Savings and Loan Scandal

min0 lee · 05-07-2006, 10:19 PM

Here are some facts on the infamous S&L scandal of the eighties which we are still paying for.

The Savings and Loan scandal is the largest theft in the history of the world.
Deregulation eased restrictions so much that S&L owners could lend themselves money.
The Garn Institute of Finance, named after Senator Jake Garn, co-authored the deregulation of the industry and received $2.2 million from industry executives.
Neil Bush, George Bush's son, never servered time in jail for his part in running an S&L into the ground.
Represenative Fernard St. Germain, who was head of the House of Representatives banking, co-authored the deregulation and was voted out of office after other questionable dealings and was sent back to D.C. as an S&L lobbiest.
Charles Keating, when asked if massive lobbying efforts had influenced the government officials, he replies "I certainly hope so."
The rip-off began in 1980 when the government raised the federal insurance on S&L's from $40,000 to $100,000 even though the typical savings account was only around $6000.
Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine.
James Fail invested $1000 of his own money to purchase 15 failing S&L's. The government reimbursed him $1.85 billion in federal subsidies.
It sometimes took over 7 years to close failing S&L's by the government.
When S&L owners who stole millions went to jail, their sentances were typically one-fifth that of the average bank robber.
The goverment bail out will cost the taxpayers around $1.4 trillion dollars when it is over.
If the White House had stepped in and bailed out the S&L's in 1986 instead of delaying until after the 1988 elections, the cost might have been only $20 billion.
With the money lost from the S&L scandals, the government could have provided prenatal care for every American child for the next 2,300 years.
With the money lost from the S&L scandals, the government could have purchased 5 million average homes.
The authors of "Inside Job", a book about the S&L scandal, found criminal activity at every S&L they investigated.

Facts were taken from"Inside Job" and "It's a Conspiracy! by the National Insecurity Council

min0 lee · 05-07-2006, 10:21 PM

Just a little trip down memory lane.

**Mudge** · 05-07-2006, 11:53 PM

Michael Milken is another "impressive" story on debauchery of the dollar

Decker · 05-08-2006, 08:52 AM

It's amazing how Bush's son skated on any jail time whatsoever. When I was in real estate law classes back in lawschool, we briefly touched on the S&L scandal. The heart of the matter was that any oversight for managing loans was removed or marginalized so that accountability went out the window. Loans for construction could be floated w/out any proof that any building was being completed. So you can see how the potential for abuse was soooooo low. Organized crime was licking its chops at the passage of the deregulation legislation. Reagan said, "I really think we hit the jackpot with this one!" GH Bush bailed out the S&Ls so that the money stolen by his son could be repaid by the taxpayer.

No real surprise here from the deregulation crowd. It's much easier to rob the bank when you fire the guards, remove the closed circuit cameras and hire goons to replace cops. Bush et al. have been doing 'business' like this for years.
http://search.barnesandnoble.com/boo...70032646&itm=3

And that book was written by a Nixon republican.

DOMS · 05-08-2006, 09:20 AM

Quote:

Originally Posted by Mudge

Michael Milken is another "impressive" story on debauchery of the dollar

I've met Mike Milken. He really is the sleaze ball that people make him out to be.

BigDyl · 05-08-2006, 09:40 AM

Big Smoothy · 05-08-2006, 10:41 AM

Quote:

Originally Posted by Mudge

Michael Milken is another "impressive" story on debauchery of the dollar

He did time in a country club.

DOMS:

How and under what circumstances did you meet him?

DOMS · 05-08-2006, 11:01 AM

Quote:

Originally Posted by Mr_Snafu

He did time in a country club.

DOMS:

How and under what circumstances did you meet him?

I met him at a function (I can't remember what, it was years ago, it may have been a charity event) in Van Nuys California. He was doing a met-and-greet among the guests. I was able to talk to him for a few minutes. He came off like a real shyster. He (over) used a lot of pseudo-intelligent words and phrases like "per se" and "i.e.". That, and he just look greasy. It's hard to explain, he just looked...unsavory. I was only 23 years old or so and I didn't know much about the S&L scandal, so I wasn't biased because of that. I just didn't like him.

Big Smoothy · 05-08-2006, 11:09 AM

^ I think your instincts told you something, and that they probably were right.

There is an interesting book (among others) called,

"Den of Thieves" written by James B. Steward.

DOMS · 05-08-2006, 11:21 AM

Quote:

Originally Posted by Mr_Snafu

^ I think your instincts told you something, and that they probably were right.

There is an interesting book (among others) called,

"Den of Thieves" written by James B. Steward.

I'll give it a try.

Yes, I am a good judge of character (It's one of my gifts). So far I've lived in the lower class and the middle class, and lately I've been rubbing shoulders with the upper class (though, fiscally, I'm still very much middle class). Going through all of that, I've seen the wide spectrum of Americans. Most are descent, if a bit limited in scope.

TJ Cline · 05-10-2006, 01:28 AM

Quote:

Originally Posted by min0 lee

Here are some facts on the infamous S&L scandal of the eighties which we are still paying for.

The Savings and Loan scandal is the largest theft in the history of the world.
Deregulation eased restrictions so much that S&L owners could lend themselves money.
The Garn Institute of Finance, named after Senator Jake Garn, co-authored the deregulation of the industry and received $2.2 million from industry executives.
Neil Bush, George Bush's son, never servered time in jail for his part in running an S&L into the ground.
Represenative Fernard St. Germain, who was head of the House of Representatives banking, co-authored the deregulation and was voted out of office after other questionable dealings and was sent back to D.C. as an S&L lobbiest.
Charles Keating, when asked if massive lobbying efforts had influenced the government officials, he replies "I certainly hope so."
The rip-off began in 1980 when the government raised the federal insurance on S&L's from $40,000 to $100,000 even though the typical savings account was only around $6000.
Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine.
James Fail invested $1000 of his own money to purchase 15 failing S&L's. The government reimbursed him $1.85 billion in federal subsidies.
It sometimes took over 7 years to close failing S&L's by the government.
When S&L owners who stole millions went to jail, their sentances were typically one-fifth that of the average bank robber.
The goverment bail out will cost the taxpayers around $1.4 trillion dollars when it is over.
If the White House had stepped in and bailed out the S&L's in 1986 instead of delaying until after the 1988 elections, the cost might have been only $20 billion.
With the money lost from the S&L scandals, the government could have provided prenatal care for every American child for the next 2,300 years.
With the money lost from the S&L scandals, the government could have purchased 5 million average homes.
The authors of "Inside Job", a book about the S&L scandal, found criminal activity at every S&L they investigated.

Facts were taken from"Inside Job" and "It's a Conspiracy! by the National Insecurity Council

Typical Republican scum

**Mudge** · 05-10-2006, 01:56 AM

Quote:

Originally Posted by DOMS

I've met Mike Milken. He really is the sleaze ball that people make him out to be.

Nice to know then that he got interested in charity work after his sentence was served. Wonder where that money went?

Big Smoothy · 05-10-2006, 11:52 AM

^ Michael Milken is a Billionaire basically - today.

He runs a companty worth a Billion dollars.

During his trial he did a lot of charity work with "minority" kids trying to put out as much of a "good-guy image" as possible.

Check out "Den of Thieves" by James B. Stewart,

and also "Predators Ball."

05-07-2006, 10:19 PM	#1
min0 lee Senior Member Elite Member Join Date: Oct 2004 Location: The Bronx, NYC Posts: 38,792 Photos: 542	Savings and Loan Scandal Here are some facts on the infamous S&L scandal of the eighties which we are still paying for. The Savings and Loan scandal is the largest theft in the history of the world. Deregulation eased restrictions so much that S&L owners could lend themselves money. The Garn Institute of Finance, named after Senator Jake Garn, co-authored the deregulation of the industry and received $2.2 million from industry executives. Neil Bush, George Bush's son, never servered time in jail for his part in running an S&L into the ground. Represenative Fernard St. Germain, who was head of the House of Representatives banking, co-authored the deregulation and was voted out of office after other questionable dealings and was sent back to D.C. as an S&L lobbiest. Charles Keating, when asked if massive lobbying efforts had influenced the government officials, he replies "I certainly hope so." The rip-off began in 1980 when the government raised the federal insurance on S&L's from $40,000 to $100,000 even though the typical savings account was only around $6000. Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine. James Fail invested $1000 of his own money to purchase 15 failing S&L's. The government reimbursed him $1.85 billion in federal subsidies. It sometimes took over 7 years to close failing S&L's by the government. When S&L owners who stole millions went to jail, their sentances were typically one-fifth that of the average bank robber. The goverment bail out will cost the taxpayers around $1.4 trillion dollars when it is over. If the White House had stepped in and bailed out the S&L's in 1986 instead of delaying until after the 1988 elections, the cost might have been only $20 billion. With the money lost from the S&L scandals, the government could have provided prenatal care for every American child for the next 2,300 years. With the money lost from the S&L scandals, the government could have purchased 5 million average homes. The authors of "Inside Job", a book about the S&L scandal, found criminal activity at every S&L they investigated. Facts were taken from"Inside Job" and "It's a Conspiracy! by the National Insecurity Council How To Do The Perfect Bench Press Rep Bodybuilding and Lifting Weights, the Difference ironmagazine-frapper

05-07-2006, 10:21 PM	#2
min0 lee Senior Member Elite Member Join Date: Oct 2004 Location: The Bronx, NYC Posts: 38,792 Photos: 542	Just a little trip down memory lane. How To Do The Perfect Bench Press Rep Bodybuilding and Lifting Weights, the Difference ironmagazine-frapper

05-07-2006, 11:53 PM	#3
Mudge Dieting I swear! Super Moderator Join Date: Jun 2002 Location: Here Posts: 23,477 Photos: 1	Michael Milken is another "impressive" story on debauchery of the dollar Kinesiology Comp Bench MaxCalc Motivation Bench form Charles Poliquin When I let go of what I am, I become what I might be. Lao-Tzu

05-08-2006, 11:09 AM	#9
Big Smoothy Windy City Elite Member Join Date: Jan 2004 Location: Chicago Posts: 3,267	^ I think your instincts told you something, and that they probably were right. There is an interesting book (among others) called, "Den of Thieves" written by James B. Steward. Military men are dumb, stupid animals, to be used as pawns for foreign policy – Henry Kissinger (January-February 2003 edition of Eagle Newsletter)

05-10-2006, 11:52 AM	#13
Big Smoothy Windy City Elite Member Join Date: Jan 2004 Location: Chicago Posts: 3,267	^ Michael Milken is a Billionaire basically - today. He runs a companty worth a Billion dollars. During his trial he did a lot of charity work with "minority" kids trying to put out as much of a "good-guy image" as possible. Check out "Den of Thieves" by James B. Stewart, and also "Predators Ball." Military men are dumb, stupid animals, to be used as pawns for foreign policy – Henry Kissinger (January-February 2003 edition of Eagle Newsletter)

05-08-2006, 08:52 AM	#4
Decker % Elite Member Join Date: Feb 2005 Location: Milwaukee Posts: 2,051	It's amazing how Bush's son skated on any jail time whatsoever. When I was in real estate law classes back in lawschool, we briefly touched on the S&L scandal. The heart of the matter was that any oversight for managing loans was removed or marginalized so that accountability went out the window. Loans for construction could be floated w/out any proof that any building was being completed. So you can see how the potential for abuse was soooooo low. Organized crime was licking its chops at the passage of the deregulation legislation. Reagan said, "I really think we hit the jackpot with this one!" GH Bush bailed out the S&Ls so that the money stolen by his son could be repaid by the taxpayer. No real surprise here from the deregulation crowd. It's much easier to rob the bank when you fire the guards, remove the closed circuit cameras and hire goons to replace cops. Bush et al. have been doing 'business' like this for years. http://search.barnesandnoble.com/boo...70032646&itm=3 And that book was written by a Nixon republican.

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