Federal corporations (31 - 40 of 54 items)
Risks and Oversight of Government Sponsored Enterprises
T-GGD-90-41: Published: May 14, 1990. Publicly Released: May 14, 1990.
GAO discussed government-sponsored enterprises' (GSE) operations, potential for failure, and federal oversight. GAO noted that: (1) farm credit banks reported profits in 1988 and 1989 after 3 years of losses, but the farm credit system's health heavily relied on the general state of agriculture; (2) while federal home loan banks historically presented little risk of failure, future profitability w...
Resolving the Savings and Loan Crisis: Billions More and Additional Reforms Needed
T-AFMD-90-15: Published: Apr 6, 1990. Publicly Released: Apr 6, 1990.
GAO discussed the Federal Savings and Loan Corporation's (FSLIC) financial statements as of August, 1989, focusing on how much money would be needed to resolve the savings and loan crisis. GAO found that: (1) FSLIC needed $325 billion to pay off its obligations, resolve the problems of institutions awaiting resolution, pay interest on $30 billion in bonds, and pay some administrative expenses; (2)...
Failed Thrifts: Resolution Trust Corporation and 1988 Bank Board Resolution Actions
T-GGD-90-29: Published: Apr 2, 1990. Publicly Released: Apr 2, 1990.
GAO discussed the Resolution Trust Corporation's (RTC) resolution of insolvent thrifts. GAO noted that: (1) RTC had either sold or liquidated 52 thrifts and placed 350 thrifts in its conservatorship program as of March 21, 1990; (2) RTC expected to become responsible for resolving 558 to 628 institutions; (3) the pace and structure of RTC resolutions and its marketing and selection process represe...
Financial Audit: Federal Savings and Loan Insurance Corporation's 1988 and 1987 Financial Statements
AFMD-90-34: Published: Oct 31, 1989. Publicly Released: Oct 31, 1989.
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC): (1) 1987 and 1988 financial statements; and (2) internal accounting controls system and compliance with applicable laws and regulations.GAO found that: (1) during 1988, FSLIC incurred a $66 billion net loss, increasing its total deficit to $75 billion; (2) FSLIC reported a $43.6-billion loss allowance for 578 troubled but o...
Financial Audit: Federal Deposit Insurance Corporation's 1988 and 1987 Financial Statements
AFMD-89-63: Published: Apr 28, 1989. Publicly Released: Apr 28, 1989.
GAO examined the Federal Deposit Insurance Corporation's (FDIC): (1) financial statements for the years ended December 31, 1988 and 1987; and (2) internal accounting controls and compliance with laws and regulations for the year ended December 31, 1988.GAO found that: (1) the financial statements presented fairly, in all material respects, the FDIC financial position as of December 31, 1988 and 19...
Reserve Accounting: Rural Telephone Bank's Reserve for Losses Due to Interest Rate Fluctuations
AFMD-89-15: Published: Mar 27, 1989. Publicly Released: Mar 27, 1989.
Pursuant to a legislative requirement, GAO studied the Rural Telephone Bank's (RTB) reserve for losses due to interest-rate fluctuations.GAO found that: (1) RTB retained annual profits as patronage capital after distribution of cash dividends to government and private stockholders, was required to place at least 10 percent of its patronage capital in a contingency reserve, and distributed the resi...
Financial Audit: Federal Home Loan Banks' 1987 Financial Statements
AFMD-89-28: Published: Dec 30, 1988. Publicly Released: Dec 30, 1988.
Pursuant to a legislative requirement, GAO reviewed an independent accounting firm's audits of the 1987 financial statements of each of the 12 Federal Home Loan Banks and the combined financial statements of the 12 banks.GAO found that: (1) in the auditor's opinion, each bank's financial statements presented fairly its financial position as of December 31, 1987, the results of its operations, and...
Patronage Refunds: Rural Telephone Bank's and Other Cooperatives' Methods to Refund Earnings
AFMD-89-27: Published: Dec 30, 1988. Publicly Released: Dec 30, 1988.
In response to a congressional request, GAO determined whether the Rural Electrification Act specified a method that the Rural Telephone Bank (RTB) should use to refund any earnings to its class B stockholders.GAO found that: (1) the act stipulated that RTB set aside for patronage refunds any annual earnings remaining after payment of operating expenses and dividends on class A and class C stock;...
Budgetary Implications of the Savings and Loan Crisis
T-AFMD-88-19: Published: Oct 5, 1988. Publicly Released: Oct 5, 1988.
GAO discussed the budgetary impact of the: (1) savings and loan industry crisis; and (2) Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent thrift institutions. GAO found that, in 1988: (1) thrift industry experienced an overall net loss totalling $7.5 billion; (2) insolvent institutions incurred losses of about...
The Federal Savings and Loan Insurance Corporation's Use of Notes and Assistance Guarantees
T-AFMD-88-17: Published: Sep 8, 1988. Publicly Released: Sep 8, 1988.
GAO discussed the Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent savings and loans institutions. GAO found that FSLIC: (1) used acquisitions or mergers to resolve the problems of insolvent savings and loan institutions; (2) issued 22 notes worth about $6.8 billion in 83 merger transactions, and made substant...