By Kitty Calavita
At a value of $500 billion to American taxpayers, the discount rates and personal loan debacle of the Nineteen Eighties was once the worst monetary challenge of the 20th century in addition to against the law remarkable in American historical past. but nearly all of its perpetrators is not really prosecuted, and people who have been have bought minimum sentences. within the first in-depth scrutiny of the methods and technique of this catastrophe, this groundbreaking ebook involves stressful conclusions in regards to the planned nature of this monetary fraud, the political collusion concerned, and the leniency of the felony justice procedure in facing those "Gucci-clad white-collar criminals."Using fabric from over 100 interviews with executive officers and leaders and lately declassified records, the authors convey how--contrary to past govt and "expert" causes that chalked the catastrophe as much as enterprise dangers long gone awry or antagonistic fiscal conditions--S&L leaders engaged in planned fraud, stealing from their very own companies to take a position on high-risk ventures. Tempted by means of the assurance web, perpetrators looted their very own associations in a brand new form of white-collar crime the authors dub "collective embezzlement."Big funds Crime additionally demonstrates how systematic political collusion--not simply coverage errors--was a serious element during this unheard of sequence of frauds. Bringing jointly information from a number of executive enterprises, the authors supply a detailed analyzing of the song checklist of prosecutions and sentencing and locate that "suite crime" gets even more lenient remedy than "street crime," regardless of its considerably larger ticket. The publication concludes with a few modest, yet no much less pressing, coverage techniques to counter the present deregulatory development and to avoid a replay of the S&L debacle in different monetary sectors.FROM THE BOOK:"We equipped thick partitions; we now have cameras; we've got time clocks at the vaults . . . a lot of these controls have been to guard opposed to someone stealing the money. good, you could thieve way more funds, and take it out the again door. easy methods to rob a financial institution is to possess one."--House Committee on executive Operations, 1988
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Additional info for Big Money Crime: Fraud and Politics in the Savings and Loan Crisis
Sample text
S. Department of Justice (Grant 90-IJ-CX-0059). C. S. Attorneys and the Criminal Division) who supplied us with information. In our three years of fieldwork we had personal contacts with hundreds of people with special expertise on and inside experience with the S&L scandal. We gratefully acknowledge the many people, to whom we promised confidentiality, who granted us lengthy interviews and freely shared their time. A number of government agencies were particularly helpful. S. S. ; the Office of the Comptroller of the Currency; and the congressional staff of the House and Senate Banking committees.
One clear-cut example of these obstacles involved a senior federal official who almost succeeded in derailing our project. From the outset our negotiations with his office over access to key data on thrift fraud were unnecessarily contentious. Even though the data we requested were readily available in computerized form and Page 8 could be easily downloaded onto floppy disks, this official refused to provide the disks. Instead, his staff gave us hard copy printouts for individual cases. We were then forced to laboriously re-create the original computerized format.
8 Counterintuitive as it may seem, Lowy contended that exposing individual culpability is a cover-up because it allows impersonal economic forces to go scot-free. None of these conflicting scenarios for the thrift crisis is really accurate. We take issue with the economists' claim that deliberate wrongdoing was a negligible factor in the thrift industry's demise and the multibillion-dollar tab to taxpayers. There are many problems with their contention that bad government and a bad economy, not bad people, lay at the heart of the thrift crisis.