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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

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