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Last week the General Accounting Office, the investigative arm of Congress, issued a harsh report accusing Bush's Justice Department of failing to put enough resources into investigating the criminal dealings that resulted in the collapse of hundreds of S&Ls. Nearly 2,800 financial institutions went bankrupt in 1981 and 1992, with losses that could eventually total $300 billion. The Justice Department has almost 10,000 investigations under way, and its defenders point out that it has so far won 95% of its prosecutions for S&L fraud...
...says the U.S. government, which claims a "landmark" victory in making that case. Ernst & Young, one of the Big Six accounting firms, agreed to pay a near record fine of $400 million to settle a slew of cases charging it with failing to blow a whistle on S&Ls it audited. For example, say the feds, the firm failed to challenge fictitious sales of real estate made by the now defunct Lincoln Savings & Loan in order to inflate its reported profits. Ernst & Young might have been socked $1 billion if it had lost all the individual cases the government...
...well be that full disclosures of their investments will reveal the real reasons for their original secrecy, especially when the lists of their owners, stockholders and partners are scrutinized for other connections. Uncannily such secrecy of operations cannot help but invite comparisons with recent national scandals of S&Ls, for which results even our grandchildren will still have to pay the price of their wrongdoings. If HMC is to be considered as an integral part of the University, standing on its own bottom, then one cannot escape the conclusion that it is a very leaky bottom indeed--sinking into...
Commercial banks and S&Ls confidently assure loan applicants that under federal law, qualifying for a home mortgage isn't a black-and-white issue -- it's green. Theoretically and legally, the sole criterion is whether the borrower can repay the loan. But a new nationwide survey by the Federal Reserve Board shows that in 1991 banks denied home mortgages to 37% of all black applicants but only 17% of whites. Sadly, income disparities don't account for the gap. Even among the highest income blacks, 23% of applicants were denied loans, vs. 9% for whites of comparable income...
...drillers and developing countries. "All you had to do to get a loan in the 1980s was have a pulse," says Jon Goodman, vice chairman of California United Bank. The resulting avalanche of bad loans forced the U.S. to allocate nearly $100 billion to bail out the S&Ls and set aside a $70 billion credit line for cleaning up the banks. To prevent such a disaster from happening again, Congress and the Bush Administration fired off a barrage of tough new banking standards. But when federal regulators began enforcing the new rules with an iron fist, many banks...