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Lowy avoids the easy answers, like blaming it on fraud and greed, and explains how something of this magnitude could occur under the noses of those who should have protected the taxpayer.
Paul M. Horvitz, University of Houston Market forces, not scoundrels, destroyed the savings and loan business. So says Martin Lowy in what is truly an inside look at the savings and loan crisis. Drawing upon his experience as a practicing attorney, bank officer, and savings and loan director, Lowy provides an expert account of the problems that have overwhelmed the nation's savings institutions and their government regulators.
High Rollers is the first book on the S&L crisis that provides an analytical groundwork for technical and nontechnical readers--so that both can comprehend what happened. Lowy's clear, readable style allows him to quickly describe the origins of the problems in new market forces and new technologies, and how the problems grew out of control as a result of regulatory mistakes and congressional inaction. Even his discussions of real estate lending practices and accounting issues are, in the words of Professor Horvitz, both clear to the novice and instructive to the professional.
Sommario
Preface
Introduction
Chronology
How It HappenedFixed Rates in a Volatile World
How Insured S&Ls Fail
Dick Pratt Figures Out How to Run a Bankrupt Federal Insurance Fund
The False Spring of 1983
Real Estate Lending 101
Permissive Loan Fee Accounting--The Linchpin
Mammon Against the God of Home Ownership
Ed Gray Tries to Cope and the World Goes Galloping By
The Big Texas Disaster
The Laws Trash the Trash
Silverado, Lincoln and CenTrust
The Junk Bond Connection
Fraud and Misconduct 101
Wall Street Remakes the Mortgage Business
Politics as Usual--Everybody Fiddles While the FSLIC Burns
Danny Wall and the 1988 Deals
FIRREA
What Caused How Much of the Losses?
High Rollers
The Lessons of the PieceEvaluating Deregulation
Because Banks Are Where the Money Is
The Importance of Counting
Avoid Complexity That No One Can Understand
Supervision and Enforcement
Regulation Can't Tame Technology or Market Forces
Deposit Insurance Reform
The Future of Thrift Institutions
Postscript
Appendix: Dynamics of a Broke S&L
Selected Bibliography
Index
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Martin Lowy
