Savinvgs_And_Loan_Scandal

Savinvgs And Loan Scandal · 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 sl, government, sl's, money, years, scandals, owners, over, million, lost, jail, industry, house, garn, federal, failing, deregulation, cost, co-authored, billion, bank, average, around, represenative, neil, james, deregulation, charles