S&L Crisis

The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S&L crisis) was the failure of 747 <a title="Savings and loan association" href="http://en.wikipedia.org/wiki/Savings_and_loan_association">savings and loan associations</a> (S&Ls aka thrifts). A Savings and Loan is a financial institution in the <a title="United States" href="http://en.wikipedia.org/wiki/United_States">United States</a> that accepts savings deposits and makes mortgage, car and other personal loans to individual members - a cooperative venture known in the <a title="United Kingdom" href="http://en.wikipedia.org/wiki/United_Kingdom">United Kingdom</a> as a <a title="Building Society" class="mw-redirect" href="http://en.wikipedia.org/wiki/Building_Society">Building Society</a>. The ultimate cost of the crisis is estimated to have totaled around <a title="United States dollar" href="http://en.wikipedia.org/wiki/United_States_dollar">$</a>160.1 billion, about $124.6 billion of which was directly paid for by the US government via a financial bailout under the leadership of George H.W. Bush—that is, the US taxpayer provided the funding for the bailout, either directly or through charges on their savings and loan accounts and increased taxes<a href="http://en.wikipedia.org/wiki/Savings_and_loan_crisis#cite_note-autogenerated1-0">[1]</a>—which contributed to the large <a title="Budget deficit" class="mw-redirect" href="http://en.wikipedia.org/wiki/Budget_deficit">budget deficits</a> of the early 1990s.

The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the <a title="Early 1990s recession" href="http://en.wikipedia.org/wiki/Early_1990s_recession">1990–1991 economic recession</a>. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, which was at the time the lowest rate since <a title="World War II" href="http://en.wikipedia.org/wiki/World_War_II">World War II</a>. <a href="http://en.wikipedia.org/wiki/Savings_and_loan_crisis#cite_note-autogenerated2-1">[2]</a>

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Silverado son neil denver  cost about 1 billion (whitewater macdougal 65$m, 10 less than starr)

<h3>Lincoln Savings and Loan</h3>

The <a title="Lincoln Savings and Loan Association" href="http://en.wikipedia.org/wiki/Lincoln_Savings_and_Loan_Association">Lincoln Savings</a> led to the <a title="Keating five" class="mw-redirect" href="http://en.wikipedia.org/wiki/Keating_five">Keating five</a> political scandal, in which five US senators were implicated in an influence-peddling scheme. It was named for <a title="Charles Keating" href="http://en.wikipedia.org/wiki/Charles_Keating">Charles Keating</a>, who headed Lincoln Savings and made $300,000 as political contributions to them in the 1980s. Three of those senators—<a title="Alan Cranston" href="http://en.wikipedia.org/wiki/Alan_Cranston">Alan Cranston</a> (D-CA), <a title="Don Riegle" class="mw-redirect" href="http://en.wikipedia.org/wiki/Don_Riegle">Don Riegle</a> (D-MI), and <a title="Dennis DeConcini" href="http://en.wikipedia.org/wiki/Dennis_DeConcini">Dennis DeConcini</a> (D-AZ)—found their political careers cut short as a result. Two others—<a title="John Glenn" href="http://en.wikipedia.org/wiki/John_Glenn">John Glenn</a> (D-OH) and <a title="John McCain" href="http://en.wikipedia.org/wiki/John_McCain">John McCain</a> (R-AZ)—were rebuked by the Senate Ethics Committee for exercising "poor judgment" for intervening with the federal regulators on behalf of Keating.<a href="http://en.wikipedia.org/wiki/Savings_and_loan_crisis#cite_note-az-keating-14">[15]</a>

<h3>[<a title="Edit section: Silverado Savings and Loan" href="http://en.wikipedia.org/w/index.php?title=Savings_and_loan_crisis&action=edit&section=13">edit</a>] Silverado Savings and Loan</h3>

Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. <a title="Neil Bush" href="http://en.wikipedia.org/wiki/Neil_Bush">Neil Bush</a>, son of then <a title="Vice President of the United States" href="http://en.wikipedia.org/wiki/Vice_President_of_the_United_States">Vice President of the United States</a> <a title="George H. W. Bush" href="http://en.wikipedia.org/wiki/George_H.W.Bush">George H. W. Bush</a>, was Director of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.<a href="http://en.wikipedia.org/wiki/Savings_and_loan_crisis#cite_note-15">[16]</a>

The US Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the <a title="Federal Deposit Insurance Corporation" href="http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation">Federal Deposit Insurance Corporation</a>; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement, the <a title="Washington Post" class="mw-redirect" href="http://en.wikipedia.org/wiki/Washington_Post">Washington Post</a> reported.<a href="http://en.wikipedia.org/wiki/Savings_and_loan_crisis#cite_note-WP-12-28-03-16">[17]</a>

As a director of a failing thrift, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners.[<a title="Wikipedia:Citation needed" href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed">citation needed</a>]

Neil Bush paid a $50,000 fine and was banned from banking activities for his role in taking down Silverado, which cost taxpayers $1.3 billion. A Resolution Trust Corporation Suit against Bush and other officers of Silverado was settled in 1991 for $26.5 million.

Big lies 154

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related?

<a href="http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International">http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International</a>

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LOOTING THE THIRD WORLD: During the '80s, Americans weren't the

only ones faced with cuts in social services and declining

standards of living. Between 1980 and 1985, average incomes in

Latin America fell by 9 percent. Some heavily indebted countries

like Argentina (where incomes dropped 17.7 percent) and Bolivia

(down 29.4 percent) fared even worse.

But, as the average Latin American suffered, wealthy elites used

banks like BCCI to take hundreds of billions of dollars out of

their homelands. Court documents and Senate hearings show that

Panama's Manuel Noriega, Iraq's Saddam Hussein, the Philippines'

Ferdinand Marcos, Haiti's Jean-Claude Duvalier and other dictators

used BCCI to steal billions of dollars from native countries. The

BCCI affair illustrates how large multinational corporations have

established close financial and political ties with corrupt

Third-World elites, who used Western arms sales, political

repression and the CIA to maintain their power (see accompanying

story in box). <a href="http://www.beyondweird.com/conspiracies/bcci-1.html">http://www.beyondweird.com/conspiracies/bcci-1.html</a>

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