Page 87 - Learjet 35 News Today

1980s, savings and loans had invested in mortgages, were free to invest in what they wanted. >> they were taken over by entrepreneurs that saw them as piggy banks. >> vernon savings was shut down by regulators. sad else with $1.3 million in bad loans. the owner lived a life of private jets, yachts, mansions. >> they took risks that should have been untenable for a banker, when it went blewy, the industry went belly up. >> this is the third day of the run on the old court savings and loan associa...

We moved here, went to lincoln savings down here. >> how much did you venture. >> you really want to know? it was $30,000. for us that was quite a bit. >> capitalize on this, the bond salesmen were told, the weak, meek, ignorant are always good targets. >> the regulators look at this, say this guy is a disaster, man, we have to stop this. by that time keating had a construction company in arizona, thrifts in california. through several states. he was able to call on congressmen and senators and ...

>> the worse financial crisis in ohio history. a situation thats being called the worse banking crisis in the u.s. since the depression. >> in a deregulatory climate of the 1980s, savings traditionally invested only in mortgages. >> we are try to invest in anything they wanted. >> the entire snl got taken over by -- >> don dickinson lived a life of yachts and mansions. >> the entire industry ultimately went belly up. >> get in line. >> all right, quiet now. >> i am going to disperse a whole bunc...

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Under normal circumstances, they would acknowledge each others calls. >> brazilian air traffic control system in its overall shoddy performance had misprogrammed its own consoles, so it had given five radio frequents for the areas the pilots were in, four of which were in complete error, had nothing to do with that sector. unbelievable, right? but thats the way it was. >> even though they are cleared to fly at 37,000 feet, when one controller hands it off to another at end of his shift, he tells...

Charter company who had just bought a brand new, $25 million airplane, a legacy 600, a real beauty, a midsize corporate jet. and they said, why dont you fly back with us? the plane has 13 seats and there were 6 empty seats. sure, okay, im in. and that turned out to be certainly the most fateful decision of my life. >> september 29th, 2006. 2:52 p.m. the legacy, tail number 600 x-ray lima takes off from san jose dos campos. destination, the city of manaus, nearly four hours to the northwest. air ...

September 29th, 2006, seven miles above the brazilian amazon, a 737 collides with an embraer legacy. its a devastating accident. the 737 is rendered uncontrollable and plummets toward the ground. but the "legacy" is still in flight. its left winglet down and stabilizer damaged. as the pilots struggle to fly the plane, no one on board knows theres been a midair collision. what they do know is theyre in trouble. >> to think that you may not see your family or that theyre going to read about you an...

Colliding in the sky. but technology is more sophisticated than ever. so these types of accidents are actually less frequent than in the earlier days of passenger jet travel. that doesnt mean midair collisions dont happen anymore, because sometimes technology fails, and its nearly impossible to eliminate human factors. in 2006, this plays out with catastrophic consequences for two planes flying over the amazon -- a boeing 737 and a private corporate jet. >> i had gone to brazil on an assignment ...

It was just an amazing heroic act. its a big sky, until two planes end up in the same place. >> climb, climb. >> at the same time. 37,000 feet above the amazon, a corporate jet collides with a 737. >> every atom in my body i felt kind of implode. >> one mile above new york city, a dc-8 tears into the fuselage of a lockheed constellation. >> bang! i jumped up and i ran and i never looked back.

Reaching each other. when an on board system sounds an alert to both crews. >> the system is one of the great technological innovations in aviation safety. >> traffic. >> it provides the crew not only with a display of a potential conflicting airplane, it also provides commands that ensure separation. its a very, very smart system. >> on board the dhl cargo jet, it instructs them to descend. the crew responds immediately switching off the autopilot and beginning a accidedescend. the russian jet ...