Tuesday, November 27, 2012
And You Thought They Were Only "Minor" Crooks
"Neil Bush was into bank fraud, Jeb was into political fraud, George W. was into corporate fraud, Marvin was into general fraud and George Bush Sr. was into them all".
Master Crooks - Neil, George Jr., George Sr., and Jeb Bush
“What is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax-payers are who was robbed.”
Reference: The Bush family and the S&L Scandal
The Savings and Loan industry had been experiencing major problems through the late 60s and 70s due to rising inflation and rising interest rates. Because of this there was a move in the 1970s to replace the role of S&L institutions with banks.
In the early 1980s, under Reagan, 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.
A history of the S&L situation can be found here:
What is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax payers are who was robbed.
The problems occurred in the Savings and Loan industry as they relate to theft because the industry was deregulated under the Reagan/Bush administration and restrictions were eased on the industry so much that abuse and misuse of fund became easy, rampant, and went unchecked. Additional facts on the Savings and Loan Scandal can be found here: http://www.inthe80s.com/sandl.shtml