Robert E. Barnett, then-chairman of the Federal Deposit Insurance Corporation, used federal money to pay for personal expenses. These expenses included private tennis club membership fees, buying locks for the doors of his house, and personal travel expenses for his wife.
For the countless thousands of dollars in “outrageous expenditures,” Sen. William Proxmire, a Democrat from Wisconsin, gave the FDIC a Golden Fleece award for wasteful and nonsensical spending.
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