Credit markets frozen. New housing frozen. Record foreclosures. Circular arguments about government responsibility and government fixes. Class action suits by investors. Criminal investigations. If this sounds familiar in 2008, it's because we lived it before. SAVING FACE is author Bill King s retelling of the savings and loan collapse and its aftermath. Enlivened by his often harrowing experiences as a major player in that industry, SAVING FACE narrates the ways in which the S&L crisis affected the everyday lives of real people at every level of the economy. King shows that eerily similar forces are at play today. King documents the origins of the collapse in Depression era policies that went awry in the 1970s. He then shows how the government, instead of proactively addressing the problem, ignored and denied the very existence of a problem. Ultimately, when the crisis could no longer be swept under the rug, Congress and government regulators blamed the fiasco on S&L crooks. But in 1993 an independent Federal Commission debunked the S&L crook explanation, declaring: It is important to realize that fraud was not the cause of the S&L debacle. Through hundreds of interviews and meticulous research, King traces the true dynamics of the collapse, drawing comparisons to intervening crises -- even scandals -- in government contracting and securities regulations, all the way to the sub-prime meltdown of 2007 - 2008 and the hat-in-hand reality of major financial institutions going begging for survival funds overseas. SAVING FACE shows in vivid detail how we repeat a cycle of almost willful ignorance, and resulting pain from Wall to Main -- for reasons that need not be. In his final section, Lessons Learned, King shows us the beginning of an end to economic insanity, making SAVING FACE a cautionary must-read for every concerned American.
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Editorial Reviews
Review
As a federal prosecutor caught up in the maelstrom of what came to be known as the Savings & Loan Crisis the lessons of that era have not been lost on me. As we wait to see how far-reaching the ripple effects of the sub-prime mortgage collapse will be, these lessons -- which lay at the heart of Bill King's book about events of nearly 20 years ago -- remain important and critical today. --Michael E. Clark - Former Assistant U.S., Attorney and Chief of Criminal Division-Houston, 1993-1997 Adjunct Professor, University of Houston Law Center
If you read accounts [written] of the S&L debacle while it was happening during the '80s and '90s, you read quite a lot of fiction. What really occurred is much more interesting, even more sensational. Bill King has described in his book what could happen, in fact, what did happen, to him, a Texas lawyer, who tried to follow the myriad regulatory rules while owning and operating a thrift. This book is an excellent read and a must for those of us who lived through and survived this troubling period. --Arthur Leibold - Former General Counsel, Federal Home Loan Bank Board (1969-1972) Former Board Emeritus, American Bar Endowment
If you read accounts [written] of the S&L debacle while it was happening during the '80s and '90s, you read quite a lot of fiction. What really occurred is much more interesting, even more sensational. Bill King has described in his book what could happen, in fact, what did happen, to him, a Texas lawyer, who tried to follow the myriad regulatory rules while owning and operating a thrift. This book is an excellent read and a must for those of us who lived through and survived this troubling period. --Arthur Leibold - Former General Counsel, Federal Home Loan Bank Board (1969-1972) Former Board Emeritus, American Bar Endowment
About the Author
William E. King is a businessman and attorney in Houston, Texas. Shortly after leaving the University of Houston Law School, King became deeply involved in the savings and loan industry in the early 1980s, just ahead of its cataclymic collapse. After disengaging from the savings and loan industry in the late 1980 s King practiced law in Houston and was a principal in several businesses. He has been actively engaged in the civic life of the Houston area, serving as the mayor of Kemah, Texas, and on the boards of many charitable boards including the Fire Fighters Foundation of Houston, Interfaith Ministries and Boys & Girls Harbor.
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Most Helpful Customer Reviews
5.0 out of 5 stars
Saving Face is a winner,
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This review is from: Saving Face: An Alternative and Personal Account of the Savings & Loan Crisis (Hardcover)
The most frustrating thing about living through the saving and loan crisis of the late eighties & early nineties was trying to explain to family and friends what was happening and how the government was reacting to the crisis. At the time as an Architect/Developer with a number of projects being funded by various S&L and watching in disbelief as the whole mess evolved and the government draconian actions crushed everyone no mater the cirmistances.
Bill King has done a masterful job explaining the entire situation from the point of view of someone who was in the thick of things, fighting the insane government reactions in dealing with the S&L melt down. His superb research established a clear historical context to the entire S&L tragedy and for me it has certainly filled in a lot of blanks. This is a must read if you have any interest in a factual description of the whole S&L tragedy, how the government responded and the impact of their actions on the people and instutions caught up in their grand sweep to clean up the mess. Clifford H. Carlin Architect
5.0 out of 5 stars
A Different Perspective,
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This review is from: Saving Face: An Alternative and Personal Account of the Savings & Loan Crisis (Hardcover)
Bill Kings new book, Saving Face, gives the reader a real insight to the events that formed Bill King's politics and personal positions. It is an inside view from someone who lived through the Savings and Loan debacle and survived to tell about it. It is a good read, especially the last chapter, Lessons Learned and the Epilogue offer an interesting glimpse into the thinking of a person who has given a great deal to his community and community service.
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