Corruption

Corruption

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 Bushs 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&Ls 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,

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