Savings and Loan scandal
Main article: Savings and Loan crisis
In 1981, after leaving the House Banking Committee, Hyde went on the board of directors of Clyde Federal Savings and Loan, whose chairman was one of Hyde's political contributors. According to Salon.com, from 1982 until he left the board in 1984, Hyde used his position on the board of directors to promote the savings and loan's investment in risky financial options. In 1990, the federal government put Clyde in receivership, and paid $67 million to cover insured deposits. In 1993, the Resolution Trust Corporation sued Hyde and other directors for $17.2 million. Four years later, before pretrial investigation and depositions, the government settled with the defendants for $850,000 and made an arrangement exempting Hyde from paying anything. According to Salon.com, Hyde was the only member of the congress sued for "gross negligence" in an S&L failure.[9]
[edit] Extramarital affair
In 1998, the Internet magazine Salon.com published "This Hypocrite Broke Up My Family" which stated that from 1965 to 1969, Hyde conducted an extramarital sexual affair with Cherie Snodgrass. At the time, Snodgrass was married to another man with whom she had had three children. The Snodgrasses divorced in 1967. Hyde said the affair ended when Snodgrass' husband confronted Mrs. Hyde. The Hydes reconciled and remained married until Mrs. Hyde's death in 1992. Hyde, who was 41 years old and married when the affair occurred, admitted to the affair in 1998, describing the relationship as a "youthful indiscretion".[10] The revelation of this affair took place as Hyde was spearheading the impeachment hearings of President Bill Clinton over the Monica Lewinsky scandal.
