Bass at Capitol to Push Bid for American S&L; : Wants to Avoid Hearing on $550-Million Offer

Private investor Robert M. Bass went to Capitol Hill Thursday to explain why his offer to buy American Savings & Loan is a good deal for everyone--and why he should not have to testify about it before Congress.

The effort marked a rare public appearance for the 40-year-old Texas billionaire, who has developed a deep-seated aversion to publicity. Bass has yet to explain publicly why he wants to buy insolvent American Savings, which is headquartered in Stockton and has offices all over California.

Thrift regulators announced Sept. 5 that the Robert M. Bass Group had agreed to acquire American Savings with $550 million in new capital. The government, through the Federal Savings and Loan Insurance Corp., agreed to provide a $2-billion assistance package to complete the rescue effort.

Bass met privately Thursday with members of the House Banking Committee, including its chairman, Fernand J. St Germain (D.-R.I.). St Germain, who could not be reached for comment, recently questioned the terms of the sale and called on Bass to testify before his committee.

Bass was squired around to the various congressional offices by California Rep. Richard H. Lehman (D-Sanger), whose district includes Stockton. American Savings employs about 1,800 people in the Stockton area, making Lehman a strong supporter of the rescue effort.

Bass defended the sale, which is still not final, and discouraged efforts to get him to testify, Lehman said in a telephone interview. “He wants to avoid misunderstandings that might come of the hearings,” the lawmaker said.

The visit apparently went unnoticed by reporters, who have been seeking interviews with Bass since April, when his desire to buy American Savings was first publicized. “No one recognized him,” Lehman said.