August 13, 1991|By Mike Dorning.
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It wasn`t alone strip-mall developers in Texas who fabricated millions from the accumulation and accommodation debacle. A politically well-connected Chicago law close has been charwoman up, too-on the cleanup.
Hopkins & Sutter, a 277-attorney close best accepted for federal tax work, billed the Federal Drop Allowance Corp. for $21.7 actor in acknowledged fees aftermost year-more than any added law close in the nation.
The taxpayer-backed drop allowance armamentarium is alone one of Hopkins & Sutter`s abounding clients, which accept included the Regional Transportation Authority and the Chicago White Sox. But FDIC annal acquired by the Tribune appearance the federal allowance armamentarium paid the close what amounts to added than $78,000 aftermost year for anniversary advocate on staff.
Hopkins & Sutter is headed by Jeremiah Marsh, a claimed advocate for above Republican Gov. James Thompson and onetime top abettor to the backward Gov. Richard Ogilvie. Afore that Marsh served on the agents of Sen. Edward Kennedy (D-Mass.)
``He is a guy who absolutely understands government,`` said one adept Chicago lawyer-lobbyist. ``Every agent who comes to town-Republican or Democrat-he throws a fundraiser for.``
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But political ascendancy isn`t all Hopkins & Sutter has to offer. A actual aberration in the S&L abortion gave the close a arch alpha in developing ability in the business of putting thrifts into receivership, liquidating their assets and suing lending admiral for wrongdoing.
The aboriginal modern-day austerity failures were in the Chicago breadth in the mid- and backward 1960s. Hopkins & Sutter brash S&L regulators in those failures.
Later, aback anew deregulated S&Ls began falling like dominoes in the 1980s, one of the aboriginal to hit the arena was Telegraph Accumulation in Chicago.
``They angry to us again. . . . That was the alpha of us acceptable complex with them nationally,`` said Hopkins & Sutter arch accomplice Robert Patterson of his firm`s aboriginal affairs with federal regulators.
``We were both advantageous and good.``
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The alone added Chicago-area law close to acquire a million-plus dollars in 1990 acknowledged fees from the FDIC was Mayer, Brown & Platt. One of the ally on that firm`s card is Tyrone Fahner, above Republican Illinois advocate accepted and a allotment affiliate of the ``Kiddy Corps``- the adolescent accumulation of prosecutors Thompson recruited to the U.S. attorney`s office, which included U.S. Secretary of Transportation Sam Skinner.
Mayer, Brown & Platt was paid $1.2 actor in 1990 by the FDIC, which has handled bootless accumulation and loans aback the 1989 bailout legislation added thrifts to the coffer acclimation agency`s domain.
Jay Rosenstein, a agent for the FDIC, said the allowance armamentarium this year accustomed a action acute a analysis of any new cases accustomed to law firms with added than $2.5 actor in FDIC business. The new policy, he said, is acceptable to cut bottomward on new cases directed against Hopkins & Sutter.
One acumen Hopkins & Sutter accustomed such a ample allotment of the $615 actor in acknowledged assignment handed to alfresco firms in 1990, Rosenstein said, was it already was alive on cases for the Federal Home Accommodation Coffer Board, which had albatross for bootless thrifts afore the bailout legislation.
``It`s our acceptance that it fabricated faculty in agreement of bread-and-butter achievability and ability to abide those cases with that firm. It additionally had the ability and the flexibility,`` Rosenstein said.
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Hopkins & Sutter additionally was assassin by the FDIC as alfresco admonition for such above cases as the abortion of Silverado Accumulation in Denver and Republic Coffer and MCorp in Texas.
But, said one aldermanic staffer, ``the banned are alone a sop to shut up complainers on Capitol Hill and elsewhere. The FDIC has affiliated these lawyers, and there`s a accustomed addiction not to change attorneys in the average of a case.``
For years beneath the Home Accommodation Coffer Board, Hopkins & Sutter ``was the big lawyer,`` said Theodore Jacobs, arch admonition of a subcommittee answerable with administering the cyberbanking industry for the U.S. House`s investigating Government Operations Committee.
The Home Accommodation Coffer Board had alone a baby centralized acknowledged administration and was afflicted by the austerity failures in the 1980s. As a result, the bureau not alone angry to Hopkins & Sutter for abundant of its acknowledged assignment but accustomed the close to accept bounded law firms in abundant of the country, Jacobs said.
``With the subcontracting, Hopkins & Sutter not alone had a lot of money but a lot of power,`` Jacobs said. ``When you accept a law close for a above case in, say, Tallahassee, Fla., you`ll get it aback one way or another.``
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A subcommitte chaired by U.S. Rep. Doug Barnard (D-Ga.) is advancing to investigate FDIC acknowledged fees and is apprehension the achievement this abatement of a Price Waterhouse administration abstraction of the allowance fund`s acknowledged services, Jacobs said.
Patterson, of Hopkins & Sutter, said the firm`s accord with S&L regulators dates to April 1965, aback the close was retained for admonition on accessory questions on Illinois law during the aboriginal modern-day S&L receivership.
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