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Strategies & Market Trends : Waiting for the big Kahuna
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To: James F. Hopkins who wrote (22647)7/29/1998 7:08:00 PM
From: Elllk  Read Replies (2) of 94695
 
Jim

With respect to the S&L fiasco, the enormity of it, even as it grew and grew was hidden and denied over and over again. One indication of how well is that Ronald Reagan never addressed it or said one word about it while in office. An objective was to postpone full revelation until after the 1988 election. That was only partly to help Bush. The main reason was to be sure that by the time it became public it would be so enormous that only the government could handle the bailout.

Guys like Seidman and Greenspan played their roles. Greenspan, before he became Fed Chairman, wrote reports on 16 S&Ls, including Charles Keating's infamous Lincoln S&L, saying in each case that they were sound and well managed. Fifteen of the 16 failed.

Larry
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