Savings And Loan

aka S And L

The U.S. Savings and Loan crisis of the 1980s and 1990s was the failure of several savings and loan associations in the United States. The ultimate cost of the crisis is estimated to have totaled around USD$160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government - that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts-, which contributed to the large Budget Deficit-s of the early 1990s. http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

Fraud and insider transaction abuses were the principal cause for some 20% of savings and loan failures the past three years and a greater percentage of the dollar losses borne by the Federal Savings and Loan Insurance Corporation (FSLIC).

The Keating Five were five United States Senators (US Senate) accused of Corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis De Concini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), Donald Riegle (D-MI), were accused of improperly aiding Charles Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB). http://en.wikipedia.org/wiki/Keating_Five


Edited: |

blog comments powered by Disqus