Journalist and Washington insider James O'Shea tells the amazing story of BigBad Don Dixon, who took over a small, well-managed Texas Savings and Loan andturned it into a billion dollar boondoggle.
--This text refers to an out of print or unavailable edition of this title.
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Book Description
Editorial Reviews
From Publishers Weekly
The extent of the S & L disaster--now estimated at $500 billion--continues to grow in impact as the press discloses fresh examples of greed, fraud and incompetence involving accounts, appraisers, lawyers, and bank and government officials, a few of whom must now face televised Senate Ethics Committee investigations. An editor at the Chicago Tribune , O'Shea here offers an astute appraisal of the political, economic and social climate which fostered the thrifts crisis. The author focuses on entrepreneur Donald Dixon's purchase of a seemingly sound, federally insured Vernon, Tex., S & L which--thanks in part to Reagan-era deregulations--allowed Dixon to fund reckless ventures and a lavish lifestyle, despite $3 billion invested in delinquent loans. So huge was the thrift's disarray and fraud by 1986, when federal officials seized it, that O'Shea contends the bank should have been closed, not salvaged. Major ad/promo; author tour.
Copyright 1991 Reed Business Information, Inc.
Copyright 1991 Reed Business Information, Inc.
From Library Journal
In 1981 when Don Dixon purchased Vernon Savings and Loan from R.B. Tanner in Vernon, Texas, he must have had an inkling of what the future was going to be with regards to deregulation. Dixon's experience is the subject of this revealing book by a noted Chicago Tribune writer. O'Shea not only documents the demise of this small S & L but traces the history of the thrift debacle to date, detailing the roles of key players such as Edwin L. Gray. Although not as comprehensive as Martin Mayer's The Greatest Ever Bank Robbery ( LJ 10/1/90), this book does, however, provide a readable, thought-provoking account of one element in this costly mess. Previewed in Prepub Alert, LJ 11/15/90.
- Steve J. Mayover, Free Lib. of Philadelphia
Copyright 1991 Reed Business Information, Inc.
- Steve J. Mayover, Free Lib. of Philadelphia
Copyright 1991 Reed Business Information, Inc.
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Most Helpful Customer Reviews
4 of 4 people found the following review helpful:
5.0 out of 5 stars
Rollicking analysis of an S&L's collapse,
By
This review is from: Daisy Chain (Hardcover)
James Shea adopts a twangy vernacular to skewer the inflation and deflation of Don Dixon's Texas savings and loan. Dixon took advantage of deregulation and profited handsomely. Whether it was intentional fraud or opportunism is up to the reader to decide, but the book is written like a summer detective novel. It's better than so much of the hack work out there, and it's true! I recommend this in addition to "Funny Money" by Mark Singer.
1 of 1 people found the following review helpful:
5.0 out of 5 stars
Daisy Chain,
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This review is from: The Daisy Chain: How Borrowed Millions Sank a Texas S&L (Paperback)
A must read for anyone in the Banking industry. Well written and easy to follow the "chain" of events. Although the specifics of the problems back in the early 80's were different, the meltdown we experienced in 2008/2009 was based on the same basic weakness...greed.
5.0 out of 5 stars
Deregulation Sucks,
This review is from: Daisy Chain CST (Audio Cassette)
This book is about the savings and loan debacle that occurred after President Reagan deregulated the industry in the 1980's. It is an enthralling retelling of the chain of events that eventually lead to the collapse of the entire industry. It illustrates the greed of corporate executives and the creative accounting tactics they used to make immense wealth while leaving the rest of their customers to pay the price. It's a great book that doesn't require an MBA to understand. I had never heard of S&L's before reading this book, and it shocked me that such a thing ever happened. It also shows how fragile the banking system in this country can be if powerful people get greedy. This book is a great read for anyone interested in banking or economics.
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