0
POPSS&L Scandal Tidbits * The rip-off began in 1980 when the government raised the federal insurance on S&L's from $40,000 to $100,000 even though the typical savings account was only around $6000. * Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine. * James Fail invested $1000 of his own money to purchase 15 failing S&L's. The government reimbursed him $1.85 billion in federal subsidies. * It sometimes took over 7 years to close failing S&L's by the government. * When S&L owners who stole millions went to jail, their sentances were typically one-fifth that of the average bank robber. * The goverment bail out will cost the taxpayers around $1.4 trillion dollars when it is over. * If the White House had stepped in and bailed out the S&L's in 1986 instead of delaying until after the 1988 elections, the cost might have been only $20 billion. * With the money lost from the S&L scandals, the government could have provided
Newest Clips
see Newest Clips
8
Latest Pops
Latest Comments
Most Pops
Tags
Print
Save
Turn on live update