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To: Robert O who wrote (145874)10/25/2001 12:49:37 PM
From: pgerassi  Read Replies (1) of 186894
 
Robert:

Your incomprehension of the word single boggles my mind. How can you hold a job with this lack of comprehension many children would be ashamed to have? A single fraud case generated by one company is $1+ billion. That is just one case? How many S&L companies failed or were bailed out? 100's? 1000's? Probably more than 10K?

You think it is fraud to make a bad loan and fail to get back the money? Then every bank in business for a few years is guilty of fraud many times over. You could not make such a charge stick and you know it! Then, we must remove all the money paid to S&L bailouts due to bad decisions, RE crashes and the like. WE can only look at the loans generated to fraudulently obtain money from the bank, pay outs to friends, etc. This was what 10% of the problem? 5%? 2%?

Then much of the cost was generated by interest by bonds to get the money for the bailout. This is not part of the fraud, no matter what! This is how your representatives to government wanted to pay for it. Besides, you do not include in your calculations the amount generated in taxes or benefits gained by bailing them out or the costs associated with making them fail. These subtract from your figures. Thus, you are obviously inflating the impact by the method you use to calculate the cost over the net cost truly suffered by the bailout.

Given the above, the fraud per S&L failure is well under $10 million. You have yet to name one instance of a S&L failure that had a net cost of $1+ billion.

Aggragate costs do not match against one cost. You are comparing individual apples against orange orchards.

Pete
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