Fred_Burns

Fred Burns 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 served 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, sl, government, sl's, money, out, deregulation, after, years, scandals, scandal, savings, owners, over, million, lost, jail, industry, house, garn, federal, failing, every, cost, co-authored, billion, bank, average, around, world, white, we, voted, until, typically, typical, trillion, took, time, though, themselves, theft, taxpayers, syphilis, subsidies, stole, stepped, st, sperm, son, sometimes