Favorite

Return of Count Ed 

Dracula can't stop biting necks and Ed Bethune can't stop debasing Arkansas politics. Persistence is but one of the traits they share.

Bethune swooped into Little Rock the other day to endorse Tim Griffin, a Republican candidate for the U.S. House of Representatives seat that Bethune once held himself, until the peasants broke down the door. The affinity is obvious, Griffin being a rather nasty piece of work on his own, and a protege of Karl Rove, than whom there is no work nastier. Griffin's preparation for the office of congressman includes the diligent removal of black voters from registration lists in Florida.

But even such a man as that can be tarnished by a kiss from Ed Bethune. The days when Bethune was running for public office in Arkansas were peculiar times indeed. Once, he called a news conference to announce that he would not make an issue of the fact that his opponent had belonged to the American Civil Liberties Union, in the same way that Richard Nixon called press conferences to announce that he would never accuse his opponent of Communism, no matter how strong the evidence, which he just happened to have brought with him. Against another opponent, Bethune edited a tape recording to boldly misrepresent the other fellow's position, and put it on the air as the real thing. After rejection by the voters, Bethune became president and CEO of First Federal Savings and Loan, the largest S&L in Arkansas, while simultaneously serving as chairman of the state Republican Party. When Bethune took the helm at First Federal in January of 1987, the institution had total assets of $1.7 billion. By August of '87, First Federal was $22.1 million in the hole. Bethune resigned in September, departing by golden parachute. He got $368,000 for his services, including $259,000 in severance pay and $109,000 of his $200,000 annual salary. First Federal ended that fiscal year $83.9 million in the red. It collapsed in June 1989 at a cost to taxpayers of $833 million. Around the same time, Madison Guaranty Savings and Loan, which had been headed by Jim McDougal, a friend of President Bill Clinton, went under at a cost of $73 million. The federal Resolution Trust Corporation, Republican-controlled at the time, spent 13 hours investigating First Federal, and 5,661 hours investigating Madison Guaranty, despite an FBI memo that said the affairs of First Federal were believed to have “much greater prosecutive potential.” Bethune went on to Washington to be an “ethics adviser” to Newt Gingrich. What else was he suited for?
Favorite

From the ArkTimes store

Comments

Subscribe to this thread:

Add a comment

More by Arkansas Times Staff

Most Shared

Latest in Editorials

  • The end of an era

    We're sad to report that Doug Smith has decided to retire. Though he's been listed as an associate editor on our masthead for the last 22 years, he has in fact been the conscience of the Arkansas Times. He has written all but a handful of our unsigned editorials since we introduced an opinion page in 1992.
    • May 8, 2014
  • A stand for equality

    Last week, Attorney General Dustin McDaniel became the first elected statewide official to express support for same-sex marriage. His announcement came days before Circuit Judge Chris Piazza is expected to rule on a challenge to the state's constitutional ban on same-sex marriage. Soon after, a federal challenge of the law is expected to move forward. McDaniel has pledged to "zealously" defend the Arkansas Constitution but said he wanted the public to know where he stood.
    • May 8, 2014
  • Same old, same old

    Remarking as we were on the dreariness of this year's election campaigns, we failed to pay sufficient tribute to the NRA, one of the most unsavory and, in its predictability, dullest of the biennial participants in the passing political parade.
    • May 1, 2014
  • More »

Visit Arkansas

Brant Collins named Group Travel Manager for Arkansas Department of Parks and Tourism

Brant Collins named Group Travel Manager for Arkansas Department of Parks and Tourism

Collins to work toward increasing visitation to Arkansas by groups and promoting the state's appeal

Event Calendar

« »

March

S M T W T F S
  1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31  

Most Recent Comments

  • Re: More on pits

    • " ... people are laughing," oh thank you ever so - I do want people…

    • on March 29, 2017
  • Re: More on pits

    • "investigator of both sides": I prize a good dog over a smart-mouthed fool any day…

    • on March 29, 2017
  • Re: More on pits

    • So pit bulls do not kill or main humans, their owners do. Sounds just like…

    • on March 29, 2017
 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation