Word: ls
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...thugs in ski masks who drained billions and billions of dollars from the nation's S&Ls. It was hundreds of (mostly) respected citizens in pinstripes who, seeing that deregulation had left the door to the vault wide open, walked in and grabbed what they could -- or at the very least allowed others...
...rich. Last week Senate judiciary subcommittee chairman Howard Metzenbaum called on the government to tear up a deal made by M. Danny Wall, former chairman of the Federal Home Loan Bank Board, with Arizona insurance executive James Fail. In 1988 Wall allowed Fail to acquire 15 insolvent Texas S&Ls in exchange for $1,000 in cash and $70 million in borrowed money, and threw in $1.85 billion to cover the liabilities of the bankrupt thrifts. Fail in 1976 had been indicted for securities fraud in Alabama. Though the charge against Fail was dropped, a company he controlled pleaded guilty...
...biggest financial scandal in U.S. history. But the Dixon case underscored the difficulty of prosecuting complicated financial crimes. The Government took more than three years to build its case against Dixon alone. And U.S. officials have not yet investigated 7,000 more tips about possible fraud at S&Ls. With so many leads and limited resources, the Justice Department may be able to prosecute only the most egregious misdeeds that befell thrifts in the 1980s...
...indictment describes him, Dixon embodied the high-rolling style of oil-patch opportunists. In the early 1980s Congress wrongheadedly tried to help struggling thrifts earn higher returns by liberating them to invest in virtually anything they wanted. Crafty entrepreneurs began building the S&Ls into fast-buck enterprises by sinking money into marinas, golf courses and even uranium mines...
...although last year it left $26 million unspent out of a fraud-fighting budget of $75 million. "These complicated white-collar-crime cases take time to develop," says Attorney General Dick Thornburgh. In north Texas alone, the Government is investigating more than 500 individuals affiliated with 38 different S&Ls...