The ex-chairman of Bell Savings has acknowledged...

The ex-chairman of Bell Savings has acknowledged liability for more than $165 million in the collapse of the savings and loan association and admitted spending Bell money for home improvements, a plane and church contributions. In the settlement, David Butler gives up his claim to $290,000 from his bank account and to 1.4 million shares of Bell stock that federal agents seized nearly three years ago, the Sacramento Bee reported. The Federal Savings & Loan Insurance Corp.’s attorney said the settlement will allow the agency to recover its losses from Butler’s insurance policies, which are worth $150 million.