The Nation - News from Oct. 10, 1989

A real estate investment firm will close and absorb a $675,000 loss rather than continue an association with its manager--a former federal housing official linked to recent scandals at the Department of Housing and Urban Development, New York Newsday reported. Eagle Capital Ltd. is shutting down, but Joseph Monticciolo, former New York regional administrator for HUD, will go to work at other companies of the firm’s founder, the newspaper quoted Eagle’s lawyer as saying. Monticciolo, HUD regional administrator from 1981 to 1988, testified in July before a House subcommittee that he earmarked large sums of HUD money for developers who later became partners at Eagle Capital.