This book provides an excellent study of a case, or set of cases, in which politics, especially in the form of extreme regulatory capture, combined with sociopathic (no exaggeration) self-service by private actors. And the result? Large numbers of political and economic elites siphoning off resources from the large mass of Americans in the form of loan guarantees, tax breaks and ultimately bailouts.
If this sounds familiar, it should. As a matter of fact, in the concluding chapter, the writer all but predicts that, because underlying issues have been punted, history will repeat itself. And guess what? And guess what? During the dotcom bubble and the 2008 mortgage crash, you can find the same processes of regulatory capture, and (again) sociopathic self-service by our economic and political elites.
The book is written in an engaging style. As a matter of fact, the writer played a minor role in the events he's unfolding for us. However, the he is describing financial sleight of hand. The actors make repeated claims as to the legitimacy of their behavior that are frankly difficult to understand. (That's key as to how they get away with it.) It took me some head scratching and re-reading to get a grip on exactly how their arguments were flawed. And then it's clear as day that these guys are nothing more than the scummiest of thieves. And so are the politicians they buy. But by then, everyone has made their score, and they've hired their teams of accountants and attorney. They'll be fine. The rest of us, who are left unable to pay for teachers, or police or medical care, or who lose our houses? Well who cares? (Like I said- sociopaths.)
Read this book. If you are a citizen, a parent, or just want to protect yourself, you need to get an ever better understanding of how this works.
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The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry Hardcover – January 1, 1990
by
Martin Mayer
(Author)
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Traces the events, policies, and players in the savings and loan scandal, exposing the duplicity of thrift operators, lawyers, and politicians, and criticizing current plans for reform of the banking system
- Print length354 pages
- LanguageEnglish
- PublisherScribner
- Publication dateJanuary 1, 1990
- Dimensions1.4 x 6.4 x 9.5 inches
- ISBN-109780684191522
- ISBN-13978-0684191522
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Editorial Reviews
From Publishers Weekly
Mayer ( The Bankers ) here sounds a roaring indictment of grand thievery in the deregulated savings and loan industry, for which taxpayers are being billed billions in restitution costs for scores of S & L failures. Citing Charles H. Keating's Lincoln S & L among many others, Mayer not only denounces enormous profits based on Federal Deposit Insurance but suggests that members of Congress, bank regulators, Wall Street investment bankers and top accounting and legal firms condoned the pyramiding of speculative, overvalued and even nonexistent assets--all in return for campaign contributions, huge fees and self-perpetuating commissions. Names are named and nuts and bolts revealed, but the book's greatest virtue at times becomes its only drawback: the numbingly detailed intricacies--and blatant knavery--of each case history is almost beyond comprehension. BOMC and Fortune Book Club alternates.
Copyright 1990 Reed Business Information, Inc.
Copyright 1990 Reed Business Information, Inc.
From Library Journal
This popular business and financial writer ( The Bankers, LJ 2/1/75) has done extensive research to provide an up-to-date and very readable account of the savings and loan industry debacle. Like several other authors who've written on this during the past year, Mayer traces what happened and documents the activities of key personalities; however, Mayer's book is distinguished by his pertinent questions regarding the impact of the debt both in general and on the future of the industry itself, and his account of current activities of government agencies such as the newly formed Resolution Trust Corporation. A timely book that will most likely be in demand at public libraries.
- Steven J. Mayover, Free Lib. of Philadelphia
Copyright 1990 Reed Business Information, Inc.
- Steven J. Mayover, Free Lib. of Philadelphia
Copyright 1990 Reed Business Information, Inc.
Product details
- ASIN : 0684191520
- Publisher : Scribner (January 1, 1990)
- Language : English
- Hardcover : 354 pages
- ISBN-10 : 9780684191522
- ISBN-13 : 978-0684191522
- Item Weight : 1.4 pounds
- Dimensions : 1.4 x 6.4 x 9.5 inches
- Best Sellers Rank: #1,154,582 in Books (See Top 100 in Books)
- #93,494 in Business & Money (Books)
- Customer Reviews:
Customer reviews
4.8 out of 5 stars
4.8 out of 5
18 global ratings
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Top reviews from the United States
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Reviewed in the United States on July 12, 2020
Reviewed in the United States on February 6, 2023
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Reviewed in the United States on April 8, 2015
Book was in great condition. Great read. The parallels two decades later is a little sad.
Reviewed in the United States on November 5, 2013
This is the 2nd time I have read this book in almost 25 Years. It proves Wall Street and the Feds are in bed together and we can all look forward to more financial collapses like 1988 and 2008. Sadly, the cycle will repeat again and again.
Reviewed in the United States on August 21, 2009
This is an excellent book that goes over the saving and loans thefts back in the 80's... basically tells you that the same scam is happening today with the Banks. all the politicians are connected. they are all corrupt.
Top reviews from other countries
DOPPLEGANGER
5.0 out of 5 stars
DISTURBING REVELATIONS OF CULPABILITY
Reviewed in the United Kingdom on June 5, 2015
Between 1980 and 1994 more than 1000 Savings and Loans enterprises and 1600 Banks closed or needed Government ie Taxpayer bailouts with the largest number domiciled in Texas. This spectacular but largely avoidable rifling of Joe Public's pockets cost upwards of $1 Trillion.
This excellent book by experienced financial journalist and author, of course gives chapter and verse of the many individual miscreants who perpetrated this blatant fraud which through lax, incompetent legislation, and regulation was extremely easy to execute, but also deals with those in government that were responsible for allowing things to fester and deteriorate into massive losses.
In the Authors view the Reagan led legislation directed at taking the shackles off the S & L industry to enable it to compete for deposits on an equal footing with Banks etc. was in theory a sound free market philosophy but in reality and subsequent practice and interpretation ignored the temptation by many to play fast and loose with Federally guaranteed deposits. The downhill spiral into financial armageddon was started by Richard Pratt, an early chief of The Federal Home Loans Bank who did away with much of the restraints on S & L's to be prudent and sensible with their running. His successor Edwin Gray, tried hard to steady the ship and reintroduce a semblance of control in the fiscal running of S & L's but he was thwarted all along the way by Congress under the influence of Speaker Jim Wright and other congressmen who were being unduly influenced by the political donations to their parties and selves by the very people who were filching vast swathes of cash out of the companies for personal extravagances and benefit. When he was forced out he was replaced by Danny Wall, whose unwillingness to take remedial action to stem the ever spiralling fraudulent losses in the face of overwhelming evidence of criminal deception, led to the cost to the taxpayer increasing by many more hundreds of $millions.
Many books have been written about the collapse of The Savings and Loan Industry, as it makes fascinating reading, containing just about every type of greed motivated financial crook/conman/grifter it is possible to conjure up. When the reins were loosened on the S & L business just about every specimen of low life crawled out from under the rocks, and for a good few years nobody squished them with a resolute foot, by which time vast sums of taxpayers money was washed down the drains.
Mr Mayers very interesting, impeccably researched, hard to put down account ranks very highly in the ranks of books on this subject. If you only read a few books on the subject this must be one of them.
This excellent book by experienced financial journalist and author, of course gives chapter and verse of the many individual miscreants who perpetrated this blatant fraud which through lax, incompetent legislation, and regulation was extremely easy to execute, but also deals with those in government that were responsible for allowing things to fester and deteriorate into massive losses.
In the Authors view the Reagan led legislation directed at taking the shackles off the S & L industry to enable it to compete for deposits on an equal footing with Banks etc. was in theory a sound free market philosophy but in reality and subsequent practice and interpretation ignored the temptation by many to play fast and loose with Federally guaranteed deposits. The downhill spiral into financial armageddon was started by Richard Pratt, an early chief of The Federal Home Loans Bank who did away with much of the restraints on S & L's to be prudent and sensible with their running. His successor Edwin Gray, tried hard to steady the ship and reintroduce a semblance of control in the fiscal running of S & L's but he was thwarted all along the way by Congress under the influence of Speaker Jim Wright and other congressmen who were being unduly influenced by the political donations to their parties and selves by the very people who were filching vast swathes of cash out of the companies for personal extravagances and benefit. When he was forced out he was replaced by Danny Wall, whose unwillingness to take remedial action to stem the ever spiralling fraudulent losses in the face of overwhelming evidence of criminal deception, led to the cost to the taxpayer increasing by many more hundreds of $millions.
Many books have been written about the collapse of The Savings and Loan Industry, as it makes fascinating reading, containing just about every type of greed motivated financial crook/conman/grifter it is possible to conjure up. When the reins were loosened on the S & L business just about every specimen of low life crawled out from under the rocks, and for a good few years nobody squished them with a resolute foot, by which time vast sums of taxpayers money was washed down the drains.
Mr Mayers very interesting, impeccably researched, hard to put down account ranks very highly in the ranks of books on this subject. If you only read a few books on the subject this must be one of them.
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