Mr. Hale conceded that the loans violated the Federal prohibition against small business investment company operators like himself personally benefitting from the money they lend.

O'Brien argued his loan did not violate NCAA bylaws because he knew Radojevic already had lost his amateur status by playing for money overseas.

The loans, worth hundreds of thousands of dollars, violated accounting requirements that auditors be independent of the companies they examine, the commission said.

Such loans violated federal election law, Tauzin noted.

The loan from his father may not violate state campaign finance laws, but the acknowledgment represents a political embarrassment for Mr. Spitzer.

Such loans violate Japan's Commercial Code, and they have been deemed unrecoverable by the bank.

The report criticized Ms. Mayer for not seeking legal advice on whether loans to Mr. Ebbers violated WorldCom's credit agreements.

But even if he was not, the loan itself would violate conflict-of-interest laws that seek to prevent business arrangements that might make it difficult for a supervisor to discipline an employee.

"The idea that the loan violated no law is false," Mr. Hevesi charged.

The settlement yesterday included no requirement for Delta to repay borrowers whose loans violated consumer protection and lending laws, unlike in the settlement with the state.