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Saving Face: An Alternative and Personal Account of the Savings & Loan Crisis Hardcover – March 24, 2008
The Amazon Book Review
Author interviews, book reviews, editors picks, and more. Read it now
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
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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While Brewton's contract with Simon & Schuster Publishers was to have provided Alice Mayhew, editor of Woodard & Bernstein's All The President's Men because of the power of his investigative journalism and his meticulous documentation of the facts, that account was purposely delayed. Brewton's publishing contract with S&S was derailed in 1992 a very important election year between GHWB, Clinton and H. Ross Perot. Admitting that Pennzoil's head and GHWB friend, Hugh Leidtke, would have been in in a position at the time to influence the Simon & Schuster decision on Brewton's book, Brewton's was a book that if released timely in early 1992, the year that FINCEN (Financial Crimes Enforcement Network investigation into Saudi influencing peddling in the USA whose FBI liason, Brian Bruh, had also been the FBI liason to the Knapp (AKA the Frank Serpico Commission whose 29 year old leading prosecutor was Rudy Giuliani) could have more widely prepared people for the 2008 housing bubble that was essentially an extension of the 1980's S&L bamboozle. Serpico, you will remember, was so confident that Rudy and the Knapp Commission had rooted out corruption in NYC that he left the country. Now we have King's insider analysis from the same city as Brewton as an alternative view with which to compare our notes and adjust our view of history accordingly from both ground zeros....Houston and New York. Well done!
In light of the 2016 release of the redacted 28 pages of the Official 911 Report on Saudi influence relative to the 911 disaster, Salem Bin Laden's ownership of the Houston Gulf Manor Airport (razed after 911 and turned into a Tuscan housing development), Houston as ground zero for the S&L crisis as evidenced by Brewton's book....and as we now know was the dress rehearsal for the 2008 housing bubble-burst and financial meltdown. Read and reread this excellent alternative view from not only Jim Bath's partner, but from a former attorney with Bracewell & Giuliani Law Firm, Rudy only leaving for the former law firm of K-Street lobbyist, Jack Abramoff, in 2015. Read, too, Bill King's articles contributed to the Houston Chronicle whose Managing Editor is Vernon Loeb (formerly at the Washington Post where Loeb oversaw the embellished stories of the death of Pat Tillman and rescue of Jessica Lynch before moving on to co-author the book ALL IN: The Education of General David Petraeus with author Paula Broadwell whose relationship with Petraeus cost him his position as Director of the CIA).
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