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In 1988 the newspapers showed a list of the 100 S&L failures that were designated by the feederal authorities as highest priority for investigation and prosecut

In 1988 the newspapers showed a list of the 100 S&L failures that were designated by the feederal authorities as highest priority for investigation and prosecution. This article did not mention that list. Since that time, I have never been able to find a scorecard on how many of those 100 cases led to legal consequences for the perps. Anyone here have any such info?

themagician 3y ago
Keating is the name that is known, but I do believe it was hundreds of people. Like, hundreds of people did (some) jail time. But as Martin Shkreli would say, "I just want to let you know, jail is not that bad. So don't fret – I hope it doesn't happen. If it does happen...it's not that bad."
- jimt1234 3y ago
  The name I remember was Neil Bush, who escaped any real consequences, and it was just a coincidence that his dad was George W. Bush, Vice President, and later the President of the United States.
  - wombatpm 3y ago
    I remember John McCain being involved as well as one of the Keating 5. Part of the reason I never voted for him.
throw0101b 3y ago
> The savings and loan debacle was one-seventieth the size of the current crisis, both in terms of losses and the amount of fraud. In that crisis, the savings and loan regulators made over 30,000 criminal referrals, and this produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice. But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted. We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history. * https://billmoyers.com/2013/09/17/hundreds-of-wall-street-execs-went-to-prison-during-the-last-fraud-fueled-bank-crisis/ https://billmoyers.com/2013/09/17/hundreds-of-wall-street-ex... It would take some digging to go through press releases and such: > NEVIS was convicted in 1989 of 24 felony bank fraud charges in the District of Oregon arising from the collapse of State Federal Savings and Loan of Corvallis. He initially was sentenced to a term of imprisonment for two years, to be followed by probation for a period of five years, with restitution in the amount of $2 million to be paid in annual installments of $400,000 as a condition of probation. * https://www.justice.gov/archive/opa/pr/Pre_96/November95/584.txt.html https://www.justice.gov/archive/opa/pr/Pre_96/November95/584... I'm sure there's a body of research on it, but you'd have to have decent search-fu to know which keywords for particular academic articles and such.
- lucas_membrane 3y ago
  Thanks for the links. I'd seen the high body count for the total put away for the entire S&L crisis, but never knew that it actually focused so well on those cases. I had personal connections to two persons involved one way or another. One had definitely deserved some consequences for one of the top 100 cases, but avoided them. The other was pretty much a rank-and-file front-line employee of a mom-and-pop S&L. His name was on the wrong documents because of a fairly common combination of inadvertence, indiscretion, dumbth, and wanting to keep his job; he was severely punished.

themagician 3y ago

Keating is the name that is known, but I do believe it was hundreds of people. Like, hundreds of people did (some) jail time. But as Martin Shkreli would say, "I just want to let you know, jail is not that bad. So don't fret – I hope it doesn't happen. If it does happen...it's not that bad."

jimt1234 3y ago
The name I remember was Neil Bush, who escaped any real consequences, and it was just a coincidence that his dad was George W. Bush, Vice President, and later the President of the United States.
- wombatpm 3y ago
  I remember John McCain being involved as well as one of the Keating 5. Part of the reason I never voted for him.

throw0101b 3y ago

> The savings and loan debacle was one-seventieth the size of the current crisis, both in terms of losses and the amount of fraud. In that crisis, the savings and loan regulators made over 30,000 criminal referrals, and this produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice. But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted. We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history. * https://billmoyers.com/2013/09/17/hundreds-of-wall-street-execs-went-to-prison-during-the-last-fraud-fueled-bank-crisis/ https://billmoyers.com/2013/09/17/hundreds-of-wall-street-ex... It would take some digging to go through press releases and such: > NEVIS was convicted in 1989 of 24 felony bank fraud charges in the District of Oregon arising from the collapse of State Federal Savings and Loan of Corvallis. He initially was sentenced to a term of imprisonment for two years, to be followed by probation for a period of five years, with restitution in the amount of $2 million to be paid in annual installments of $400,000 as a condition of probation. * https://www.justice.gov/archive/opa/pr/Pre_96/November95/584.txt.html https://www.justice.gov/archive/opa/pr/Pre_96/November95/584... I'm sure there's a body of research on it, but you'd have to have decent search-fu to know which keywords for particular academic articles and such.

lucas_membrane 3y ago
Thanks for the links. I'd seen the high body count for the total put away for the entire S&L crisis, but never knew that it actually focused so well on those cases. I had personal connections to two persons involved one way or another. One had definitely deserved some consequences for one of the top 100 cases, but avoided them. The other was pretty much a rank-and-file front-line employee of a mom-and-pop S&L. His name was on the wrong documents because of a fairly common combination of inadvertence, indiscretion, dumbth, and wanting to keep his job; he was severely punished.