page_title: Stephen Trafton
section_title: References
hierarchical_section_title: Stephen Trafton / References
caption_attribution_description: English: Franklin Summer Camp site 3.3 miles south of Cape Felix, King William Island
context_page_description: Stephen Trafton is a financial turnaround manager, land speed record holder, Arctic explorer and historian. In his position as the head of a major American bank, he also pursued a landmark breach-of-contract legal action against the U.S. Government. The suit asserted that the Federal Government is liable for damages due to a breach-of-contract on its part, even if that breach was caused by congressional action. This principle was upheld by the United States Supreme Court in a 7 to 2 ruling.
context_section_description: "THE MARKETING 100;GLENDALE FEDERAL BANK STEPHEN TRAFTON". Retrieved 2018-01-09. ...Trafton has become one of the nation's leading bank turnaround gurus...
  "GTO lays claim to World's Fastest Ferrari with 275.4 mph run". Autoblog.
  Peltz, James F. (May 9, 1993). "Living on Borrowed Time at Battered Glenfed". Los Angeles Times. Stephen Trafton is a mountain climber and explorer who's made several trips to King William Island in the Canadian Arctic, retracing the ill-fated expedition of British Capt. John Franklin that vanished in 1845.
  "GLENFED TRIUMPHS AGAINST U.S. : CEO SAYS TENACITY PAID OFF. - Free Online Library". www.thefreelibrary.com. Retrieved 2018-01-13. This shows that the government, like any citizen,can't walk away from its contracts.
  "PAGE ONE -- S&Ls Win Huge Ruling Against U.S. / Government could be liable for $20 billion". SFGate. Retrieved 2018-03-16.
  SAVAGE, DAVID G. (1996-07-02). "High Court Says U.S. Reneged on S & Ls, Must Pay". Los Angeles Times. ISSN 0458-3035. Retrieved 2018-03-15.
  PELTZ, JAMES F. (1993-05-09). "Living on Borrowed Time at Battered Glenfed : Banking: As a deadline nears for a government seizure, the giant S&L is fighting for its life in court. Glenfed claims the U.S. reneged on a key deal". Los Angeles Times. ISSN 0458-3035. Retrieved 2018-01-13.
  "Trafton to the rescue: how tough CEO put Glendale back in the race again". American Banker. Retrieved 2018-01-13.
  KRAUL, CHRIS (1993-08-20). "Glendale Fed Wins OK to Recapitalize : Thrifts: Shareholders narrowly approve $425-million plan, setting stage for largest private restructuring". Los Angeles Times. ISSN 0458-3035. Retrieved 2018-01-13. Shareholders narrowly approved a $425-million recapitalization plan for Glendale Federal Bank, setting the stage for the largest private restructuring ever of a troubled thrift.
  "GLENDALE FEDERAL BANK, FSB, Plaintiffs, v. THE UNITED STATES, Defendant; No. 90-772C" (PDF). United States Court of Federal Claims. The government’s breach could also cost the institution its existence, and the taxpayers an additional $4-5 billion in liquidation costs.
  GROVES, MARTHA (1996-07-02). "For GlenFed Chairman, a Victory to Savor". Los Angeles Times. ISSN 0458-3035. Retrieved 2018-01-14. The victory was the Supreme Court's decision to uphold a 1994 ruling by a federal appeals court that the government had breached a contract with GlenFed and, therefore, was liable for damages.
  "FindLaw's United States Federal Circuit case and opinions". Findlaw. Retrieved 2017-12-26. The Government argues that Glendale's suit is an effort to defraud the Government. 
  "JUSTICES SIDE WITH GLENFED : AFTER 6-YEAR LEGAL BATTLE, SUPREME COURT RULES U.S. RENEGED ON CONTRACTS. - Free Online Library". www.thefreelibrary.com. Retrieved 2017-12-26. the government is liable for adhering to its contracts, even if Congress later changes the rules of the game.
  "United States v. Winstar Corp., 518 U.S. 839 (1996)". Justia Law. Retrieved 2018-01-15.
  Labaton, Stephen (1999-04-10). "West Coast S.& L. Wins $909 Million from Government". The New York Times. ISSN 0362-4331. Retrieved 2017-12-16. ...one of the largest judgments ever assessed against the Federal Government.
  LEE, DON (1993-11-30). "Back From the Brink : Glendale Federal's Stephen Trafton Seeks Profits After Helping S&L Avoid Seizure". Los Angeles Times. ISSN 0458-3035. Retrieved 2017-12-16.
  Tobenkin, David (November 25, 1991). "Where no man has gone before". Los Angeles Business Journal.
  Mullen, Liz (January 8, 1996). "Executive of the Year". Los Angeles Business Journal: 25. Won an appellate court judgment that may bring a multi-billion-dollar windfall to the thrift industry.
  Kuhn, Susan (May 15, 1995). "A New Stock Play in S&Ls". Fortune. pp. 67–72. Steve Trafton is a turnaround artist.
  Barrett, Amy (October 19, 1992). "GlenFed Hangs On To a Lifeline". Business Week. p. 99. When Trafton's beeper would sound - alerting him that a hiker was lost in Washington's Cascade Mountains - a helicopter would touch down atop the bank's skyscraper to whisk Trafton off to join in the search.
  Meredith, Ro
caption: Sir John Franklin Campsite found on King William Island
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