fonday, February 20, 1C34
Daily fcbraskan
Pago 11
EJi:U Kytrca
Commonwealth and the Depart
ment cf Banking and Finance "deliber
ately deceived" Commonwealth depos
itors, said Sen. Bill Harrb cf Lincoln.
During a press conference Friday,
Ilaxi li sal J the department knew Com
monwealth woa about to collapse, but
l:t Commonwealth officials release a
report Oct. 22, 1C33, which showed
cthcrv.:. 3. The bank closed 10 davs
later.
According to the report which ran in
J7:3 Lincoln Journal and The Lincoln
tzr,' Ccizrr.cn wealth had an equity
capital cf about $7.6 minion and total
capital accounts of about id A million.
Accerdir.3 to Nebraska law, savin -3
and leans must report their financial
situations to the department twice a
year, and then release the report to the
public. Eat if a saving and loan writes
"none" in a blank, the item may be
excluded from the printed report.
The report that the department re
ceived showed Commonwealth had no
reserves on loans, securities, contin
gencies or other capital But, Harris
said, the department and Common
wealth withheld this information in
the public report. The name cf the
institution and the amount of total '
deposits were the only accurate items
on the report, Harris said.
Other than the institution's name
and the total deposits, Harris said, "the
reports are pure fantasy and the aver
age depositor could gain more useful
information about the condition of the
bank (sic) from the,sports page."
Sen. Howard Peterson of Grand Is
land addressed the Commonwealth
situation on the legislative fioorThurs
day. Peterson saidlhe reports released
by Commonwealth odciak indicated
that there were no loan reserves as
early as Dec. 31, 1CS0. The reports
should have been a "red Gag" to deposi
tors, he said.
Harris disagreed with Peterson. Har
ris said he recently had an accountant
check the reports. The accountant felt
the reports indicated the bank was in
excellent condition, Harris said. The
state wa3 wrong to expect depositors
to "read between the lines" of the
report, he said.
The state allowed Commonwealth
officials to tell "half-truths", Harris
said, in order to save other institu
tions. Harris said the state was not
wrong to protect other institutions,
but it was wrong to jeopardize people's
savings for the sake of the institutions.
The state is based on a trust in insti
tutions like Commonwealth,- Harris
said, and "institutions should be held
to a higher standard than individuals."
The state willfully did wrong. Harris
said, and it must live up to its 30,000
guarantee on each deposit.
"I will not rest until we (the state)
live up to our responsibility," Harris
said.
Budget reallocation . . .
reuicer runs again
First District Rep. Doug Bereuter
announced Friday that he will run for
a fourth term in the U.S. House of
Representatives.
Although Bereuter, a' Republican,
said in a press release that he had been
urged to run for a state ofSce such as
governor, the opportunities to serve
C...Z9 cf Dcl3 Lareu&r
the first district from the House out
weighed others, he said.
Bereuter said 1C33 wa3 the first year
since 1972 that economic growth had
been consistent, inflation low and un
employment down all at the same
time.
"Although Americans are better off,
he said, the federal deficit is "the one
thing which can abort economic re
covery Increased trade agricultural
trade in particular is needed, he
said.
Bereuter's experience in the House
and his knowledge of the political sys
tem will help him serve the district, he
said. He added that he is a Republican
congressman during a Republican ad
tinistration, who can and will go to
Republican cabinet members for Neb
raska's share of discretionary federal
funds.
Bereuter, who has won his last three
elections by large margins, has a wife,
Louise, and two sons, Kirk and Eric.
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Continued frcn Page 1
Johnson said the survey's conducted
by the bureau, particularly the NASIS
survey, link the state's interests with
the work of the bureau.
Tlie bureau U also valuable in teach
ing research methodology to both stu-'
dents and faculty, he said.
Other reallocation proposals and
the effected colleges are:
Teacher's College Merge the de
partments of speech pathology and
audiology and special education
($13,700); and reduce full-time faculty
bytwo($C0,000).
Institute of Agriculture and Natural
Resources Eliminate undergradu
ate majors Li entomology and plant
pathology in the College of Agriculture
and eliminate the Ceil and Water Man
agement Program in the School of
Technical Agriculture at Curtis.
University of Nebraska Medical Cen
'tcr Eliminate the associate degree
program in nurs'ng.
The board will take action on the
recommendations at its next meeting
March 17.
Shorts
Former students who interned in The program i3 for students who have
Washington D.C. or other out-of-state Ued or want t0 appIy for fatcrn.
programs will share their experiences rr J
veb. 23 at 4 p.m. in 324 Burnett Hall ships in Washington, D.C. or elsewhere.
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