FDIC Sues Economist Laffer: The Federal Deposit...
FDIC Sues Economist Laffer: The Federal Deposit Insurance Corp. sued economist Arthur Laffer, seeking more than $45,800 in fees he collected from the now-defunct Commonwealth Bank as part of a three-year contract to serve as one of the bank’s directors. The federal lawsuit maintains that Laffer was advanced $75,000 for the three-year term in 1983, but worked only about one year and has refused to repay the fee for the two years he is alleged not to have served. The bank was put into receivership in September, 1987, then taken over by Capital Bank. (Court Case No. 90-5164. Filed Sept. 24, 1990)
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