Bush Accepts S&L; Chief’s Resignation, Offers Him Praise
President Bush, in a letter released today, accepted the resignation of M. Danny Wall as overseer of the nation’s savings and loan institutions and praised the embattled regulator for his “unselfish” decision to quit.
“As the first director of the Office of Thrift Supervision, you served during the important organizational phase of the new agency,” Bush told Wall in a four-paragraph letter dated Wednesday.
“I thank you for your hard work in that position, and for your unselfish recognition that the job of revitalizing the industry demands the complete and undistracted attention of the agency’s entire leadership and staff,” the President wrote.
Wall announced his resignation on Monday, bowing to demands in Congress that he quit because of his handling of the S&L; crisis.
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