The Colonel's Corner Mafia, CIA, & George Bush Part 17

auto-scroll word highlight ▶ Rumble @ here

Transcript

0:00 Okay, we're going to go ahead and get started because I'm starting early because I have a previous engagement to take my grandson for his Santa Claus pictures today. So we're going to try to get through as much of this chapter as I can. I'm not sure we'll get through the whole thing. This is about Chicago and the role that it played.

0:28 in this entire fiasco. Because, of course, we're talking about the mafia, so you know you're going to have to at least have some part of Chicago mentioned. So, it starts out with the Galeta family. Galetas, G-O-U-L-E-T-A-S. Two brothers and their sister were born in Greece, where their father,

0:59 who had immigrated to America, got caught by World War II on a visit. But, okay, let me see. Let me get Bridget up here. And SR, both of them pop in at the same time. Great timing. The family returned to Chicago in 1946. They were living in a single hotel room, taking odd jobs.

1:27 The oldest brother, Nicholas, went to a junior college for a year and then became a door-to-door encyclopedia salesman. He goes on to be a wrestling champion, blah, blah, blah. The sister, Evangeline, two years older than Nicholas, earned a bachelor's degree in math and a master's degree in education and became a school teacher. She worked for a time as a data analyst on the Minuteman missile program.

1:59 at North American Aviation. In 1981, Eveline married then New York Governor Hugh Carey. That's interesting, from Chicago to New York. She had claimed to the press to be a widow, but a little research turned up three previous husbands, all of them still alive. The youngest brother, Victor,

2:32 elected to shorten his last name to Goulet, G-O-U-L-E-T. After college, he worked for Martin Marietta on a prototype of the space shuttle and then returned to Chicago to become a lawyer. In 1969, the three decided to go into a real estate business together. They opened a storefront on Chicago's north side.

2:58 The next 10 years, they became the country's largest converter of apartments to condominiums. They were dubbed the condomania first family. By 1981, their company, American Invesco, I-N-V-S-C-O, had bought 79 apartment buildings in 33 cities and had sold more than 18,000 units.

3:31 grossing $667 million. The Guleletes were also noted for their corporate structure and massive bank borrowing to finance their purchases and expansions. And there's this persistent story that it all evolved around organized crime, because after all, it is Chicago.

3:57 In 1978, the L.A. District Attorney issued a confidential intelligence bulletin that cited an information source who connected American Invesco to Breyer Management Company, which was a vehicle for organized crime infiltration in Chicago real estate. So it looks like they may have been money laundering too.

4:27 The Los Angeles Mafia crime family was under the dominion of the Chicago crime family. In 1980, Congressman Benjamin Rosenthal, who was chairman of the House Subcommittee on Commerce, Consumer, and Monetary Affairs, was conducting an investigation of condominium conversions. He received an anonymous report alleging that the Guleta's original financing

4:56 came from mobsters in Chicago. In 1982, the family had much more to worry about than the reports of mob ties. Their creditors were starting to close in on them as the condo market plummeted. Their banks, including the lead financier, Continental Illinois Bank, where is Illini when you need them? That bank also is tied to the mafia.

5:26 And that's the bank that the Chicago Archdiocese banked at. And he goes on to be the Vatican banker that was doing Operation Gladio and all that other stuff, money laundering for the CIA over in Italy eventually. So Continental Illinois Bank began taking back their real estate holdings in repayment of a...

5:55 $500 million debt. American Invesco went down the tubes. The Goletas still owned other considerable holdings, including Electronic Realty Associates, better known as ERA, which all of us have seen because they were all across America. It was at the time the second largest real estate brokerage franchise in the United States.

6:26 ERA was purchased in 1985 for $35 million by Tamco, the family's other major holding company, so they sold it to themselves. Tamco had been formed in 1977 by Victor Golett, the guy who shortened his name, who put $25 million into the company while Nicholas and Evangeline, through loans secured by American Invesco Properties, injected $50 million.

6:58 in non-voting capital into Tamco, thus insulating the money from American Invesco creditors. So they set up another front company as a holding company that they were able to separate in some form the legality between the two, even though it's owned by the exact same people. In 1979, Victor took Lyman Hamilton.

7:25 for his partner and made him the CEO of Tamco. Hamilton was the former $700,000 a year president and CEO of ITT. Yes, ITT, the people that paid Nixon to overthrow Chile. ITT as in the World War II.

7:48 international telegraph and telephone company that monopolized all of the infrastructure of telephone and telegram around the world and was giving all of the information on the communications that went through them to the CIA after World War II. That ITT. The ITT that was actually in Building 7 on 9-11 as well. That ITT. He was the CEO.

8:18 which makes him adjacent to the CIA because he's giving them all of their information. And he hires him into TAMCO. Again, you just can't make this shit up. And why reading this book with all of our former knowledge is so, so important. Hamilton had been the treasurer of ITT in the early 1970s when it was implicated in the CIA plot in Chile.

8:51 After graduating from Harvard, dun, dun, dun, with a master's degree, Hamilton worked on international and intelligence programs for the Federal Bureau of Budget from 1950 to 1956, which would put him involved in the Marshall Plan and the covert funding of Gladio throughout NATO. Then from 56 to 60, he worked in Okinawa.

9:22 for Civil Affairs and Military Government section of the Army. Then he joined ITT in 62. In 74, the nomination of William Casey, who would later lead the CIA to head the Export-Import Bank, was temporarily blocked because of his role in an ITT bribery affair, meaning William Casey was part of the...

9:54 He was going to be nominated for the Export-Import Bank. Casey was investigated for alleged perjury and obstruction of justice in turning files of the SEC, which he had headed, over to the Justice Department. But Casey was never charged in the matter and was eventually confirmed as the head of the Export-Import Bank.

10:22 And just so that you guys know, for us, that's very similar to in our storyline, like the IMF, because it's used as retribution and smuggling. Another close associate of the Goleta family is Alan Tesler, an attorney with the New York law firm Shea and Gould, G-O-U-L-D.

10:52 whose main partner, Milton Gould, was a close friend, attorney, and confidant of William Casey. Tesler served on the board of several of the Goulet's affiliated companies, including Imperial Savings and Loan in California. Tesler is also a business partner and attorney for Dr. Earl Bryan, a California physician and businessman who served from 70 to 75 as the Secretary of Health.

11:21 in Ronald Reagan's California cabinet. After Reagan was elected president, he named Bryan chairman of the White House Task Force for healthcare cost reduction. He reported to Ed Meese in that job. Bryan, a close friend and longtime friend of Attorney General Ed Meese, was in the middle of a nasty legal dispute between the Department of Justice and William Hamilton, who is the guy.

11:50 That created the Promise software. In the lawsuit against the department, Hamilton claimed that Brian tried to force him to sell his software company to the former physician slash businessman. And when that failed, Meese and other Justice Department conspired to steal the software, which is exactly what they did. And then the Promise software goes on to.

12:16 basically be used by the CIA and Mossad and sold around the world by Robert Maxwell as a way to find out who else was money laundering while they could hide their own money laundering, along with a whole bunch of other stuff. So this is the crowd all swirling around in the 1980s, the savings and loan crisis, all of them tied to the CIA. In a letter to Attorney General Richard Thornburg,

12:47 William Hamilton's attorney, former Attorney General Elliot Richardson, stated, quote, in December 1984, Daniel Tesler of, it lists his address, which had invested in Innslaw and was one of the companies contacted by Bryan in September 1983, demanded that Hamilton sign over to him the voting rights of their controlling interest in Innslaw common stock.

13:17 Tesler is a cousin of Alan Tesler, the Shea and Gold partner who handled the mergers and acquisition work for Brian. Hamilton won his case in bankruptcy court and federal district court, but then lost on appeal. Had to find the right judge. Hamilton has said that he had been told by several different people that Brian had connections to the CIA.

13:44 Former Israeli intelligence officer Eri Ben Meneshe stated on April 4, 1991, in an affidavit in the Inslaw case, that Raphael Eaton told him that at Eaton's initiative in active encouragement, Brian had sold Inslaw promised software to Jordan's military intelligence organization, Eaton, according to the Wall Street Journal.

14:14 was in charge of the secret Israeli intelligence unit in their defense ministry to steal U.S. technology. That's that 8200 unit. Several problems plagued Brian's companies that Tesla was brought in to head in the late 1990s. One of which was Info Technology. Another one was Financial News Network. UPI.

14:44 the troubled newswire service owned by Info Technology, which purchased it in 1988. The minority owner of UPI at the time Brian purchased it was Joe Russo, the Houston developer, savings and loan owner and borrower, friend of George Bush and Lloyd Benson, and a Kappa Sigma alumni.

15:07 Now, keep in mind, UPI at some point, and I don't remember the exact dates, was actually owned by the Unification Church and Reverend Moon, who again, for a reminder, was part of Operation Gladio in South Korea. Earl Bryan headed one of the other entities trying to acquire UPI in 1986. He knows what he's doing.

15:39 of an advisor. We look forward to working together with World News Wire, which was Brian's company. At the same time, Russo was a minority owner of UPI. The wire services management was contemplating moving its banking business where? Oh, to BCCI, the CIA front bank. Under the guise of First American Bank in Washington, D.C., which is the bank BCCI illegally bought.

16:12 under cover of two Democrat operatives. In addition to Lyman, Hamilton, who's not related to William Bill Hamilton that owned Promise Software, just so you guys know that. Other members of TAMCO Board of Advisors to include Treasury Secretary, former Treasury Secretary William Simon, Andrew Bremer, a former governor of the Fed Board,

16:44 William Carnes, a retired chairman of Beatrice Food, and Christian Kartsen, a Dutch banker and chairman of Holland American Lines. When Lyman Hamilton began running Tamco, he and Goulet commenced looking around for companies to buy. They first fixed on Citi Investing Company, a multi-

17:12 billion dollar New York conglomerate owned by General Development Corporation, a Florida home builder in 1980. Tamco bought 12% of Citi Investing's stock for about $80 million with the intention of taking it over. Citi Investing rejected the offer and instead agreed to allow corporate raider Victor Posner

17:40 who owned about 10% of the company's stock to increase his holdings to 21%. After Goulet founded TAMCO in 77, its only asset was the Dale Bellema Company in Albuquerque, New Mexico. This company was formed in 1947 by Abdul Hamid Bellema, who claimed to be descended from the royal family of Lebanon.

18:09 By 1958, Bellema was reportedly the sixth largest home builder in the world. In 1973, a year after Dale Bellema, that was his nickname, died, the company was sold to Ernest Hahn, a shopping center developer in California. In 78, Tamco bought Bellema. The purchase was negotiated by a Tamco vice president, Robert Bob, B-O-B-B.

18:38 who was married to the daughter of a former New Mexico governor, Jack Campbell. Through Campbell and his business trips to New Mexico, Bob, a native of Chicago and graduate of the University of Notre Dame, learned of the availability of Belama. After Tamco bought Belama, Bob became its CEO. In 1982, when the Goletas were having financial problems, Tamco sold Belama to Bob.

19:08 Douglas Crocker II, and some other investors, mostly Bellarmine executives. Who's Douglas Crocker? He's just this run-of-the-mill Harvard graduate that had been president of American Vesco, the same family's company, and had written an angry letter to Fortune after its story on the Galletta family was published in 1981.

19:40 So he's a watchdog for the mob-adjacent family, Galetas. And why was he angry at the article? Because they accused the family of being associated with the mob. When Bob and Crocker, who owned 60% of Bellama, took over the New Mexico company, it was already in joint ventures with the largest utility in New Mexico, Public Service Company of New Mexico.

20:12 This 50-50 joint venture, Beloma Community Development, began buying land in New Mexico and other adjoining states. There were several unanswered questions about the purchase of Beloma from the Goleta family. What was the purchase price? Where did Bob and Crocker get their money? Did the Goletas finance it for them for a retained interest in the company?

20:40 Among the first things Bob and Crocker did after taking control of Bellarmine was to raise cash by selling 20% of their interest in the company to Albuquerque's savings and loan, ABQ, for $6 million. Then one year later, they sold another 10% in Bellarmine to Key Savings and Loan in Englewood, Colorado, for $9 million. Key Savings was part of Herman Beebe, Mr. Mafia.

21:11 Chain of Rotten Savings and Loans. And it was listed in the 1985 Comptroller of the Currency Report on BB as being controlled by BB. So they're selling. And this is part of the brokered loans too. So when you do that, you get to decide who gets the money. In 83, key was purchased by Dallas attorney, Larry Vineyard, who was earlier represented.

21:45 who had earlier represented Don Dixon in his purchase of Vernon Savings and Tyrell Barker in his purchase of State Savings of Lubbock, all of which was financed by Herman Beebe, the mobster. Vineyard took an active role in the operations of State Savings and then helped Barker acquire Brownsfield Savings some 30 miles southwest of Lubbock.

22:13 Of course, Vineyard hungered for a savings and loan of his own, and in the middle of 83, conspired with Barker to buy Key's savings. Vineyard was first approached by Clint Murchison Jr. for financing the purchase of Key. To help induce such financing, state savings made almost a million dollar unsecured loan unsecured, meaning when it goes bad, it doesn't have to be paid back.

22:43 to Murchison and a similar unsecured loan to Murchison's partner and BB's former employee, Louis Ferris. Murchison never came through with the financing for Key and defaulted on his unsecured loan. So basically, it's just handing the guy the money, but calling it an unsecured loan. Vineyard then got $6 million loan from First City National Bank of Albuquerque to buy Key's savings.

23:15 in a complex deal that included loans from brownfield savings vineyard and barker were later convicted for the scheme and got five years in prison before that happened vineyard secured a 17 million dollar loan from vernon to refinance his key purchase money laundering vineyard converted 2.6 million of that loan to himself

23:47 And he used part of that to purchase a $1.2 million house in Dallas and put money in trust funds for his kids. That was his part of the money laundering. He received another five years in prison for doing that. Immediately after Vineyard took control of Key's savings, he had Key purchase 10% of Bellema, which equaled 5% of Bellema's community development for $9 million.

24:19 Bellarmine executive Larry Thropp told the Albuquerque Tribune that he had met Vineyard in 1983 when Vineyard was representing a Houston buyer of some of Bellarmine's property. In November 1985, Bellarmine formed a joint venture with our buddy Robert Corson, Mr. CIA. That joint venture was called Parkwick.

24:49 They bought 283 acres in Bazoria County, about nine miles south of the Astrodome. Bellarmine put up the entire $4.4 million purchase. Then in October of 86, amid talks of grandiose development plans, M. Bank of Houston lent the joint venture $11 million. The property never got developed.

25:17 Bellema defaulted on the loan and declared bankruptcy. But prior to that, Bellema bought out Corson's interest for $33,000 in 87. So Corson walked away with $33,000 and never had a penny involved in any of it. Bellema executive Larry Thropp, who signed all of the Parkwick joint venture documents with Corson, claimed that Bellema's man in Dallas, Dan Dennison,

25:49 arranged the deal with Corson. Bellarmine's only other Houston area land deal got its partner, MDC Holdings, into trouble with Security and Exchange Commission because MDC Holdings is a large Denver-based home builder and residential developer headed by Larry Mizell, M-I-Z-E-L. It gained notoriety in the savings and loan debacle for its dealings with Michael Milken,

26:20 Charles Keating's Lincoln Savings and San Joaquino Savings and Silverado, where we found Neil Bush on the board of directors. The Houston deal occurred in January 1986. MDC bought Wood Brothers Homes, a home builder that was spun off of Citi Investing, a New York company that Victor Goulet

26:48 and Lyman Hamilton tried to buy. Wood Brothers owned some 300 undeveloped residential lots in Houston. It had acquired them when they took over Roldan, a home building company formerly owned by Vernon Savings' Don Dixon. It's just a big merry-go-round. In 86, the home market in Houston was terrible, and MDC wanted to unload the lots.

27:18 and book a profit. At the same time, Bellema owned a large undeveloped residential property where? Castle Rock, Colorado, which is just south of Denver. Castle Rock, to which it was trying to attract home builders. Somehow the two companies got together because they all know each other and decided to swap the two properties. Bellema would get the Houston lots.

27:52 and MDC would get the 60 acres in Castle Rock. Although Bellarmine booked the deal as a straight swap and recorded no profit or loss, MDC booked a profit and was called up on the carpet by the SEC. As an examination of the Houston transaction shows that parties involved tried to hide the fact that the deal was part of a swap.

28:19 by using Silverado Savings as a middleman, where Neil Bush is. In June of 1986, MDC sold the Houston lots to Silverado Venture Limited, a joint venture between Silverado and some other Denver investors. The deed from MDC to Silverado showed that Silverado paid $737,000 in cash and signed a promissory note for almost $3 million.

28:51 MDC didn't file a deed of trust in the Harris County records, which would have made it much more difficult to foreclose on the property if Silverado defaulted on it. That omission indicated there was something else going on. That something else happened two days later when Silverado sold the lots to Bellarmine Community Development. In that deed filed for record, there was no purchase price given.

29:19 No promissory note referenced, nor was a deed of trust filed, which is totally illegal here in Florida. In addition, the vendor's lien, a mortgage, in the deed was marked out, and there was no reference to the $3 million mortgage. MDC officials admitted to the SEC that they did not sell the Houston lots directly to Bellarmine because they would have been prohibited from booking a profit.

29:49 because of the related Castle Rock deal. However, they did not admit that the sale to Silverado and its subsequent sale to Bellarmine was part of a swap. According to SEC attorneys, Silverado officials said they would not have taken part of a deal with MDC had they known that, which is garbage.

30:12 18 months later, Silverado participated in a similar swap with Bellarmine that allowed Bellarmine to book a $3 million profit. Bellarmine sold 127 acres of residential property in North Denver to Silverado for $8 million, while Silverado sold a development of about 330 acres in Scottsdale, Arizona to Bellarmine for $11 million.

30:42 It is not known how much Bellema and Silverado originally paid for their properties or what the underlying debt on them was, but the transactions allowed Bellema to book a $3 million profit, while Silverado recorded an equity investment of $3 million. The proposed transaction caught the attention of an agent at the Federal Home Loan Bank Board in Topeka, Kansas, who wrote Silverado a letter in 1988.

31:11 The letter requested the following information. Who the principal of Bellarmine was, what Bellarmine paid for its Colorado property, what the value of the appraisal of the Arizona property was, and whether Silverado had a commitment to retire the outstanding debt on the property. There is no record in the Silverado file released to the public on whether Silverado answered any of those questions. They did provide an appraisal.

31:40 What is known is that exactly one week after the first query from the Topeka board, the principal supervising agent of Silverado for the board, Kermit Malbray, approved the transaction. It was Malbray who later that year held off seizing deeply insolvent Silverado until the day after George Bush was elected president because they didn't want to embroil.

32:10 the president select in this money laundering scheme because his son Neil was on the board. It is also around this time, the end of 1988, that Bellarmine began plans to buy a troubled Albuquerque savings and loan, Sandia Federal Savings and Loan. Bellarmine was going bankrupt too and was hoping that the purchase of Sandia would help them survive.

32:37 Sandia was owned by a group of savings and loan executives from Dallas who had purchased it in May of 1984 with $6 million borrowed from Vernon Savings. Shortly after purchase, Sandia bought more than $80 million in loans from Vernon. This is money laundering. The owners of Sandia included Delwin Morton, the chairman of North Park Savings,

33:09 in Texas, and Charles Wilson, a director of North Park Savings. He was also a stockholder and borrower of the fraud-ridden First South Savings in Little Rock, Kansas. Morton and Wilson borrowed more than $5 million each from Vernon to buy Sandia Savings stock. Other Sandia shareholders included Thomas Galbert,

33:39 a big Democrat fundraiser who controlled independent American savings in Dallas, and Dan Whippeth, president of Telecom, a Houston Bank Financial Services company. The two of them borrowed $1 million each from Vernon to buy the stock from Sandia. Money laundering. In 1985, Galbert

34:07 bought control of telecom with a $6 million loan from Sunbelt Savings. He moved the company to Dallas and placed Delwin Morton on his board along with Joseph Gross, the San Joaquino executive who had worked for the Golets. In 1988, Galbert was acquitted of charges of defrauding an Iowa savings and loan on a Dallas apartment deal that involved John Riddle. The $16 million

34:37 in Vernon loans for Sandia stock were later refinanced at Sunbelt Savings, which bumped them up to $19 million, giving the investors $3 million pocket change. Sandia was heavily involved in deals and lending to Texas companies connected to both Corson and Michener, in addition to a $9 million loan bailout to Howard Pulver's group.

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 deal, Sandia went $15 million on a track of land in West Houston to a Houston developer, John Ballas.

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 wealthy developer and investor that had started out as a veterinarian. Ballas was a close associate of John Riddle.

36:11 and had gotten into thoroughbred racing. A Houston private investigator reported that Riddle had introduced Ballas to George Aubin at the Kentucky Derby, and one of Ballas' horses raced that year in the Derby. In 1990, Ballas pleaded guilty to lying on documents for a loan from First Savings of East Texas and turned state evidence against First Savings owner Roy Daly. Robert Corson's

36:42 And that deal, where Ballas received a two-year probated sentence, while Daly was convicted and sentenced to 12 years in prison, all formed around Herman Beebe, the mobster's loans. The land on which Ballas got the Sandia loan had been sold back and forth six times between Ballas and Reed in a period of one year.

37:13 with the debt increasing from the original $13 million all the way to $35 million on the same property, which happened during not a boon in real estate time. This is money laundering. Not only did Michener's bank make these loans, but his real estate company was working with Ballas to develop the land. The development loan came in June of 85.

37:43 three months after the first $15 million Sandia loan. It was almost a $50 million loan from Sandia and included $15 million for refinancing the first loan because we do that all the time where we lend more than the original loan so they can skim off the difference. That left roughly $30 million for development, but there is little on the ground to show for it. The only visible development

38:14 is an intersection of two four-lane divided roads, curbed and guttered, which intersected with each other. Bala said some money was also spent on drainage because it lies in a floodplain, which they were able to get approved because they own the judge in the Houston area that grants those permissions.

38:46 Then in December 85, Ballas bought about 1,500 acres to the northwest of that property from John Riddle and his partner, Richard Dover. This is the property that Corson and Riddle had contracted to buy from General Homes. Riddle bought Corson's interest out for about $2 million. And when Riddle purchased the land, a Corson company received another $1.3 million in real estate commissions. That's how they pay themselves back.

39:16 Riddle and Dover borrowed $40 million from Continental Savings when they purchased the land in 84. In addition, DRG, the Washington, D.C. company under investigation for HUD fraud, lent another $15 million on the property. In July of 85, the two bought an additional 238 acres with a $16 million loan from Vernon Savings. Then, when all the land was sold,

39:46 To Ballas, in December of that year, Western Savings purchased the promissory note to Vernon and Continental and Sandia Savings lent another $15 million. In addition, People's Heritage Savings and Loan in Kansas had a mortgage on some of the property because it had lent more than $40 million on land swaps between Ballas and Riddle. As the smoke cleared, five savings and loan, which all failed,

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 bunch of foreclosures on that, and everyone walks away.

40:52 One consequence of land flips and inflated lending is to drive up the value of adjacent property, which they were also involved in. So what they do is they sell it to each other. And this happens, we saw it happen in real estate down here. A company will go in and buy like three houses on a block to renovate. They will renovate one.

41:22 sell it to themselves at an inflated price to then eventually put it back on the market after they've sold the other two, because they now have the one they originally owned and sold at the inflated price to their front company. They sell the other two. So let's just use numbers. They were buying property down here for like $50,000, horribly run down, but cement block homes. They would buy it for 50.

41:52 They would create a front company, sell that $50,000 renovated home for $250,000 to themselves. Then they would use that comp that appears to be a completely separate company to sell the other two homes at around the same price of $250,000. And then within a year, they would sell the original to someone else again at a higher price.

42:19 price because now it's been a year, the market in that area supposedly has escalated crazy, which it hadn't because the entire thing was rigged. They did it all the time down here. After the 2008 crash, where you could buy them really cheap, you saw this going on quite a bit. So this is exactly what I'm describing here on a much larger scale. So they would buy multiple plots in an area.

42:47 sell them to each other, keep driving the price up so that they could sell another entity co-located with that at a much higher inflated price. And this is all being done by the CIA and the mafia with illicit money and brokered deposits. Sandia was eventually seized by the feds in February 1989 after the planned Balama purchase fell through.

43:17 Six months later, Balaama filed for bankruptcy with $290 million in debt. It was the largest bankruptcy in New Mexico history, but not before the public service company of New Mexico bought out its Balaama partners for $8 million, of which Robert Bob and Douglas Crocker pocketed $5 million. So it was timed. Hey.

43:47 We're going to get our stuff out, meaning the New Mexico state. And you guys, here's your payoff for doing it. And then you can collapse the company. They both returned to the Chicago area where Bob became chairman of Chicago Steel and Tinplate of Gary, Indiana. And Crocker became the CEO of Republic Savings Bank, a Chicago S&L that was owned by Public Service Company of New Mexico.

44:19 Guys that just bailed them out in New Mexico. Yeah, same guys. In 1983, before the former employees bought into Republic Savings Bank, the Galetas got into savings and loan business in a big way. TAMCO bought 25% of Imperial Corp America, which owned Imperial Savings in San Diego. They had bought it from corporate raider and Michael Milken's client.

44:47 Saul Steinberg. Steinberg had split Imperial Corporation's savings and loan operation into two entities, Imperial Savings in San Diego and Gibraltar Savings in Texas. Imperial Savings remained with Imperial Corporation, whereas Gibraltar Savings was purchased by Houston businessman Jay Livingston Cosberg, now a partner with corporate raider

45:16 Charles Hertzwig. Cosberg later merged Gibraltar with First Savings to form the biggest S&L in Texas. It became insolvent and was sold to Ronald Perlman in 1988. Other shareholders in First Texas were Cosberg's good friend, Robert Strauss, the former chairman of the DNC.

45:42 And under George Bush was named the U.S. ambassador to Moscow. Oh, Strauss's son, Richard, sorry. So George Bush nominated a Democrat son to be the ambassador to Moscow. It's all one party. After Tamco bought into Imperial.

46:17 Victor Golay took over as chairman and put his associate, Lyman Hamilton, and Alan Tesler on the board. Golay then financed a big chunk of Imperial stock with First Executive Corporation, a California insurance company controlled by Michael Milken's close associate, Fred Carr. Some two years later, Imperial began buying junk bonds in the whole junk bond scandal.

46:46 eventually accumulating $1.5 billion, about half of it from Drexel Burnham. This made its junk bond holdings the second largest of SNLs in the country, next to Columbia Savings, which was also controlled by another Milken associate, Thomas Spiegel. Imperial also got caught in a huge organized crime scam run by

47:16 Filipinos out of Los Angeles Chevrolet dealership named Grand Wilshire. As described by a journalist in Barron's Magazine, Imperial had lent $170 million to Grand Wilshire for secured car loans. It was later discovered that many of those loans were bogus and had been pledged to other financiers.

47:45 But Imperial kept lending Grand Wilshire up to two days before the company filed bankruptcy. Again, money laundering. In what is probably the best magazine article written on a bad savings and loan, Stein, in October 1989, issue of Barron's, laid it on the line about the Golay's Imperial savings. In its second paragraph, quote,

48:13 Imperial's story is about mismanagement, inadequate regulation, organized crime, and questionable accounting. It is also about the astounding power of Michael Milken and Drexel Burnham, Lambert, and their accolades to thwart the rational workings of the market and defeat expectations of ordinary investors. It's about the business practices that may well have cost a major $11 billion thrift into solvency.

48:43 and about how the taxpayers may end up holding a very big and very empty bag that leads straight to an office building on Rodeo Drive in Beverly Hills with a sign that reads Drexel, Burnham, and Lambert, which of course they did. Imperial savings failed in February 1990 at an estimated cost to the American citizens of $1.6 billion.

49:12 But before the savings and loan went down, in July of 1989, Alan Tesler was named CEO in an attempt to stop the bleeding. Six months later, he stepped down to be replaced by Lyman Hamilton. In less than two weeks after Hamilton took over, the Office of Thrift Supervision ordered Imperial to cease all lending and investment operations.

49:42 Fascinating series of events occurred at Imperial in late 1987 and early 88 that brought an old familiar face to light. In 87, Victor Golay defaulted on his Imperial stock loan from First Executive, which took back some 1.4 million in Imperial shares as security. That left First Executive as the largest shareholder of Imperial Corp.

50:10 with a little more than 10%. Tamco, too, still owned approximately 10%. Then in October, the stock market crashed, sending Imperial's price to $7.50 a share compared to double that before the crash. Things weren't looking too good for First Executive's profit position, but who should come to the rescue? Larry Mitzel's MDC Holdings, another of Milken's big clients.

50:40 MDC raised more than $700 million from Drexel Burnham's junk bonds. On November 9th, 87, MDC announced that it had purchased a little more than a million shares of Imperial and about 7% of the total. Imperial stock price jumped 15% on the news. In February of 88, MDC disclosed that it had bought another $200,000 and finally,

51:08 Two weeks later, it announced that it had upped its share another 10% and petitioned the SEC for approval to buy a total of 25%. The stock continued to climb back. In June, MDC withdrew its request from the SEC to purchase the total 25% of Imperial stock. And sometime between July and September, MDC sold its entire holdings in Imperial stock

51:40 advertised as a nominal gain, but they listed no dollar price. The speculation was that MDC had been bought in a straw man scenario to jack up the stock price. It is not surprising that MDC would become involved in the Golett's imperial, given that Mizzle's company previously noted connections to Michael Milken and to Bellarmine.

52:07 And there is another important link between the two, a Denver lawyer by the name of Norman Brownstein. Brownstein was one of the most influential political fundraisers in Colorado. He'd been called the country's 101st senator by his friend, Senator Ed Kennedy, who would occasionally spend the night at Brownstein's house when he visited Denver.

52:35 Brownstein, who will be discussed in a later chapter on the Silverado savings, was a member of the board of directors of MDC Holdings for almost 10 years. Brownstein's Denver law firm, Brownstein, Hyatt, Fawber, and Madden performed legal work for MDC. Brownstein also represented several Goulet's company, including American Vesco and

53:05 Aquest, A-C-Q-U-E-S-T. It was a company that located apartment buildings for conversions to condominiums. In late 70s, when the Goletas purchased the Denver firm, Fuller and Company, one of the largest full-service real estate brokerage companies in the western part of the U.S., the principles on both sides were brought together by Brownstein.

53:35 Brownstein actually took the owner of Fuller and Company out to Chicago to meet with the Goletas. As a lobbyist, Brownstein has worked for the junk bond industry, including many companies that issue bonds through Drexel Burnham. He had also lobbied for savings and loan, including Imperial, that had a large junk bond portfolio.

53:59 Another junk bond savings and loan Brownstein lobbied for was Lincoln Savings, controlled by Charles Keating, who raised the money to buy Lincoln from Milken. Brownstein first met Keating in the 70s when his name appears in Keating's diaries, when Keating was willing and dealing with Lincoln and politicians. MDC was also involved in several deals with Lincoln, including the sale of junk bonds to Lincoln and borrowing money from the SNL.

54:31 which was done for an Arizona land deal involving MDC Silverado and Bellema. Brownstein also served as a co-trustee on some of Larry Mizzle's trust. These are funds controlled by Brownstein and others to the benefit of Mizzle and some of his family members. It was Brownstein who introduced him to a Chicago attorney who set up several trusts for Mizzle. This attorney

55:04 Calvin Eisenberg was a partner of Burton Cantor, the infamous tax attorney who was associated with Paul Helliwell, CIA. Eisenberg, who worked for the IRS before joining Cantor's firm, was convicted of income tax fraud in 1982 for diverting two clients' money into a secret trust. And where was that trust set up?

55:38 Oh, at Castle Bank, the CIA front bank, set up by Paul Helliwell, Mr. CIA. When questioned about the relationship between Mizzle and Cantor, Mizzle's spokesman said that Cantor's law firm prepared wills for the family. However, one of Cantor's law partners at the time said the firm's primary business was the formation of trust, particularly offshore.

56:10 Sure trust, you know, like the CIA uses. The relationship between Eisenberg and Mizzle shows that they were operating in a circle of associates that included Cantor and the Galettas, mafia. There are other relationships among people already mentioned that show the Galettas, family, and Cantor were operating in the same circles. Sam Zell, Z-E-L-L.

56:42 He was nicknamed Gravedancer from Chicago, who bought up distressed properties. Zell bought Freedom Savings in Tampa, Florida, where Marvin Warner and Charles Brazarian were found. In a lengthy profile on Zell in the Chicago Tribune, began the story with a quote from Douglas Crocker, the Bellarmine executive, who had been president of the Galettas.

57:14 Umbrella Company, quote, Sam is driven by the game. His checkbook only serves as a measure of whether he's winning or losing. He made enough to retire a long time ago, unquote. The Tribune identified Crocker as an early business associate of Zell's. Then several paragraphs later in the Zell profile, there's a quote from Burton Cantor, who is identified as an attorney and partner in some of these ventures. Quote,

57:43 were all kinds of deals. We had one business where we bought refrigerators and rented them to college students. But in the main, Sam had a good nose for property. If you view us as a group, we were the biggest landlords in Reno, Nevada, unquote. Zell, Cantor, and Roger Bask, one of Cantor's law partners, and another man were indicted in 1976 for using Paul Helliwell's Castle Bank.

58:13 to conceal profits in a Reno building and parking garage. Again, this is CIA. These are fronts for the CIA to launder their ill-gotten gains. Cantor was acquitted and the charges against Zell were dropped after he turned state's evidence against Bask, his brother-in-law, who were convicted. So they're going to offer one guy, the lowest guy on the totem pole, and everybody else gets off.

58:43 Because it's all prearranged. Robert Corson is another connecting link between Cantor and his associates in the Galettas. The Florida St. Joe Paper Company land deal brought Lawrence Freeman, that's the DuPont family land deal that we're going to get into, brought together Corson and his associate, Mike Adkinson, around the same time that Corsican had a joint venture with Bellarmine, the Galettas.

59:14 What does it all mean? It indicates, but does not conclusively prove, of course, that all of these events are part of the same scheme. They are all connected to organized crime and the CIA and all have to do with the savings and loan failures. These associations are important. Consider, for example, the case of Lake Point Tower in Chicago.

59:41 70-story building called the World's Tarlous Apartment Building was the Mona Lisa or crown jewel of the Goleta family. American Vesco bought the building in 77 for $36 million. Then in June 83, they transferred to trust befitting Nicholas Goletas and his sister Evangeline. The Goletas borrowed $100 million with the building as collateral.

1:00:12 They only paid $36 million for the building, but they get the $36 million bank collateralized for a $100 million loan. Money laundering. They got the loan from Continental Illinois Bank and then promptly defaulted on the loan. The Galettas were brought in their associate, Alan Tesler, to head a group to buy the building. Continental Illinois rejected the Tesler group.

1:00:42 claiming that the Goletas would still have an interest in the building. Goletas sued and a federal district court ruled against them, saying that Nicholas had deliberately misled the bank. Then, according to a May 86 article in the Chicago Tribune, after Continental Illinois Bank rejected Tesla, Goletas returned to the original buyer, a syndicate headed by Douglas Crocker.

1:01:11 who we just established is in business with them already. Although the attempted purchase by Crocker's group fell through, there was apparently no mention or knowledge that Crocker had been the top officer of American Vesco. So they're just trying to use fronts to buy back their repossessed building. About a year later, as the Goletas continue to fight with Continental Illinois,

1:01:40 Over the tower, a new buyer appeared, Southmark. The mob-infested real estate investment company ran by Herman Beebe steps up. And Southmark, in the proposed transaction, was a man named Joseph Groves, G-R-O-S-E, that we've already said is part of Beebe's mafia empire. Groves was the president of Southmark Funding.

1:02:11 That's where Herman Beebe parked all of his real estate. He was also a senior VP of Southmark's Savings and Loan, San Joaquinto Savings. And apparently, unbeknownst to Continental Illinois and the Chicago Press, Gross was from Chicago, where he had worked for BMS Realty. And before that, he too had worked for American Vesco, for Douglas Crocker.

1:02:41 In fact, Gross was an officer and director of two Florida companies with Bellamas, Robert, Bob, and Crocker. Florida corporate records show that Gross was the president and director of a company called Florida Bay Club Management. Bob was the secretary and treasurer and a director of the company. It was incorporated in 83 and then went bust in 1984. By the time Gross was already working for Southmark.

1:03:10 Groves was also the president and director of 1-0-3 Marker Corporation, which also was incorporated in Florida in August of 81 and was still active in 9. He was the treasurer and director of the company while Crocker was the VP. When the author reached out to Groves by telephone at his Chicago home, he initially denied being a business partner with Bob and Crocker.

1:03:40 When asked about the two Florida corporations and the fact that he denied being partners with the two, Gross replied, so. Then when he began questioning Gross about his relationship with the Goleta family, he hung up on him. When the Chicago Tribune asked Gross if the Goletas would be participating in the towers if Southmark purchased the building, he replied, how can they be calling the shots if Southmark is the owner?

1:04:09 They will not be our agents. It's all the same group. Although Groves was listed in San Joaquino's corporate records as a senior vice president, he was really the chief loan officer and was essentially determining who got major loans from the savings and loan. The examination report dated September 85. In its findings,

1:04:35 The summary said all of the major loans are originated out of Southmark Funding, also known as Dallas Loan Production Office, by Joseph Gross. The quote from the minute of the meeting of San Joaquino Board of Directors stated that Gross was going to be designated an officer of the association with the title of senior VP and be designated as the administrator.

1:05:05 of the Dallas Loan Production Office. So he's in charge of who gets loans. The report further stated that Southmark Funding, meaning Joseph Groves, initiates all major loans with the association and subsequent funding. The majority of appraisals concerned pertain to the loans originated from the Dallas Southmark Office.

1:05:27 The association does not regard the appraisal report as a useful tool in the underwriting process and the appraisal report is obtained only to fulfill a regulatory requirement. So basically, they're saying we'll loan whatever we want. We don't care what the value of it is because we're money laundering here. The appraisal means nothing. So if there was any doubt as to who was in charge, the salaries removed that.

1:05:57 In 1985, Gross was receiving $732,000 in salaries and bonuses from Southmark and San Joaquino compared to the actual guy running San Joaquin Bank was paid $175,000. So he's getting paid like three times, four times as much as the guy he supposedly works for. Yeah. All right. We're going to stop right there.

1:06:31 That's just literally crazy. So more mafia, more connections running up to Chicago, down to Florida, through Texas, out to Colorado, into California, into New Mexico. It's like huge. SR, go ahead. Thank you, Colonel. And I want to thank everybody here on Spaces and on Rumble as well. I'm listening to all of this going down.

1:07:05 And trying to keep track of every bit of it that goes from here to there and yonder. And what really this turns out to be is a game of hot potato. Yes. That's what you see really going on. It's a game of hot potato. Here, you hold it for a minute. No, no, no. You hold it. Oh, geez. Yeah. It's hot potato, except for they keep.

1:07:31 chopping off pieces of the potato as we go. So they start off with a big potato and everybody that touches it gets a few million. And then they pass it to someone else who gets a few million, who passes it to someone else who gets a few million. And then when it's done, the savings and loans fail or the businesses fail at the last chunk of the potato, sometimes happening within days of the announcement of the failure.

1:08:00 And they walk away with their chunk of the potato, and we walked away with the bill. Great analogy. We just didn't get to eat any of the potato. We got stuck with the rinds. Maggie, go ahead. Another stellar space, Colonel. You know, back in those days, we didn't have computers. No. Now today, which made...

1:08:35 And I'm not going to confess any crimes in a recorded space or anything, but I've done some shady shit because you knew it would take forever for it to catch up to you. But in today's environment, to be able to hide that kind of bullshit is almost getting to a point where you can't do this anymore. I mean, unless you're a government entity, of course.

1:09:05 Yes. So that's the interesting part of this. So you can still do it. And here's how they've evolved. Just as representative of the recent DEA assistant director's arrest, the guy that was in charge of discovering money laundering at the DEA was actually money laundering. And he did it after he retired and was just indicted for money laundering.

1:09:34 So you can't do it, but they can still do it. And that was the beauty of the Promise software. They could watch people in real time using that Promise software money laundering. They could track it. The whole purpose of Promise, in addition to a whole bunch of other things, was to find money laundering. And this guy, Hamilton, naively thought the DOJ would buy this capability because he honestly thought the government,

1:10:03 wanted to eliminate money laundering, only to find out it's the government doing the money laundering. And so they learn how to do the money laundering sitting inside of government organizations. And when they quote unquote retire, they just continue money laundering because they think that the people in charge, who they're still working for, is going to be able to protect them.

1:10:31 not betting on obviously Trump getting elected and them actually doing some legitimate investigations. So that's kind of the sordid part of this. You and I would never get away with this in today's day and age. They get away with it because they are the people in charge of the system.

1:10:58 All of these transactions going through SWIFT and all of these other, you know, the Switzerland bank accounts, the Lichtenstein incorporations of these businesses, all of the Cayman Islands accounts, this was all known. It's known to government. It's known to intelligence agencies. They knew what Castle Bank was. It was their bank.

1:11:25 They knew what BCCI was. It was their bank. And so that kind of is the, that's what I want everybody to know. This is a government-sanctioned mafia cartel slash syndicate.

1:11:46 They were all in on it. The politicians, as illustrated in this book, were in on it. The government entities were in on it. Are there a few good guys, like the guy down in New Orleans, the FBI guy? Yes. And did the DA down there bring charges against some of these people? Yes. But at the end of the day...

1:12:10 They are only allowed to charge certain people, which are never the people responsible for the entire operation, because they get told that they're informants or they're protected by some unnamed entity and it's national security. You can't know, you know, that guy was involved with us. So you can't.

1:12:35 arrest him or indict him and so the people that are really orchestrating it never get touched while they offer up just as we just discovered some underling that's you know five pegs down on because the other guy that's like a good criminal to them he turns state's evidence in a collusive way

1:13:01 in order to rat a guy down the chain out because he's expendable. This is all organized. They already know going into the operation, if they get caught, who they're going to offer up as a sacrifice. S.R., go ahead. Thank you, Colonel. National security and the interest of national security, I look at that and I have to think at some given point, people are going to understand.

1:13:33 Yes, it is in the interest of national security. National security of the people of the United States who are getting built. That's where the national security lies. And we need to take you down for that. Yeah, it's just a rubber stamp that was given to them at the beginning to be able to protect their criminality. There's no national security involved in any of this. It's their security, not national security.

1:14:02 It's the syndicate's security. Yeah. All right, guys. Sorry for the shortened comment section, but I'm going to go ahead and get off here so I can get my Christmas outfit on and go get pictures with my precious grandbaby. And you guys, I am not going to have a space tomorrow or on Christmas. I will be back on Friday.

1:14:34 So just FYI. I still am waiting on Alpha to let me know if he's going to reschedule tomorrow night or if he wants to record it or whatever he wants to do. That's going to be up to him. But I will let you guys know as soon as I hear back from him. Okay.

1:14:56 You guys take care. Have a merry, merry Christmas. Of course, I'm going to be shit posting in the meantime. Please reach out to me if you guys want to. I always appreciate your comments. You guys are so awesome in reposting my post and commenting on them. I love it. I try to get through all of them. And I just really appreciate all the support you guys gave me or have given me.

1:15:26 I appreciate it. So have a Merry Christmas, and we will be back on Friday. Take care, everybody. Thank you, Colonel. And I want to say Merry Christmas to everybody out there as well. Have a safe and happy holiday and Merry Christmas and enjoy. Thank you, Colonel. Bridget, did you want to say anything? Bridget? She's probably just listening. Okay. Stellar, did you want to say anything real quick? It's not letting me up. Okay, there you go.

1:16:08 We can hear you, Stellar. Okay. Well, anyway, Merry Christmas, everybody. Take care.

Entities here

Dale Bellema Company20 MDC Holdings14 Imperial Savings14 Gould family13 Golay Family13 Sandia Federal Savings and Loan11 Lyman Lemnitzer11 Silverado Savings and Loan10 John Ballas10 American Invesco10 Joseph Groves9 Vernon Savings9 Tamco9 Earl Bryan8 Robert Corson8 Alan Tesler8 Herman Beebe7 Larry Vineyard7 Robert Crocker7 Burton Cantor7 Austin Savings and Loan6 Balama6 Michael Milken6 Norman Brownstein6 Southmark6 Sam Zell5 San Joaquin Savings5 Victor Gouletas5 Larry Mizel5 Chicago Tribune4 International Telephone and Telegraph4 Douglas Crocker II4 John Riddle4 Drexel Burnham4 Continental Illinois National Bank and Trust Company4 Robert Bonner4 Nicholas Gouletas4 Operation Gladio3 Allied Bank3 Abdul Hamid Bellema3

Claims made here

Evangeline Gouletas member_of Gould family documented ▶ 1:27

“The oldest brother, Nicholas, went to a junior college for a year and then became a door-to-door encyclopedia salesman. He goes on to be a wrestling champion, blah, blah, blah. The sister, Evangeline,…”

Nicholas Gouletas member_of Gould family documented ▶ 1:27

Victor Gouletas member_of Gould family documented ▶ 2:32

“elected to shorten his last name to Goulet, G-O-U-L-E-T. After college, he worked for Martin Marietta on a prototype of the space shuttle and then returned to Chicago to become a lawyer. In 1969, the …”

Gould family founded American Invesco documented ▶ 2:32

American Invesco laundered_money_for Gould family host_asserted ▶ 3:57

“In 1978, the L.A. District Attorney issued a confidential intelligence bulletin that cited an information source who connected American Invesco to Breyer Management Company, which was a vehicle for or…”

Victor Gouletas founded Tamco documented ▶ 6:26

“ERA was purchased in 1985 for $35 million by Tamco, the family's other major holding company, so they sold it to themselves. Tamco had been formed in 1977 by Victor Golett, the guy who shortened his n…”

Lyman Lemnitzer appointed Tamco documented ▶ 6:58

“in non-voting capital into Tamco, thus insulating the money from American Invesco creditors. So they set up another front company as a holding company that they were able to separate in some form the …”

Lyman Lemnitzer member_of International Telephone and Telegraph documented ▶ 7:25

“for his partner and made him the CEO of Tamco. Hamilton was the former $700,000 a year president and CEO of ITT. Yes, ITT, the people that paid Nixon to overthrow Chile. ITT as in the World War II.…”

International Telephone and Telegraph paid Richard Nixon host_asserted ▶ 7:25

Lyman Lemnitzer member_of Operation Gladio host_asserted ▶ 8:51

“After graduating from Harvard, dun, dun, dun, with a master's degree, Hamilton worked on international and intelligence programs for the Federal Bureau of Budget from 1950 to 1956, which would put him…”

William Casey member_of International Telephone and Telegraph documented ▶ 9:22

“for Civil Affairs and Military Government section of the Army. Then he joined ITT in 62. In 74, the nomination of William Casey, who would later lead the CIA to head the Export-Import Bank, was tempor…”

Alan Tesler member_of Gould family documented ▶ 10:52

“whose main partner, Milton Gould, was a close friend, attorney, and confidant of William Casey. Tesler served on the board of several of the Goulet's affiliated companies, including Imperial Savings a…”

Earl Bryan member_of Edwin Meese documented ▶ 11:21

“in Ronald Reagan's California cabinet. After Reagan was elected president, he named Bryan chairman of the White House Task Force for healthcare cost reduction. He reported to Ed Meese in that job. Bry…”

Earl Bryan sold Inslaw documented ▶ 13:44

“Former Israeli intelligence officer Eri Ben Meneshe stated on April 4, 1991, in an affidavit in the Inslaw case, that Raphael Eaton told him that at Eaton's initiative in active encouragement, Brian h…”

Raphael Eitan member_of Unit 8200 documented ▶ 14:14

“was in charge of the secret Israeli intelligence unit in their defense ministry to steal U.S. technology. That's that 8200 unit. Several problems plagued Brian's companies that Tesla was brought in to…”

Joe Russo member_of UPI documented ▶ 14:44

“the troubled newswire service owned by Info Technology, which purchased it in 1988. The minority owner of UPI at the time Brian purchased it was Joe Russo, the Houston developer, savings and loan owne…”

UPI front_for BCCI host_asserted ▶ 15:39

“of an advisor. We look forward to working together with World News Wire, which was Brian's company. At the same time, Russo was a minority owner of UPI. The wire services management was contemplating …”

Lyman Lemnitzer member_of Tamco documented ▶ 16:12

“under cover of two Democrat operatives. In addition to Lyman, Hamilton, who's not related to William Bill Hamilton that owned Promise Software, just so you guys know that. Other members of TAMCO Board…”

Abdul Hamid Bellema founded Dale Bellema Company documented ▶ 17:40

“who owned about 10% of the company's stock to increase his holdings to 21%. After Goulet founded TAMCO in 77, its only asset was the Dale Bellema Company in Albuquerque, New Mexico. This company was f…”

Tamco funded Dale Bellema Company documented ▶ 18:09

“By 1958, Bellema was reportedly the sixth largest home builder in the world. In 1973, a year after Dale Bellema, that was his nickname, died, the company was sold to Ernest Hahn, a shopping center dev…”

Robert Bonner appointed Dale Bellema Company documented ▶ 18:38

“who was married to the daughter of a former New Mexico governor, Jack Campbell. Through Campbell and his business trips to New Mexico, Bob, a native of Chicago and graduate of the University of Notre …”

Tamco funded Dale Bellema Company documented ▶ 18:38

Douglas Crocker II member_of American Invesco documented ▶ 19:08

“Douglas Crocker II, and some other investors, mostly Bellarmine executives. Who's Douglas Crocker? He's just this run-of-the-mill Harvard graduate that had been president of American Vesco, the same f…”

Douglas Crocker II member_of Dale Bellema Company documented ▶ 19:40

“So he's a watchdog for the mob-adjacent family, Galetas. And why was he angry at the article? Because they accused the family of being associated with the mob. When Bob and Crocker, who owned 60% of B…”

Robert Bonner member_of Dale Bellema Company documented ▶ 19:40

Austin Savings and Loan financed_via Herman Beebe documented ▶ 20:40

“Among the first things Bob and Crocker did after taking control of Bellarmine was to raise cash by selling 20% of their interest in the company to Albuquerque's savings and loan, ABQ, for $6 million. …”

Larry Vineyard funded Austin Savings and Loan documented ▶ 21:11

“Chain of Rotten Savings and Loans. And it was listed in the 1985 Comptroller of the Currency Report on BB as being controlled by BB. So they're selling. And this is part of the brokered loans too. So …”

Larry Vineyard laundered_money_for Austin Savings and Loan documented ▶ 23:15

“in a complex deal that included loans from brownfield savings vineyard and barker were later convicted for the scheme and got five years in prison before that happened vineyard secured a 17 million do…”

Austin Savings and Loan funded Dale Bellema Company documented ▶ 23:47

“And he used part of that to purchase a $1.2 million house in Dallas and put money in trust funds for his kids. That was his part of the money laundering. He received another five years in prison for d…”

Dale Bellema Company funded Robert Corson documented ▶ 25:17

“Bellema defaulted on the loan and declared bankruptcy. But prior to that, Bellema bought out Corson's interest for $33,000 in 87. So Corson walked away with $33,000 and never had a penny involved in a…”

MDC Holdings member_of Dale Bellema Company documented ▶ 25:49

“arranged the deal with Corson. Bellarmine's only other Houston area land deal got its partner, MDC Holdings, into trouble with Security and Exchange Commission because MDC Holdings is a large Denver-b…”

Neil Bush member_of Silverado Savings and Loan documented ▶ 26:20

“Charles Keating's Lincoln Savings and San Joaquino Savings and Silverado, where we found Neil Bush on the board of directors. The Houston deal occurred in January 1986. MDC bought Wood Brothers Homes,…”

MDC Holdings funded Silverado Savings and Loan documented ▶ 28:19

“by using Silverado Savings as a middleman, where Neil Bush is. In June of 1986, MDC sold the Houston lots to Silverado Venture Limited, a joint venture between Silverado and some other Denver investor…”

Silverado Savings and Loan funded Dale Bellema Company documented ▶ 28:51

“MDC didn't file a deed of trust in the Harris County records, which would have made it much more difficult to foreclose on the property if Silverado defaulted on it. That omission indicated there was …”

Kermit Malbray covered_up Silverado Savings and Loan host_asserted ▶ 31:40

“What is known is that exactly one week after the first query from the Topeka board, the principal supervising agent of Silverado for the board, Kermit Malbray, approved the transaction. It was Malbray…”

Kermit Malbray member_of Federal Home Loan Bank Board documented ▶ 31:40

Delwin Morton member_of Sandia Federal Savings and Loan documented ▶ 32:37

“Sandia was owned by a group of savings and loan executives from Dallas who had purchased it in May of 1984 with $6 million borrowed from Vernon Savings. Shortly after purchase, Sandia bought more than…”

Sandia Federal Savings and Loan financed_via Vernon Savings documented ▶ 32:37

Thomas Gobert member_of Sandia Federal Savings and Loan documented ▶ 33:09

“in Texas, and Charles Wilson, a director of North Park Savings. He was also a stockholder and borrower of the fraud-ridden First South Savings in Little Rock, Kansas. Morton and Wilson borrowed more t…”

Thomas Gobert funded Telecom documented ▶ 34:07

“bought control of telecom with a $6 million loan from Sunbelt Savings. He moved the company to Dallas and placed Delwin Morton on his board along with Joseph Gross, the San Joaquino executive who had …”

Sandia Federal Savings and Loan financed_via Savings and Loan Association documented ▶ 34:37

“in Vernon loans for Sandia stock were later refinanced at Sunbelt Savings, which bumped them up to $19 million, giving the investors $3 million pocket change. Sandia was heavily involved in deals and …”

Sandia Federal Savings and Loan financed_via John Ballas documented ▶ 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 comin…”

John Ballas member_of Chester Reed documented ▶ 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 mar…”

John Ballas member_of John Riddle documented ▶ 35:40

John Ballas member_of Allied Bank documented ▶ 35:40

John Ballas member_of Roy Daly documented ▶ 36:11

“and had gotten into thoroughbred racing. A Houston private investigator reported that Riddle had introduced Ballas to George Aubin at the Kentucky Derby, and one of Ballas' horses raced that year in t…”

John Riddle member_of George Aubin documented ▶ 36:11

John Ballas member_of First Savings of East Texas documented ▶ 36:11

John Ballas member_of Herman Beebe host_asserted ▶ 36:42

“And that deal, where Ballas received a two-year probated sentence, while Daly was convicted and sentenced to 12 years in prison, all formed around Herman Beebe, the mobster's loans. The land on which …”

John Ballas member_of Chester Reed documented ▶ 36:42

John Ballas financed_via Richard Dover documented ▶ 38:46

“Then in December 85, Ballas bought about 1,500 acres to the northwest of that property from John Riddle and his partner, Richard Dover. This is the property that Corson and Riddle had contracted to bu…”

John Riddle financed_via Robert Corson documented ▶ 38:46

John Riddle financed_via General Coffee Corporation documented ▶ 38:46

John Riddle financed_via Continental Savings documented ▶ 39:16

“Riddle and Dover borrowed $40 million from Continental Savings when they purchased the land in 84. In addition, DRG, the Washington, D.C. company under investigation for HUD fraud, lent another $15 mi…”

John Riddle financed_via Vernon Savings documented ▶ 39:16

John Ballas financed_via Western Savings documented ▶ 39:46

“To Ballas, in December of that year, Western Savings purchased the promissory note to Vernon and Continental and Sandia Savings lent another $15 million. In addition, People's Heritage Savings and Loa…”

John Ballas financed_via People's Savings and Loan documented ▶ 39:46

Sandia Federal Savings and Loan financed_via Balama documented ▶ 42:47

“sell them to each other, keep driving the price up so that they could sell another entity co-located with that at a much higher inflated price. And this is all being done by the CIA and the mafia with…”

Balama financed_via Public Service Company of New Mexico documented ▶ 43:17

“Six months later, Balaama filed for bankruptcy with $290 million in debt. It was the largest bankruptcy in New Mexico history, but not before the public service company of New Mexico bought out its Ba…”

Robert Crocker headed Republic Savings Bank documented ▶ 43:47

“We're going to get our stuff out, meaning the New Mexico state. And you guys, here's your payoff for doing it. And then you can collapse the company. They both returned to the Chicago area where Bob b…”

Robert Crocker headed Chicago Steel and Tinplate documented ▶ 43:47

Imperial Corp America financed_via Saul Steinberg documented ▶ 44:19

“Guys that just bailed them out in New Mexico. Yeah, same guys. In 1983, before the former employees bought into Republic Savings Bank, the Galetas got into savings and loan business in a big way. TAMC…”

Saul Steinberg member_of Michael Milken documented ▶ 44:19

Gibraltar Savings financed_via J. Livingston Cosberg documented ▶ 44:47

“Saul Steinberg. Steinberg had split Imperial Corporation's savings and loan operation into two entities, Imperial Savings in San Diego and Gibraltar Savings in Texas. Imperial Savings remained with Im…”

J. Livingston Cosberg member_of Charles Herzwig documented ▶ 44:47

Saul Steinberg financed_via Gibraltar Savings documented ▶ 44:47

J. Livingston Cosberg financed_via First Texas documented ▶ 45:16

“Charles Hertzwig. Cosberg later merged Gibraltar with First Savings to form the biggest S&L in Texas. It became insolvent and was sold to Ronald Perlman in 1988. Other shareholders in First Texas were…”

First Texas financed_via Ronald Perlman documented ▶ 45:16

George H.W. Bush appointed Ricky Strauss documented ▶ 45:42

“And under George Bush was named the U.S. ambassador to Moscow. Oh, Strauss's son, Richard, sorry. So George Bush nominated a Democrat son to be the ambassador to Moscow. It's all one party. After Tamc…”

Fred Carr member_of Michael Milken documented ▶ 46:17

“Victor Golay took over as chairman and put his associate, Lyman Hamilton, and Alan Tesler on the board. Golay then financed a big chunk of Imperial stock with First Executive Corporation, a California…”

First Executive Corporation member_of Fred Carr documented ▶ 46:17

Victor Golay financed_via First Executive Corporation documented ▶ 46:17

Victor Golay member_of Alan Tesler documented ▶ 46:17

Victor Golay member_of Lyman Lemnitzer documented ▶ 46:17

Victor Golay headed Imperial Savings documented ▶ 46:17

Imperial Savings financed_via Drexel Burnham documented ▶ 46:46

“eventually accumulating $1.5 billion, about half of it from Drexel Burnham. This made its junk bond holdings the second largest of SNLs in the country, next to Columbia Savings, which was also control…”

Thomas Spiegel member_of Michael Milken documented ▶ 46:46

Columbia Savings member_of Thomas Spiegel documented ▶ 46:46

Imperial Savings financed_via Barron's Magazine book_quoted ▶ 47:16

“Filipinos out of Los Angeles Chevrolet dealership named Grand Wilshire. As described by a journalist in Barron's Magazine, Imperial had lent $170 million to Grand Wilshire for secured car loans. It wa…”

Imperial Savings financed_via Grand Wilshire documented ▶ 47:16

Office of Thrift Supervision removed_from_power Imperial Savings documented ▶ 49:12

“But before the savings and loan went down, in July of 1989, Alan Tesler was named CEO in an attempt to stop the bleeding. Six months later, he stepped down to be replaced by Lyman Hamilton. In less th…”

Victor Golay financed_via First Executive Corporation documented ▶ 49:42

“Fascinating series of events occurred at Imperial in late 1987 and early 88 that brought an old familiar face to light. In 87, Victor Golay defaulted on his Imperial stock loan from First Executive, w…”

Larry Mizel financed_via MDC Holdings documented ▶ 50:10

“with a little more than 10%. Tamco, too, still owned approximately 10%. Then in October, the stock market crashed, sending Imperial's price to $7.50 a share compared to double that before the crash. T…”

MDC Holdings financed_via Imperial Savings documented ▶ 50:40

“MDC raised more than $700 million from Drexel Burnham's junk bonds. On November 9th, 87, MDC announced that it had purchased a little more than a million shares of Imperial and about 7% of the total. …”

MDC Holdings financed_via Drexel Burnham documented ▶ 50:40

Norman Brownstein member_of MDC Holdings documented ▶ 52:35

“Brownstein, who will be discussed in a later chapter on the Silverado savings, was a member of the board of directors of MDC Holdings for almost 10 years. Brownstein's Denver law firm, Brownstein, Hya…”