · 11Carol Kellyperson · 7Robert L. Clarkeperson · 7Robert Corsonperson · 6Texascountry · 6Raymond Hillperson · 5Southmarkorganization · 5Mainland Savingsorganization · 4Dale Andersonperson · 4Gerald Smithperson · 4Ellison Starnes Jr.person · 4Charles Pickettperson · 3Mike Adkinsonperson · 3First Interstate Bankorganization · 3James Bakerperson · 3Robert Michenerperson · 3Mafiaorganization · 3Jack Trotterperson · 3San Joaquin Savingsorganization · 3CIAintelligence service · 2Chilecountry · 2
Claims (34)
Walter Mischer headed
Allied Bank documented
“approaching $10 billion. He had more than 40 subsidiaries across Texas. He was the largest stockholder of the bank with 5% of the common shares and was chairman of the holding company, Allied Bank Shares. When he sold out in 1988 to First I…”
▶ The Colonel’s Corner Mafia, CIA and George Bush Part 2 @ 39:05
New York Life Insurance Company financed_via
Allied Bank documented
“It was very lucrative business for Bebe. And if a potential borrower declined it, he was usually told to get a loan somewhere else. AMI also had money on deposit at Allied. We'd buy CDs there, Anderson said. And a 1976 House Finance Subcomm…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 8:42
Charles Pickett member_of
Allied Bank book_quoted
“And those two people just happened to be Walters and Good. The first expert was Jeffrey Hazard Jr., Sterling Law Professor at Yale's Law School, and the second was Charles Pickett. Pickett also noted in an earlier chapter on Walter Michener…”
▶ The Colonel’s Corner Mafia, CIA & George Bush Part 18 @ 1:12:00
Walter Mischer headed
Allied Bank book_quoted
“At a point, Michener was adamant about. He claimed that 80% of Allied Bank loans were made to people he didn't know. When I asked him if that was true of 80% of the dollar amount, he didn't respond. So that's a lot. I'm going to stop right …”
▶ The Colonel’s Corner Mafia, CIA & George Bush Part 18 @ 1:13:24
Kenneth Schnitzer funded
Allied Bank book_quoted
“I have never done any other business with Michener or his son. However, Schnitzner Development Company built the 71-story Allied Bank building for Michener. That's his headquarters. He didn't bother to mention that. Oh, and this is somethin…”
▶ The Colonel’s Corner Mafia, CIA and George Bush Part 2 @ 49:48
BCCI member_of
Allied Bank host_asserted
“I have never done any other business with Michener or his son. However, Schnitzner Development Company built the 71-story Allied Bank building for Michener. That's his headquarters. He didn't bother to mention that. Oh, and this is somethin…”
▶ The Colonel’s Corner Mafia, CIA and George Bush Part 2 @ 49:48
Robert Michener member_of
Allied Bank documented
“Horwich, the head of the Federated Development. Horwich and Federated, whose primary bank was none other than Michener's Allied Bank, were turned down by the regulators because the capital Horwich wanted to put up consisted primarily of jun…”
▶ The Colonel’s Corner-The Mafia, CIA & George Bush Part 7 @ 35:39
Continental Savings financed_via
Allied Bank book_quoted
“who got indicted during the FBI's Brylab sting operation. Kelly also, along with his minority partner BG Wiley's son David, renamed the savings and loan Continental Savings and then got a loan on its stock at Walter Bichner's Allied Bank, w…”
▶ The Colonel’s Corner-Mafia, CIA & George Bush Part 11 @ 14:49
Jim Bath financed_via
Allied Bank book_quoted
“partner in the Cinco Ranch development. Bath and Michener obviously knew each other fairly well. Bath's company borrowed $800,000 from Allied Bank and $200,000 from another Allied Bank. That's a million. Michener said that he knows Bath, bu…”
▶ The Colonel’s Corner-Mafia, CIA, and George Bush Part 16 @ 44:35
Carol Kelly financed_via
Allied Bank documented
“In order to avoid the savings in loan foreclosure on his real estate loans. So the savings in loan is going bad and he didn't want his loan foreclosed on. So they basically coerced him into investing in the bank. Kelly had consolidated his …”
▶ The Colonel’s Corner The Mafia, CIA&George Bush Part 3 @ 53:59
Herman Beebe funded
Allied Bank book_quoted
“He disclosed that Beebe had established ties with Michener and his allied bank way back in 1975. Anderson said that he had never met with Michener, but that Herman met with him several times. Beebe used Michener's allied bank for a number o…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 6:42
Allied Bank financed_via
Carol Kelly book_quoted
“was one for $800,000 and was in connection with an Allied loan on Carol Kelly's Continental Savings stock, which Beebe's company guaranteed. In addition to loans, Anderson said, Allied gave Beebe's company a big hunk of the credit life insu…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 7:41
Gerald Smith member_of
Allied Bank book_quoted
“As late as 1985, Clark had an outstanding loan for $250,000 at the bank. Gerald Smith and Michener go back to at least the 1960s when Michener bought one of his first banks, Continental Bank, where Smith was working. Smith had been a former…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 10:42
Walter Mischer secretly_owned
Allied Bank book_quoted
“And it was about that time that Allied had some 40 banks across Texas. Allied meaning Michener. Anytime Beebe got control of a financial institution, he would require borrowers of that institution to purchase credit-like insurance from his …”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 8:13
San Jacinto Savings financed_via
Allied Bank book_quoted
“One of the savings and loan stock loans at Allied Bank was to Carol Kelly at Continental Savings. It had a guarantee from Bebe. Nearby San Jacinto Savings, a Houston-based subsidiary of Southmark Corporation, gladly accepted the loan from A…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 12:46
Allied Bank financed_via
Raymond Hill book_quoted
“The financing bank, according to the statements on file in Miami, was Allied Bank, Michener. Continental Savings wasn't the only savings and loan whose stock was financed by Allied Bank. Raymond Hill, a Houston attorney and owner of Mainlan…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 16:20
Allied Bank financed_via
Raymond Hill book_quoted
“Mishner was actually only three years older than Hill. And the purchase of the Allen Parkway building in 1975 was basically done with Allied Bank. So Hill's mainland stock was also financed by Allied Bank. So they had a lot of business rela…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 21:52
Raymond Hill laundered_money_for
Allied Bank book_quoted
“One of the people involved, a guy by the name of Art Leiser, L-E-I-S-E-R, said that Hill had an interesting way of dealing with mainland's stock dividends. Hill would not pay out all the dividends in cash. He would instead reinvest them in …”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 22:27
Mainland Savings financed_via
Allied Bank book_quoted
“Michener's friend, Jimmy Lyons. Who's Jimmy Lyons? Well, Jimmy Lyons just happens to be one of the big fundraisers for Iran-Contra. In June 1984, Mainland paid out almost $20 million to Allied in a deal that showed Hill's friendship with Me…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 23:57
Allied Bank financed_via
PENACO book_quoted
“That basically was passed on to us when the bank failed. And this is how it happened. In 1982, Allied lent $27 million to an oil and gas company called PENACO, P-E-N-A-C-O. It was controlled by Al Pena. It was secured by 30 oil and gas leas…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 24:26
West Belt National Bank purchased
Allied Bank documented
“Most of the remaining trash money went to DGI to buy bad loans from Continental that were made to John Riddle that he wasn't paying on. In June 1986, the $5 million Allied loan to DGI was sold by Allied to West Belt National Bank in Houston…”
▶ The Colonel’s Corner Mafia CIA and George Bush Part 22 @ 17:17
Vision Banc Savings purchased
Allied Bank documented
“the $5 million allied note from West Belt National Bank. This was one of the very first transactions Corson did after he got control of the savings and loan. In fact, he hadn't even changed his name. Continental Savings later bought this no…”
▶ The Colonel’s Corner Mafia CIA and George Bush Part 22 @ 18:51
Ron Martin financed_via
Allied Bank book_quoted
“Miami, Martin's wife alleged that he owned a Hi-Li Fontan in Spain. Benake also said that in mid-1990s, Martin borrowed money from Michener's bank to buy guns for Chile. Mid-1970s, where's Illini? What was happening in the mid-1970s in Chil…”
▶ The Colonel's Corner The Mafia, CIA, & George Bush Part 8 @ 27:07
John Ballas member_of
Allied Bank documented
“Sandy's money went straight to Allied Bank, Michener, to pay down $35 million, a loan Allied made to Ballas to buy a track of land. Ballas was a former dentist in Beaumont who moved to Houston and married the daughter of Chester Reed, a wea…”
▶ The Colonel's Corner Mafia, CIA, & George Bush Part 17 @ 35:40
Walter Mischer headed
Allied Bank book_quoted
“there's a little blurb here about Walter Mishner Sr., Houston developer, banker, power broker, who headed Allied Bank, Corson's former father-in-law, did business with the mafia and the CIA.…”
▶ Colonels Corner_ Mafia, CIA & GHWB Part 1 @ 35:52
Ellison Starnes Jr. financed_via
Allied Bank documented
“The next clue are the people that he did business with, who was his partners and associates. What savings in loan did he borrow the money from? According to his 1988 bankruptcy filing, the first bank loan Starnes got after his 77 bankruptcy…”
▶ The Colonel’s Corner Mafia, CIA & George Bush Part 18 @ 22:56
James Toler member_of
Allied Bank book_quoted
“Lakewood Bank, where Toller was a director, was part of Walter Michener's Allied Bank Empire. It was one of the banks listed in the 1985 Comptroller of the Currency report on Beebe as being controlled by the mafia, Beebe himself. There were…”
▶ The Colonel’s Corner-The Mafia, CIA & George Bush Part 6 @ 32:21
Walter Mischer sold
Allied Bank book_quoted
“He began after he sold his bank, Allied Bank, to another bank called First Interstate Bank. So very, very well-connected couple. Very obviously, you have the president of the United States visiting you. And deep into the politics of Houston…”
▶ The Colonel’s Corner Mafia, CIA and George Bush Part 2 @ 4:25
Charles Pickett worked_for
Allied Bank book_quoted
“Bank Savings and Loan Association in Denver. Charles Pickett appeared as one of the two expert witnesses on his behalf. Pickett was the former general counsel to Michener's allied bank share company. Even though the Office of Thrift Supervi…”
▶ The Colonel’s Corner Mafia, CIA and George Bush Part 2 @ 34:23
Spencer Blaine financed_via
Allied Bank book_quoted
“Huh. He came to Empire after serving as president of First Federal Savings in Austin. He bought control of Empire from developer Danny Faulkner and his associates with an $800,000 loan from Faulkner and his partner, James Toler, who happene…”
▶ The Colonel’s Corner-The Mafia, CIA & George Bush Part 6 @ 31:17
Allied Bank member_of
Walter Mischer book_quoted
“Lakewood Bank, where Toller was a director, was part of Walter Michener's Allied Bank Empire. It was one of the banks listed in the 1985 Comptroller of the Currency report on Beebe as being controlled by the mafia, Beebe himself. There were…”
▶ The Colonel’s Corner-The Mafia, CIA & George Bush Part 6 @ 32:21
Walter Mischer member_of
Allied Bank host_asserted
“18 or something like that. Yeah, he was big involved. Both the Bush children, Neil and George W., were involved, and also James Baker was really deep into it. One of the big movers and shakers, we've met him before, is a guy by the name of …”
▶ Operation Gladio meets Secret Societies (Bush family) with War Hamster Brady @ 1:27:05
Walter Mischer headed
Allied Bank host_asserted
“It's going a little deeper than that. This brings in one of my favorite characters of this period. He's called Walter Misher, and he's a big land developer out of Texas. He owns Allied Bank. It's the third largest bank in Houston. All kinds…”
▶ The Shadow State Pt 11; BCCI-The World's Sleaziest Bank (Pt. 1) @ 26:26
Herman Beebe laundered_money_for
Allied Bank book_quoted
“was one for $800,000 and was in connection with an Allied loan on Carol Kelly's Continental Savings stock, which Beebe's company guaranteed. In addition to loans, Anderson said, Allied gave Beebe's company a big hunk of the credit life insu…”
▶ The Colonel’s Corner The Mafia, CIA, & George Bush Part Part @ 7:41
Mentions (74)
▶ 26:48
many of the savings and loan that went belly up. So he got rich off of it. Robert Clark, former U.S. Comptroller of the Currency, lawyer with the Houston law firm Bracewell and Patterson, was involved with Walter Mishner and Mishner's Allie…
▶ 35:52
So they kind of controlled the entire Gulf Coast of mafia-related activity. Okay, I think, well, yeah, there's a little blurb here about Walter Mishner Sr., Houston developer, banker, power broker, who headed Allied Bank, Corson's former fa…
▶ 1:27:05
18 or something like that. Yeah, he was big involved. Both the Bush children, Neil and George W., were involved, and also James Baker was really deep into it. One of the big movers and shakers, we've met him before, is a guy by the name of …
▶ 44:35
partner in the Cinco Ranch development. Bath and Michener obviously knew each other fairly well. Bath's company borrowed $800,000 from Allied Bank and $200,000 from another Allied Bank. That's a million. Michener said that he knows Bath, bu…
▶ 54:01
Midland, Texas oilman and friend of George Bush, William Blakemore. There are at least two other people who are connected to both Blakemore and Skyways aircraft leasing through Jim Bath, Jack Trotter and Walter Michener. Skyways had deposit…
▶ 4:25
He began after he sold his bank, Allied Bank, to another bank called First Interstate Bank. So very, very well-connected couple. Very obviously, you have the president of the United States visiting you. And deep into the politics of Houston…
▶ 13:58
Tillman Trotter, Michener's close business associate and former chairman of Michener's flagship bank, Allied Bank of Houston, was an administrator on one of Benson's blind investment trust while he was in office. One of Benson's investment …
▶ 34:23
Bank Savings and Loan Association in Denver. Charles Pickett appeared as one of the two expert witnesses on his behalf. Pickett was the former general counsel to Michener's allied bank share company. Even though the Office of Thrift Supervi…
▶ 34:51
The Office of Thrift Supervision attorneys incredibly did not question either Neal or Pickett about it. Before joining Allied Bank Shares, Pickett was a regional counsel for the Dallas region of the Federal Deposit Insurance Corporation, FD…
▶ 38:37
Michener's primary business interests lay in his extensive government protection, protected business called banking. Michener had been a big collector of banks since the 1950s. In the mid 70s, he had consolidated them into Allied Bank of Te…
▶ 39:05
approaching $10 billion. He had more than 40 subsidiaries across Texas. He was the largest stockholder of the bank with 5% of the common shares and was chairman of the holding company, Allied Bank Shares. When he sold out in 1988 to First I…
▶ 40:07
The former U.S. Comptroller of the Currency, Robert Clark, who was not reconfirmed by the Senate in 1991, but stayed on until 1992 because Bush had not named a replacement, was a good friend of Michener's too. Clark was an investor, borrowe…
▶ 40:38
both federally and within the state of Texas. In 1974, Clark, then an attorney in Houston, and his brother-in-law, D. Kent Anderson, was also a top executive at Allied Bank. They invested together in a bank that was later sold to Michener. …
▶ 41:10
Oh, my God. Clark was a lawyer for Bracewell and Patterson, a Houston law firm that did the majority of Michener's legal work. At one time, Clark was buying and selling stock in First Continental Real Estate Investment Trust, a mortgage fin…
▶ 41:40
So basically, he was kind of owned by Michener. Although Clark's office does not oversee state chartered banks like Allied, he did sit on the board of the Federal Deposit Insurance Corporation, again, FDIC, that's going to get stuck with th…
▶ 42:11
Another investor in this bank was Herman Beebe. We introduced Herman Beebe when we did the first show. He's the mafia guy. One last connection is in 1970, Michener had some questionable loans with Houston First Savings, an S&L that was owne…
▶ 45:52
of ethics of state legislatures. Michener, the guy who's in bed with the CIA and the mafia, the Speaker of the House in Texas appointed him to an ethics board. Years later, after Michener got himself rehabilitated and elected county judge o…
▶ 49:48
I have never done any other business with Michener or his son. However, Schnitzner Development Company built the 71-story Allied Bank building for Michener. That's his headquarters. He didn't bother to mention that. Oh, and this is somethin…
▶ 1:01:41
However, Michener, when asked about it, said, guess. I don't know him. Not only did Atkinson use Michener as a reference, Michener's allied bank lent Atkinson $5 million to secure part of the shopping center, while Southmark San Joaquino Sa…
▶ 14:46
after he allegedly signed them, meaning they were bogus. The purpose of the Sanson mortgage soon became apparent, to transfer more money from the Texas Savings and Loans to the Isle of Jersey. In early 85, Michener's Allied Bank and Southma…
▶ 15:16
Which, of course, had it been real, there would have been no reason to do that. That indicated to them that the money the two institutions lent to DGI was actually sent to Sanson. Next, in January 86, Carol Kelly's Continental Savings made …
▶ 17:17
Most of the remaining trash money went to DGI to buy bad loans from Continental that were made to John Riddle that he wasn't paying on. In June 1986, the $5 million Allied loan to DGI was sold by Allied to West Belt National Bank in Houston…
▶ 18:51
the $5 million allied note from West Belt National Bank. This was one of the very first transactions Corson did after he got control of the savings and loan. In fact, he hadn't even changed his name. Continental Savings later bought this no…
▶ 14:49
who got indicted during the FBI's Brylab sting operation. Kelly also, along with his minority partner BG Wiley's son David, renamed the savings and loan Continental Savings and then got a loan on its stock at Walter Bichner's Allied Bank, w…
▶ 15:44
After Continental Savings started going downhill, the Allied Bank loan was transferred to San Joaquino Savings in Houston, owned by Southmark, the real estate company in Dallas. When Continental failed in 1988, San Joaquino got stuck with a…
▶ 47:24
In a letter to the author from Victor Rogers' attorney, George Michael Jamal states, Victor Rogers had met Walter Michener Sr., who he understands is associated with Allied Bank. He has never met Jr., and he's never socialized with them. Vi…
▶ 35:09
that we've discussed before. In 1985, Sandia purchased three promissory notes from Allied Bank, which is Michener's bank. The base value totaled $9 million, with an unpaid principal and interest coming to $2 million. One month after this de…
▶ 35:40
Sandy's money went straight to Allied Bank, Michener, to pay down $35 million, a loan Allied made to Ballas to buy a track of land. Ballas was a former dentist in Beaumont who moved to Houston and married the daughter of Chester Reed, a wea…
▶ 40:16
along with Allied Bank and DRG, had made loans of $140 million on 2,700 acres of land that was valued at $25 million. The value, 25, they had lent $140 million. That's money laundering. That's crazy. So at the end of the day, there was a bu…
▶ 7:44
included a $17 million loan to Carroll Kelly, secured by his Continental Savings Stocks. This loan had been transferred from Michener's Allied Bank and guaranteed by Herman Beebe, the mobster. A $17 million loan to William King that had bee…
▶ 22:56
The next clue are the people that he did business with, who was his partners and associates. What savings in loan did he borrow the money from? According to his 1988 bankruptcy filing, the first bank loan Starnes got after his 77 bankruptcy…
▶ 23:26
Guy. Ten years after the loan, Starnes listed a debt of $85,000 still owed to Allied Bank. Starnes listed two other Allied Banks as creditors. He owed $70,000 in debt from a 1985 corporate real estate acquisition owed to an Allied subsidiar…
▶ 23:52
He also owed an unspecified amount to Allied Bank North Central in Dallas, all Michener banks. In his bankruptcy filing, Starn stated that he had three checking accounts at Allied Banks and that he received a dividend from Allied Bank share…
▶ 24:20
personal bankruptcy was $15.6 million to Continental Savings, the same one owned by Carol Kelly, but controlled by mobster Herman Beebe. And that bank was financed by Allied Bank as well. And then that loan was transferred to San Joaquino S…
▶ 1:12:00
And those two people just happened to be Walters and Good. The first expert was Jeffrey Hazard Jr., Sterling Law Professor at Yale's Law School, and the second was Charles Pickett. Pickett also noted in an earlier chapter on Walter Michener…
▶ 1:12:58
He's there to make a business judgment, not a personal one. If one director thinks he knows about a conflict of interest of the other board member, he's not obligated to disclose this at all. Because otherwise, we would have to disclose tha…
▶ 22:36
Corson introduced Benenke to Michener in mid-1970s in the lobby of Michener's bank, Allied Bank, in downtown Houston. Benenke recalled describing a mural on the wall. I met Michener originally through Corson. I didn't work with Michener. He…
▶ 51:11
Jenkins later appears in a bankruptcy filing in a Louisiana helicopter company whose principals have close business and personal association with the mafia, Herman Beebe, and business partner of Michener's Allied Bank. He also has dealings …
▶ 58:39
Following the divorce, Corson participated in deals such as borrowing money and receiving money with at least three of Michener's bank. Because remember, by this time, he owns a whole bunch of banks. A whole bunch of banks that go down in t…
▶ 59:10
which is Michener, to pay Corson. In October 1983, Corson borrowed $350,000 from Allied's Champion Bank, again a Michener's bank, to purchase land for a strip shopping center. In addition, he had also gotten another loan of like $37,000 fro…
▶ 53:59
In order to avoid the savings in loan foreclosure on his real estate loans. So the savings in loan is going bad and he didn't want his loan foreclosed on. So they basically coerced him into investing in the bank. Kelly had consolidated his …
▶ 31:50
Excuse me, a $2.25 million loan from Allied Lakewood Bank, i.e. Michener. So he's paying off a loan with another loan. But the second loan is a lot bigger than the first loan. Part of the loan was used to purchase land along Interstate 30 c…
▶ 32:21
Lakewood Bank, where Toller was a director, was part of Walter Michener's Allied Bank Empire. It was one of the banks listed in the 1985 Comptroller of the Currency report on Beebe as being controlled by the mafia, Beebe himself. There were…
▶ 32:21
Lakewood Bank, where Toller was a director, was part of Walter Michener's Allied Bank Empire. It was one of the banks listed in the 1985 Comptroller of the Currency report on Beebe as being controlled by the mafia, Beebe himself. There were…
▶ 20:35
and immediately got involved in all of these shenanigans. One of the first loans Parker made was to Enchanted Oaks Joint Venture, which was comprised of TMC Funding, a Michener company, of course, and two other of Michener's associates, inc…
▶ 35:39
Horwich, the head of the Federated Development. Horwich and Federated, whose primary bank was none other than Michener's Allied Bank, were turned down by the regulators because the capital Horwich wanted to put up consisted primarily of jun…
▶ 44:13
Arnold was a former partner of Vincent and Elkins, one of Michener's law firms. So they just replaced one guy that's on their team with another guy. He had also been chairman of First City Bank, where Michener's companies had a number of ou…
▶ 44:43
People from Texas was on the board. The next year, the Office of Thrift Supervision forced Lynch's resignation, giving no public reasons, but indicating concern that he had significant conflicts of interest. At that time, Lynch was the chai…
▶ 7:33
and at one time even had a job at Michener's Bank. In a deposition he gave in 1984 and a lawsuit against him, Corson testified that he had a high school education. He also noted that it was from Kerr Naval Academy in past Christiane, Missis…
▶ 27:07
Miami, Martin's wife alleged that he owned a Hi-Li Fontan in Spain. Benake also said that in mid-1990s, Martin borrowed money from Michener's bank to buy guns for Chile. Mid-1970s, where's Illini? What was happening in the mid-1970s in Chil…
▶ 27:33
Oh, that would just be after the overthrow of Salvador Allende in 1973 when we were arming Pinochet's shock troops and teaching them how to torture, kidnap, and murder people. Okay, there were several mortgages filed by Allied Bank, Michene…
▶ 54:32
with financing from the mafia Herman Beebe. Barker went to federal prison for fraud at his savings and loan, the one we were just talking about. Ferris, Merchantson, and their companies also borrowed more than $10 million from InterWest Sav…
▶ 6:42
He disclosed that Beebe had established ties with Michener and his allied bank way back in 1975. Anderson said that he had never met with Michener, but that Herman met with him several times. Beebe used Michener's allied bank for a number o…
▶ 7:11
And the size of the deals would have guaranteed that Michener knew who he was. He went on to say that we borrowed money from Allied pretty often. A million here, half a million there. These loans were for working capital for their companies…
▶ 7:41
was one for $800,000 and was in connection with an Allied loan on Carol Kelly's Continental Savings stock, which Beebe's company guaranteed. In addition to loans, Anderson said, Allied gave Beebe's company a big hunk of the credit life insu…
▶ 8:13
And it was about that time that Allied had some 40 banks across Texas. Allied meaning Michener. Anytime Beebe got control of a financial institution, he would require borrowers of that institution to purchase credit-like insurance from his …
▶ 8:42
It was very lucrative business for Bebe. And if a potential borrower declined it, he was usually told to get a loan somewhere else. AMI also had money on deposit at Allied. We'd buy CDs there, Anderson said. And a 1976 House Finance Subcomm…
▶ 9:12
had very large CD deposits at Allies from the mid-70s on. In addition, the 1985 Comptroller of the Currency Report on Beebe listed Allied Lakewood Bank and Allied Member Bank in Dallas as being controlled by Beebe and his associates. Beebe'…
▶ 10:42
As late as 1985, Clark had an outstanding loan for $250,000 at the bank. Gerald Smith and Michener go back to at least the 1960s when Michener bought one of his first banks, Continental Bank, where Smith was working. Smith had been a former…
▶ 11:12
A lot of the regulators that were supposed to be watching over this bank gets hired by this mesh of banks so they know how to skirt the system. If Michener wanted something done at Allied, he called Gerald Smith and it got done. He was ofte…
▶ 12:12
The guy, when he got out of the governor's mansion, they started paying a large sum of money to on an annual basis, $100,000 a year. When it became obvious to insiders in the early 80s that the savings and loan industry in Texas was hitting…
▶ 12:46
One of the savings and loan stock loans at Allied Bank was to Carol Kelly at Continental Savings. It had a guarantee from Bebe. Nearby San Jacinto Savings, a Houston-based subsidiary of Southmark Corporation, gladly accepted the loan from A…
▶ 14:51
because the bank was just prior to foreclosure. Now, nobody like Phillips throws away millions of dollars to a known mobster like Beebe, unless he's told to do so. There's evidence to indicate that. In 1983, Southmark bought San Joaquin Sav…
▶ 15:19
A mob associate from Chicago, Joseph Groves, G-R-O-S-E, came in to make all of the big loan decisions. Anderson, who was Bebe's partner, said they dealt primarily with Groves in their transactions with Southmark. While Southmark, and rememb…
▶ 15:48
Walter Michener, who owns Allied Bank, and Gene Phillips were investors together in a development program called Oak Cliff Stallion. There were 10 partners in this syndicate, each with one 20th interest in 13 thoroughbred colts, including b…
▶ 16:20
The financing bank, according to the statements on file in Miami, was Allied Bank, Michener. Continental Savings wasn't the only savings and loan whose stock was financed by Allied Bank. Raymond Hill, a Houston attorney and owner of Mainlan…
▶ 21:52
Mishner was actually only three years older than Hill. And the purchase of the Allen Parkway building in 1975 was basically done with Allied Bank. So Hill's mainland stock was also financed by Allied Bank. So they had a lot of business rela…
▶ 22:56
for more loans at Allied Bank. So he was basically using dividends, which should have been paid out to the customers, to put deposits on banks. But then he was going to Allied Bank, drawing out loans based on that collateral. So it kind of …
▶ 23:25
After Hill moved his stock loan out of Allied, he financed it at several different Houston banks. According to a former mainland CEO, Ron Bearden, these included Suburban Bank, South Main Bank, North Shore Bank, and River Oaks Bank and Trus…
▶ 23:57
Michener's friend, Jimmy Lyons. Who's Jimmy Lyons? Well, Jimmy Lyons just happens to be one of the big fundraisers for Iran-Contra. In June 1984, Mainland paid out almost $20 million to Allied in a deal that showed Hill's friendship with Me…
▶ 24:26
That basically was passed on to us when the bank failed. And this is how it happened. In 1982, Allied lent $27 million to an oil and gas company called PENACO, P-E-N-A-C-O. It was controlled by Al Pena. It was secured by 30 oil and gas leas…
▶ 24:56
Pinnacle filed for bankruptcy and by 1984 was in default of all of the Allied loans still owing $21 million. Allied had already posted the security property for foreclosure when Mainland stepped in and bought the loans for $19.2 million. Pe…
▶ 1:27:22
18 or something like that yeah he was big involved uh both the bush children neil and george w were involved and also james baker was really deep into it one of the big movers and shakers we've met him before he's got a name of walter misch…
▶ 26:26
It's going a little deeper than that. This brings in one of my favorite characters of this period. He's called Walter Misher, and he's a big land developer out of Texas. He owns Allied Bank. It's the third largest bank in Houston. All kinds…