Big Money Crime: Fraud and Politics in the Savings and Loan Crisis - True Financial Crime Story for Investors, Historians & Political Science Enthusiasts" （注：由于原标题已是英文书籍名称，主要优化是添加了受众群体和使用场景说明）
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Product Description
At a cost of $500 billion to American taxpayers, the savings and loan debacle of the 1980s was the worst financial crisis of the twentieth century as well as a crime unparalleled in American history. Yet the vast majority of its perpetrators will never be prosecuted, and those who were have received minimal sentences. In the first in-depth scrutiny of the ways and means of this disaster, this groundbreaking book comes to disturbing conclusions about the deliberate nature of this financial fraud, the political collusion involved, and the leniency of the criminal justice system in dealing with these "Gucci-clad white-collar criminals."Using material from over one hundred interviews with government officials and industry leaders and recently declassified documents, the authors show howcontrary to previous government and "expert" explanations that chalked the disaster up to business risks gone awry or adverse economic conditionsS&L leaders engaged in deliberate fraud, stealing from their own corporations to speculate on high-risk ventures. Tempted by the insurance net, perpetrators looted their own institutions in a new kind of white-collar crime the authors dub "collective embezzlement."Big Money Crime also demonstrates how systematic political collusionnot just policy errorswas a critical ingredient in this unprecedented series of frauds. Bringing together statistics from a variety of government agencies, the authors provide a close reading of the track record of prosecutions and sentencing and find that "suite crime" receives much more lenient treatment than "street crime," despite its significantly higher price tag. The book concludes with a number of modest, but no less urgent, policy recommendations to counter the current deregulatory trend and to avert a replay of the S&L debacle in other financial sectors.FROM THE BOOK:"We built thick walls; we have cameras; we have time clocks on the vaults . . . all these controls were to protect against somebody stealing the cash. Well, you can steal far more money, and take it out the back door. The best way to rob a bank is to own one."House Committee on Government Operations, 1988
Customer Reviews
The Savings and Loan Crisis culminated in the early Nineties, so they have concluded over twenty-five years ago. With the Financial Crisis of 2008, it receives barely a mention. At the time however it was news, big news, and this fine historical analysis of the crisis is probably one of the best available. From historical hindsight it offers some good lessons for the 2008 Crisis and the next one which will follow.It gives a good argument AGAINST deregulation. The Savings and Loan financial industry had existed almost fifty years until the high interest rates experienced in the late 70s occurred. To bolster the industry, Congress, in its infinite wisdom, decided to deregulate the Savings and Loan banks, allowing the industry to engage the same practices which would cause the Financial Crisis in 2008. After all, Reagan, the champion of deregulation, had just become President.Now why are businesses regulated in the first place? Human beings are imperfect animals. Left to their own devices, without external controls, humans are liable to lie, cheat and steal. Shoot, humans will lie, cheat and steal even with external regulations. However, with no external regulations, that impulse to lie, cheat and steal will run rampant. So with fewer and fewer regulations controlling the unbridled greed of corporate officers, that’s exactly what happened to the Savings and Loan Industry Crisis. Fraud was rampant, assets were looted, banks failed left and right, depositors lost their money.Big Money Crime names names and describes the scams –- in detail — which ruined the industry. The authors (there are three) go into equal detail describing the shenanigans of politicians who worked hand-in-hand with the owners of the Savings and Loans to enable the fraud to occur. The legislation which deregulated the industry was the result of outright hand-outs, kick-backs, bribes, loans on favorable terms, loans which were not paid, "campaign contributions" --- all manner of political corruption. The authors make a very good point in showing how the Savings and Loan industry was destroyed as a result of organized crime. The banks fell as a result of crimes, and those crimes were organized with the help of politicians, not criminals. In this crisis the politicians and the bankers were the criminals and they acted in an organized manner to commit financial crimes. Organized Crime. And, unlike the 2008 Financial Crisis, some, but not enough, bankers served time.This is engaging, page-turning history. Very recommended.
