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."