Enter your mobile number below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
Getting the download link through email is temporarily not available. Please check back later.

  • Apple
  • Android
  • Windows Phone
  • Android

To get the free app, enter your mobile phone number.

Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

S & L Hell: The People and the Politics Behind the $1 Trillion Savings and Loan Scandal Hardcover – May, 1993

3.8 out of 5 stars 8 customer reviews

See all 4 formats and editions Hide other formats and editions
Price
New from Used from
Kindle
"Please retry"
Hardcover
"Please retry"
$18.71 $0.01

Best Books of the Year So Far
Looking for something great to read? Browse our editors' picks for the Best Books of the Year So Far in fiction, nonfiction, mysteries, children's books, and much more.
click to open popover

Editorial Reviews

From Publishers Weekly

In a hackle-raising expose of the S & L scandal, Day, who covered this financial disaster for the Washington Post , estimates that the debacle not only will cost taxpayers more than $1 trillion but will force the administration to nationalize the nation's thrifts. With a masterly grasp of her complex subject, she traces the scandal from an Ohio thrift's collapse in 1985 to the workings of the global banking system, and defines the roles that financial, political and criminal individuals or groups knowingly or unknowingly played following the Reagan era's thrift deregulation policies, which provided a "license to gamble," especially in risky real estate loans. Day records that it was not until late 1991 that the Bush administration publicly recognized that the taxpayers would have to foot the bill for the S & L "cleanup," a program of closing, seizing, and selling the $500 billion assets of failed trusts. So far, only a pittance has been recovered through legal prosecution of the guilty.
Copyright 1993 Reed Business Information, Inc.

From Library Journal

Day retells the unfortunate details that led to what she calls "the costliest scandal in the country's history." As a reporter for the business section of the Washington Post , Day covered the events as they unfolded from 1986 through 1990. Early 1980s legislation changed the conservative nature of S&L investments, giving license to unprincipled or naive officials of thrift institutions to squander depositors' money with the knowledge that the government would guarantee individual accounts up to $100,000. With a gift for seeing irony in the sordid events of this story, Day highlights certain unforgettable personalities whose monstrous capacity for self-indulgence came at the expense of the public interest. Though the ground has been covered before, this is a worthwhile addition to the literature of this watershed debacle.
- Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1993 Reed Business Information, Inc.
NO_CONTENT_IN_FEATURE

New York Times best sellers
Browse the New York Times best sellers in popular categories like Fiction, Nonfiction, Picture Books and more. See more

Product Details

  • Hardcover: 416 pages
  • Publisher: W W Norton & Co Inc; First Edition edition (May 1993)
  • Language: English
  • ISBN-10: 0393029824
  • ISBN-13: 978-0393029826
  • Product Dimensions: 1.5 x 6.5 x 9.5 inches
  • Shipping Weight: 1.6 pounds
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #1,375,137 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
A very humanist approach to the S&L scandal. A great read, Day keeps the audience spellbound as she takes us from Ohio, Maryland all around the problem states. An informative yet intersting read. This could have been written in a dry and factual format, I'm glad it wasn't. I highly recommend this book on the S&L scandal if you want to learn more on the subject, or just a good book to read.
Comment 5 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Paperback
In her Introduction to this 1993 book, Kathleen Day (a reporter for the Washington Post) said, "The savings and loan debacle is the costliest scandal in the country's history. Bailing out the S&L industry will cost taxpayers at least $500 billion over the next few years and more than $1 trillion over the next several decades... this book doesn't advance a grand theory. Inistead it tells the history of the scandal through the stories of the principal players."

She wrote, "Hundreds of unhealthy S&Ls created what bankers likened to a cancer. Bankers argued that sick thrifts undermined the strength of healthy financial institutions on two fronts. Ailing S&Ls eroded public confidence ... and they sparked unfair, cutthroat competition by offering higher than market rates to lure deposits that they could sink into risky but potentially high-yielding investments they hoped would let them outgrow their problems." (Pg. 229)

Lawmakers faulted the new chairman of the Federal Home Loan Bank Board, arguing that he "failed to sound the alarm when the industry was being consumed." (Pg. 334) After President Bush had unveiled his bailout plan, "the Treasury official in charge of the cleanup... (tried) to convince reporters not to call the administration's program a bailout. He and his colleagues favored the term 'cleanup.' The money... was not going to bail out shareholders, who generally lost everything when the thrifts failed, but to depositors." (Pg. 375)

Day summarizes, "Regulators estimate that fraud played some role in 75 percent of the thrifts that failed. But economists argue that ... there was at least as much simple incompetence by thrift managers who plunged institutions into risky business they knew little about." (Pg. 387)

This is one of the best books written on the savings and loan crisis.
Comment One person found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Paperback
Set in different times to show a historical perspective of the banking industry and regulation but very applicable to today.
Comment 2 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Paperback Verified Purchase
Take your time reading this book. I have to read if for a class in grad school. It is actually a very good and insightful book. I would highly recommend that you take your time to really understand all of the connections and situations explained throughout the book. It will be that much more rewarding in the end!
Comment 2 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse