Savings and loan fraud

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Event.png Savings and loan fraud (Financial fraud)
Savings and loan fraud.jpg
Date 1986 - 1995
Location US
Perpetrators The cabal,  Neil Bush,  Jeb Bush
Interest of Pete Brewton, Brian Downing Quig
Description "The largest theft in the history of the world", carried out in broad daylight, with legislative assistance. So many US politicians were directly or indirectly involved, that it was never properly exposed and efforts are ongoing to try to hide the fact that it was no mere accident.

The Savings and loan fraud was a covert removal of hundreds of billions of dollars of assets from US savings institutions, which took place from the late 1980s to the early 1990s. It was presented by most of the commercially-controlled media as an unfortunate accident. The beneficiaries were senior US establishment figures, some of whom were involved in legal changes which made it possible.

Official Narrative

Wikipedia refers to the event as the "Savings and loan crisis", and lists a set of causes as if it were an unforeseen event.[1] As with the commercially-controlled media in general, it obscures the fact that in financial transactions, every billion dollars lost to the taxpayer is a dollar is a billion dollars which someone else gains.

Problems

The S & L fraud was entirely predictable and Pete Brewton suggests in no way accidental.[2] It has been called "the largest theft in the history of the world" (before the modern "bailouts", of which it was a foreshadowing).[3]

Background

US bank failures 1970 1980.png

In the early 1980s, under Ronald Reagan, Vice President George H. W. Bush managed regulatory changes took place that gave the S&L industry new powers and for the first time in history measures were taken to increase the profitability of S&Ls at the expense of promoting home ownership.[2]

Bush Family

As well as George Bush Sr., Neil Bush (reprimanded by federal regulators for the "multiple conflicts of interest") and Jeb Bush were implicated in the S & L fraud.[3]

Prosecutions

Charles Keating, who notoriously lead the plunder of Lincoln Savings was jailed. Don Dixon faced indictments stemming from the collapse of his S&L group, Vernon Savings and Loan.[4] Prosecutions however hardly scratched the surface of those involved. Pete Brewton states that this was because the US Congress was full of people who had personally profited and so could be counted on to oppose a real investigation.[2]

Profit

Pete Brewton has estimated that the S & L Fraudsters netted perhaps $500 billion not including profits made from the resultant property price bubble.[2] Another estimate puts the cost at $1.4 trillion.[3]  

Examples

     Page name     
Lincoln Savings
Vernon Savings and Loan


References