Credit unions failed all over the US in the late 1980s. In general it was badly managed loans, but there were cases of self-dealing. The then governor of Maryla

Credit unions failed all over the US in the late 1980s. In general it was badly managed loans, but there were cases of self-dealing. The then governor of Maryland, Harry Hughes, was doomed when it came out that he had a year or two earlier received a report predicting exactly what then happened, but had taken no steps to prevent the crisis. He lost in the Democratic primary.