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11 October 2008. A points that material still available here appears to
be the same:
http://www.fdic.gov/bank/historical/s%26l/index.html
9 October 2008
This material was been removed from the FDIC web site since 8 October 2008,
formerly at:
http://www.fdic.gov/bank/historical/sl/
Thanks to A for archiving and sharing.
-
[NOTE: This chronology and bibliography is provided solely for informational
purposes. The inclusion or exclusion of a source constitutes neither an
endorsement nor a rejection by the FDIC of the opinions expressed in that
source.]
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| |
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General Books and Articles |
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A basic bibliography
to provide an overview of the S&L Crisis. |
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Causes of the S&L
Crisis |
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Background materials
for understanding what led to the S&L Crisis. |
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Charles Keating and
Lincoln Savings and Loan |
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Details on one of
the costliest S&L failures that involved 5 U.S. Senators. |
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Criminal Activity
Associated with S&L Failures |
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The goods on specific
criminal investigations of S&L owners and directors. |
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Depository
Institutions Deregulation and Monetary Control Act of 1980 |
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Details on the 1980
law (DIDMCA) that eased the distinctions among savings institutions. |
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Deregulation of the
S&Ls |
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Working papers and
analysis covering the deregulation of the S&L industry that led to the
crisis. |
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Financial
Institutions Reform Recovery and Enforcement Act (FIRREA) |
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The law enacted in
August, 1989, to bail out the S&L crisis and create the Resolution Trust
Corporation. |
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Garn - St
Germain Depository Institutions Act of 1982 |
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Analyses of the 1982
law that allowed S&L's to diversify their activities with the view of
increasing profits. |
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Interest Rate Vulnerability |
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Bibliography for
understanding S&L interest rates, and S&L vulnerability during this
time period. |
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Southwest Plan |
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The plan to consolidate
and package insolvent Texas S&Ls and sell them to the highest
bidder. |
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State Deposit
Insurance Funds - Ohio and Maryland |
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S&L failures
in Ohio and Maryland and the end of the State Deposit Insurance Funds/ |
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Taxation and Accounting
bibliography |
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Understanding the
tax and accounting rules for S&L's |
| |
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1966-1979 Market
interest rates fluctuate with
increasing intensity and S&Ls experience difficulty with each interest
rate rise. Interest rate ceilings prevent S&Ls from paying competitive
interest rates on deposits. Thus, every time the market interest rates rise,
substantial amounts of funds are withdrawn by consumers for placement in
instruments with higher rates of return. This process of deposit withdrawal
("disintermediation") and the subsequent deposit influx when rates rise
("reintermediation") leaves S&Ls highly vulnerable. Concurrently, money
market funds become a source of competition for S&L deposits. S&Ls
are additionally restricted by not being allowed to enter into business other
than accepting deposits and granting home mortgage loans.
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1967--State of Texas approves major liberalization of S&L
powers. Property development loans of up to 50% of net worth are allowed.
1972--Hunt Commission recommendations would have created
federal savings banks to replace S&Ls. The banks would have had additional
authority to make commercial loans and invest in commercial paper.
1973--FINE Study would have granted same powers for S&Ls
as for banks, including checking accounts. Also recommends consolidation
of the regulators. Interest rate insurance was recommended if S&Ls are
to remain primarily involved in housing finance.
1978--Financial Institutions Regulatory and Interest Rate
Control Act of 1978 enacted. Weak version of previous recommendations. Allows
S&Ls to invest up 5% of assets in each of land development, construction,
and education loans.
1979--Doubling of oil prices. Inflation moves into double
digits for second time in five years.
1980-1982 Statutory
and regulatory changes give the S&L industry new powers in the hopes
of their entering new areas of business and subsequently returning to
profitability. For the first time, the government approves measures intended
to increase S&L profits as opposed to promoting housing and homeownership.
-
March,
1980--Depository
Institutions Deregulation and Monetary Control Act (DIDMCA) enacted.
The law is a Carter Administration initiative aimed at eliminating many of
the distinctions among different types of depository institutions and ultimately
removing interest rate ceiling on deposit accounts. Authority for federal
S&Ls to make ADC (acquisition, development, construction) loans is expanded.
Deposit insurance limit raised to $100,000 from $40,000. This last provision
is added without debate.
November, 1980--Federal Home Loan Bank Board reduces net
worth requirement for insured S&Ls from 5 to 4 percent of total deposits.
Bank Board also removes limits on the amounts of brokered deposits an S&L
can hold.
August, 1981--Tax Reform Act of 1981 enacted. Provides powerful
tax incentives for real-estate investment by individuals. This legislation
helps create a "boom" in real estate and contributes to over-building.
September, 1981--Federal Home Loan Bank Board permits troubled
S&Ls to issue "income capital certificates" that are purchased by FSLIC
and included as capital. Rather than showing that an institution is insolvent,
the certificates make it appear solvent.
1982-1985 Reductions in the Bank Board's regulatory
and supervisory staff. In 1983, a starting S&L examiner is paid $14,000
a year. The average examiner has only two years on the job. Examiner salaries
are paid through OMB, not the Bank Board. During this period of supervisory
and examination retraction, industry growth increases. Industry assets increase
by 56% between 1982 and 1985. 40 Texas S&Ls triple in size between 1982
and 1986; many of them grow by 100% each year. California S&Ls follow
a similar pattern.
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January, 1982--Federal Home Loan Bank Board reduces net
worth requirement for insured S&Ls from 4 to 3 percent of total deposits.
Additionally, S&Ls are allowed to meet the low net worth standard not
in terms of generally accepted accounting principles (GAAP), but of even
more liberal regulatory
accounting principles
(RAP).
April, 1982--Bank Board eliminates restrictions on minimum
numbers of S&L stock holders. Previously, it required at least 400 stock
holders of which at least 125 had to be from "local community", with no
individual owning more than 10% of stock and no "controlling group" more
than 25%. Bank Board's new ownership regulation would allow a single owner.
Purchases of S&Ls were made easier by allowing buyers to put up land
and other real estate, as opposed to cash.
December,
1982--Garn
- St Germain Depository Institutions Act of 1982 enacted. This Reagan
Administration initiative is designed to complete the process of giving expanded
powers to federally chartered S&Ls and enables them to diversify their
activities with the view of increasing profits. Major provisions include:
elimination of deposit interest rate ceilings; elimination of the previous
statutory limit on loan to value ratio; and expansion of the asset powers
of federal S&Ls by permitting up to 40% of assets in commercial mortgages,
up to 30% of assets in consumer loans, up to 10% of assets in commercial
loans, and up to 10% of assets in commercial leases.
December, 1982--In response to the massive defections of
state chartered S&Ls to the federal system, Nolan Bill passes in California.
Allows California-chartered S&Ls to invest 100% of deposits in any kind
of venture. Similar plans adopted in Texas and Florida.
1983--Lower market interest rates return many S&Ls to
health. 35% of institutions, however, still sustain losses. 9% of all S&Ls
(representing 10% of industry assets) are insolvent by GAAP standards.
March, 1983--Edwin Gray becomes Chairman of the Federal
Home Loan Bank Board. Beginning in 1984 and continuing throughout his tenure,
regulatory and supervisory measures passed by the Bank Board begin the reversing
of deregulation.
November, 1983--Bank Board raises net worth requirement for newly chartered
S&Ls to 7%.
March, 1984--Failure of Empire Savings of Mesquite, TX.
"Land flips" and other
criminal
activities are a pattern at Empire. This failure would eventually cost
the taxpayers approximately $300 million.
April, 1984--Bank Board moves jointly with the FDIC to attempt
to eliminate deposit insurance for brokered deposits. Federal court rejects
this attempt in mid-1984 as overstepping statutory limits.
July, 1984--Bank Board requires S&L management to adopt
policies and procedures for managing
interest rate risk.
January, 1985--Bank Board limits the amount of brokered
deposits to 5% of deposits at FSLIC insured institutions failing to meet
their net worth requirements. Bank Board also limits direct investment (equity
securities, real estate, service corporations, and operating subsidiaries)
to the greater of 10% of assets or twice the S&L's net worth, provided
the institution meets regulatory net worth.
March, 1985--Ohio bank holiday. Anticipated failure of Home
State Savings Bank of Cincinnati, OH and possible depletion of Ohio state
deposit insurance fund cause Governor Celeste to close
Ohio
S&Ls. Eventually, those that can qualify for federal deposit insurance
are allowed to reopen.
May,
1985--S&L
failures in Maryland eventually cause loss to state deposit insurance
fund and Maryland taxpayers of $185 million. Ohio and Maryland S&L failures
helped kill state deposit insurance funds.
July, 1985--Chairman Gray begins transfer of federal examiners
to the twelve regional Federal Home Loan Banks so that they are no longer
overseen by OMB and their salaries are paid directly by the Bank Board system.
August, 1985--Only $4.6 billion in FSLIC insurance fund.
Chairman Gray tries to gain support for recapitalizing FSLIC on Capitol Hill.
In 1986, GAO estimates the loss to the insurance fund to be around $20 billion.
December, 1985--Bank Board allows S&L examiners to
"classify" questionable loans and other assets for the purpose of requiring
loan loss reserves.
1986-1989 Compounding of losses as insolvent institutions
are allowed to remain open and grow, allowing ever increasing losses to
accumulate.
-
August, 1986--Bank Board raises net worth standard gradually
to 6% with up to 2% points offset for reduced interest rate-risk.
1987--Losses at Texas S&Ls comprise more than one-half
of all S&L losses nationwide, and of the 20 largest losses, 14 are in
Texas. Texas economy in major recession: crude oil prices fall by nearly
50%, office vacancy is over 30%, and real estate prices collapse.
January, 1987--GAO declares FSLIC fund insolvent by at least
$3.8 billion. Recapitalization has stalled on Capitol Hill until now by claims
of powerful S&L lobbyists that Bank Board regulations are too harsh and
arbitrary.
February, 1987--Bank Board requires prior supervisory approval
for S&Ls making direct investment in excess of 2.5 times their tangible
capital.
April, 1987--Edwin Gray ends his term as chairman of Federal
Home Loan Bank Board in June. Before his departure, he is summoned to the
office of Sen. Dennis DeConcini. DeConcini, with four other Senators (John
McCain, Alan Cranston, John Glenn, and Donald Riegle) question Gray about
the appropriateness of Bank Board investigations into
Charles Keating's
Lincoln Savings and Loan. All five senators, who have received campaign
contributions from Keating, would become known as the "Keating Five". The
subsequent Lincoln failure is estimated to have cost the taxpayers over $2
billion.
May, 1987--Bank Board begins phasing out the remains of
the liberal RAP accounting standards. S&Ls must conform to GAAP
accounting standards,
as banks do. Effective date of this rule postponed by new Chairman of the
Federal Home Loan Bank Board, M. Danny Wall, to 1/1/1989.
August, 1987--Competitive Equality Banking Act of 1987 enacted.
The Act authorizes $10.8 billion recapitalization of the FSLIC with only
$3.75 billion authorized in any 12-month period. Also contains forbearance
measures designed to postpone or prevent S&L closures.
February, 1988--Bank Board introduces the
"Southwest Plan" to consolidate and package
insolvent Texas S&Ls and sell them to the highest bidder. The strategy
is to resolve insolvencies quickly while conserving scarce cash for FSLIC.
The Bank Board uses a number of strategies to pay for the difference between
assets and liabilities of the failed institutions: FSLIC notes, tax incentives,
and income, capital value and yield guarantees. The Bank Board disposes of
205 S&Ls through the Southwest Plan with assets of $101 billion.
November, 1988--George Bush elected President. S&L problem
not part of election debate.
1989--President Bush unveils S&L bailout plan in February.
In August,
Financial
Institutions Reform Recovery and Enforcement Act (FIRREA). FIRREA abolishes
the Federal Home Loan Bank Board and FSLIC, switches S&L regulation to
newly created Office of Thrift Supervision. Deposit insurance function shifted
to the FDIC. A new entity, the Resolution Trust Corporation is created to
resolve the insolvent S&Ls.
Other major provisions of FIRREA include: $50 billion of new borrowing authority,
with most financed from general revenues and the industry; meaningful net
worth requirements and regulation by the OTS and FDIC; allocation funds to
the Justice Department to help finance prosecution of S&L crimes. Additional
bank crime legislation the next year (i.e., the Crime Control Act of 1990)
mandates a study by the National Commission on Financial Institution Reform,
Recovery and Enforcement to uncover the
causes of the S&L crisis,
and come up with recommendations to prevent future debacles.
|
Adams, James R., The Big Fix: Inside the S&L Scandal: How an Unholy
Alliance of Politics and Money Destroyed America's Banking System, New
York: Wiley Publishers, 1990.
Annual Survey Issue, "Financial Institutions and Regulations, the S&L
Crisis: Death and Transfiguration," 59 Fordham Law Review S1 (1991).
Day, Kathleen, S&L Hell: The People and the Politics Behind the $1
Trillion Savings and Loan Scandal, New York: W. W. Norton & Co.,
1993.
DeSoto, Richard J. and Lionel C. Bascom, Bailout: The Bankrupting of
America, Danbury, CT: Futura Press, 1992.
Eichler, Ned, The Thrift Debacle, Berkeley: University of California
Press, 1989.
Langston, E.A. and Stephen Brandt, Understanding the S&L Crisis:
A Guide for Beginners and Congressmen, Washington, DC: Squeaky Wheel
Press, 1990.
Lowy, Martin E., High Rollers: Inside the Savings and Loan Debacle,
New York: Praeger Publishers, 1991.
Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings
and Loan Industry, New York: Charles Scribner's Sons, 1990.
Pilzer, Paul Z., Other People's Money: The Inside Story of the S&L
Mess, New York: Simon and Schuster, 1989.
Pizzo, Stephen, Inside Job: The Looting of America's Savings and
Loans, New York: McGraw-Hill, 1989.
Seidman, William, Full Faith and Credit: The Great S&L Debacle and
other Washington Sagas, New York: Times Books, 1993.
Sprague, Irvine H., Bailout: An Insider's Account of Bank Failures and
Rescues, New York: Basic Books, 1986.
Waldman, Michael, Who robbed America? A Citizen's Guide to the S&L
Scandal, New York: Random House, 1990.
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Chronology
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Barth, James R., The Great Savings and Loan Debacle, Washington,
DC: American Enterprise Institute Press, 1991.
Benston, George J., An Analysis of the Causes of Savings and Loan
Failures, Monograph Series in Finance and Economics No. 1985-4/5, New
York: Salomon Brothers Center for the Study of Financial Institutions, 1985.
Bird, Anat, Can S&Ls Survive?: The Emerging Recovery, Restructuring
& Repositioning of America's S&Ls, Chicago: Probus Publishing
Co., 1993.
Brumbaugh, R. Dan Jr., The Collapse of Federally Insured Depositories:
The Savings and Loans as Precusor, New York: Garland Publishing, Inc.,
1993.
Economic Effects of the Savings and Loan Crisis: A CBO Study,
Washington, DC: Congressional Budget Office, 1992.
Ely, Bert and Vicki Vanderhoff, Lessons Learned from the S&L Debacle:
The Price of Failed Public Policy, Lewisville, TX: Institute for Policy
Innovation, 1991.
Kane, Edward J., Measuring the True Profile of Taxpayer Losses in the
S&L Insurance Mess, College of Business Working Paper Series No.
92-53, Columbus, OH: Ohio State University, 1992.
Kanes, Edward J., The S&L Insurance Mess: How did it Happen?,
Washington, DC: Urban Institute Press, 1989.
Kaufman, George G., The Savings and Loan Rescue of 1989: Causes and
Perspective, Working Paper Series on Regional Economic Issues No. WP-89-23,
Chicago: Federal Reserve Bank of Chicago, 1989.
Origins and Causes of the S&L Debacle: A Blueprint for Reform: A
Report to the President and Congress of the United States, Washington,
DC: National Commission on Financial Institution Reform, Recovery and
Enforcement, 1993.
Resolving the Thrift Crisis: A CBO Study, Washington, DC: Congressional
Budget Office, 1993.
The Savings and Loan Industry: Genesis to Exodus, New York: Bear
Stearns and Co., 1989.
Schumer, Charles E., Catastrophe in the Thrift Industry: An Analysis
of its Causes and a Reassessment of its Scope: A Study by the Office of U.S.
Congressman Charles E. Schumer, Washington, DC: U.S. GPO, 1988.
Strunk, Norman and Fred Case, Where Deregulation Went Wrong: A Look at
the Causes Behind Savings and Loan Failures in the 1980's, Chicago:
United States League of Savings Institutions, 1988.
White, Lawrence J., The S&L Debacle: Public Policy Lessons for Bank
and Thrift Regulation, New York: Oxford University Press, 1991.
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Adams, James R., The Big Fix: Inside the S&L Scandal: How an Unholy
Alliance of Politics and Money Destroyed America's Banking System, New
York: John Wiley & Sons, Inc., 1990.
Binstein, Michael and Charles Bowden, Trust Me: Charles Keating and the
Missing Billions, New York: Random House, 1993.
Calavita, Kitty, Pontell, Henry N., and Tillman, Robert H. Big Money
Game: Fraud and Politics in the Savings and Loan Crisis, Berkeley, Calif.:
University of California Press, 1997.
Day, Kathleen, S&L Hell: The People and the Politics Behind the $1
Trillion Savings and Loan Scandal, New York: W.W. Norton & Co.,
1993.
Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings
and Loan Industry, New York: Charles Scribner's Sons, 1990.
Pizzo, Stephen, Fricker, Mary and Paul Muolo, Inside Job: The Looting
of America's Savings and Loans, New York: McGraw-Hill Publishing Co.,
1989.
Preliminary Inquiry Into Allegations Regarding Senators Cranston, DeConcini,
Glenn, McCain, and Riegle and Lincoln Savings and Loan, hearings before
the Senate Select Committee on Ethics, 101st Cong., 2nd Sess., Washington,
DC: U.S. Government Printing Office, 1991.
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Chronology
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Black, William, The Incidence and Cost of Fraud and Insider Abuse,
Washington, DC: National Commission on Financial Institution Reform, Recovery
and Enforcement, Staff Report No. 13, 1993.
Calavita, Kitty, Pontell, Henry N., and Tillman, Robert H. Big Money
Game: Fraud and Politics in the Savings and Loan Crisis, Berkeley, Calif.:
University of California Press, 1997.
Ettleson, Sherry and Thomas Hilliard, Crime and Punishment in the S&L
Industry: The Bush Administration's Anemic War on S&L Fraud, Washington,
DC: Public Citizen's Congress Watch, 1990.
Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive
to Fraud, Insider Abuse, and Related Unsafe Practices, Washington, DC:
U.S. General Accounting Office, 1989. T-AFMD-90-4.
Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial
Institutions, Rolling Meadows, IL: Bankers Publishing Co., 1990.
Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings
and Loan Industry, New York: Charles Scribner's Sons, 1990.
O'Shea, James, The Daisy Chain: How Borrowed Billions Sank a Texas
S&L, New York: Pocket Books, 1991.
Pilzer, Paul Z. and Robert Deitz, Other People's Money: The Inside Story
of the S&L Mess, New York: Simon and Schuster, 1989.
Pizzo, Stephen, Fricker, Mary and Paul Muolo, Inside Job: The Looting
of America's Savings and Loans, New York: McGraw-Hill Publishing Co.,
1989.
The U.S Government's War Against Fraud, Abuse, and Misconduct in Financial
Institutions: Winning Some Battles but Losing the War: Twenty-Ninth
Report, Washington, DC: U.S. House of Representatives. Committee on
Government Operations, Committee Report 101-982, 1990.
Whiteford, Taylor & Preston, Issues Regarding the Role of Fraud and
Other Criminal Misconduct in Causing Failures in the Thrift Industry,
Washington, DC: National Commission on Financial Institution Reform, Recovery
and Enforcement, Staff Report No. 14, 1993.
Why S&L Crooks Have Failed to Pay Millions of Dollars in Court-Ordered
Restitution: Nineteen Case Studies, Washington, DC: U.S. House of
Representatives. Committee on Banking, Finance and Urban Affairs, Committee
Print 102-11, 1992.
"William Black Tackles the Savings and Loan Debacle," in Unsung Heroes:
Federal Execucrats Making a Difference, pp. 22-63 by Norma M. Riccucci,
Washington, DC, Georgetown University Press, 1995.
Wilmsen, Steven K., Silverado: Neil Bush and the Savings and Loan
Scandal, Washington, DC: National Press Books, 1991.
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Chronology
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Cargill, Thomas F. and Gillian G. Garcia, Financial Deregulation and
Monetary Control: Historical Perspective and Impact of the 1980 Act,
Stanford, CA: Hoover Institution Press, 1982.
Colton, Kent W., Financial Reform: A Review of the Past and Prospects
for the Future, Invited Research Working Paper No. 37, Washington, DC:
Federal Home Loan Bank Board, 1980.
Cooper, Kerry and Donald R. Fraser, Banking Deregulation and the New
Competition in Financial Service, Cambridge, MA: Ballinger Publishing
Co., 1984.
Petersen, Neal L., "The Depository Institutions Deregulation Act (Title II
of P.L. 96-221) and Actions of the Depository Institutions Deregulation Committee
in Implementing the Act", in: Bank Expansions in the 1980s, pp.
650-665, New York: Law & Business, Inc., 1982.
Riordan, Dale P. and Jerry Hartzog, "The Impact of the Deregulation Act on
Policy Choices of the Federal Home Loan Bank Board", in: Savings and
Loan Asset Management under Deregulation,pp. 33-58, San Francisco: Federal
Home Loan Bank of San Francisco, 1981.
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Chronology
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Balderston, Frederick E., Thrifts in Crisis: Structural Transformation
of the Savings and Loan Industry, Cambridge, MA: Ballinger Publishing
Co., 1985.
Barth, James R. and Michael R. Bradley, Thrift Deregulation and Federal
Deposit Insurance , Working Paper No. 150, Washington, DC: Federal Home
Loan Bank Board, 1988.
Brewer, Elijah, and Thomas H. Mondschean, The Empirical Test of the Incentive
Effects of Deposit Insurance: the Case of Junk Bonds at Savings and Loan
Associations, Working Paper Series Issues in Financial Regulation, Chicago,
IL: Federal Reserve Bank of Chicago, 1991.
Carron, Andrew S., The Plight of the Thrift Institutions, Washington,
DC: Brookings Institution, 1982.
Gray, Jonathan E, Financial Deregulation and the Savings and Loan
Crisis, New York: S.C. Bernstein & Co., Inc., 1988.
Kaufman, George C. and Roger C. Kormendi, eds., Deregulating Financial
Services, Public Policy in Flux, Cambridge, MA: Ballinger Publishing
Co., 1986.
Rubinovitz, Robert, Moral Hazard in the Thrift Industry, Economic
Analysis Group Discussion Paper No. 90-1, Washington, DC: U.S. Department
of Justice, Antitrust Division, 1990.
Strunk, Norman and Fred Case, Where Deregulation Went Wrong: A Look at
the Causes behind the Savings and Loan Failures in the 1980s, Chicago:
U.S. League of Savings Institutions, 1988.
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Chronology
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An Executive's Guide to FIRREA, New York: Price Water House and
Co., 1989.
Banks and Thrifts: Introduction to FDIC/RTC Receivership Law, Commercial
Law and Practice Course Handbook Series No. 616, New York: Practising Law
Institute, 1992.
Barth, James R. and Philip R. West, Consolidation and Restructuring of
the U.S. Thrift Industry Under the Financial Institutions Reform, Recovery,
and Enforcement Act, Research Paper No. 89-01, Washington, DC: U.S.
Office of Thrift Supervision, 1989.
Dunaway, Baxter and Deon Dunaway, FIRREA: Law and Practice, New
York: Clark Boardman Callaghan, 1992.
Financial Institutions Reform, Recovery & Enforcement Act of 1989,
Chicago, IL: United States League of Savings Institutions, 1989. 9 volumes.
Kaufman, George G., The Savings and Loan Rescue of 1989: Causes and
Perspective, Working Paper Series on Regional Economic Issues No. WP-89-23,
Chicago, IL: Federal Reserve Bank of Chicago, 1989.
Legislative History, Washington, DC: FDIC Library, 1990. 16 volumes.
Modernizing the Financial System: Recommendations for Safer, More Competitive
Banks, Washington, DC: U.S. Department of the Treasury, 1991.
Pulles, Gregory, Whitlock, Robert and James Hogg, FIRREA: A Legislative
History and Section - by - Section Analysis of the Financial Institutions
Recovery, Reform and Enforcement Act, Colorado Spring, CO:
Shepard's'McGraw-Hill, Inc., 1991.
Shaw, Karen D., Sivon, James C. and Mary Johannes, FIRREA: Implementation
and Compliance , Boston: Warren, Gorham & Lamont, Inc., 1991.
Slattery, Michael K., FIRREA: Receivership and Conservatorship Law,
New York: Clark Boardman Callaghan, 1992.
The Thrift Industry Restructured: The New Regulators and Opportunities
for the Future, Commercial Law and Practice Course Handbook Series No.
508, New York: Practising Law Institute, 1989.
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Cooper, Kerry and Donald R. Fraser, Banking Deregulation and the New
Competition in Financial Service, Cambridge, MA: Ballinger Publishing
Co, 1984.
Depository Institutions Act of 1982, Corporate Law and Practice
Course Handbook Series No. 406, New York: Practicing Law Institute, 1983.
Garn - St Germain Depository Institutions Act of 1982, Legislative
History.
New Directions for the Thrift Industry, Commercial Law and Practice
Course Handbook Series No. 310, New York: Practicing Law Institute, 1983.
Pafenberg, Forrest W., Flick, Frederick E. and Cynthia A. Hill, Risk
and Regulated Depository Institutions, Research Paper No. 87-2, Washington
DC: National Assocation of Realtors, 1987.
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Black, William, Examples of S&Ls Engaging in Substantial Interest
Rate Gambles After 1983, Staff Report No. 5, Washington, DC: National
Commission of Financial Institution Reform, Recovery and Enforcement, 1993.
Brewer, Elijah, III, The Impact of Deregulation on the True Cost of Savings
Deposits: Evidence from Illinois and Wisconsin Savings and Loan
Associations, Staff Memoranda 85-4. Chicago: Federal Reserve Bank of
Chicago, August, 1985.
Dann, Larry Y and Christopher M. James, An Analysis of the Impact of
Deposit Rate Ceilings on the Market Values of Stock Savings and Loan
Associations, Staff Papers 1981-4. Washington, DC: Comptroller of the
Currency, 1981.
Hess, Alan C., Effects of Regulation Q on Deposits and Interest Rates
at Savings Associations, RWP 83-04. Kansas City, MO: Federal Reserve
Bank of Kansas City, March, 1983.
Shoven, John B., Smart, Scott B. and Joel Waldfogel, Real Interest Rates
and the Savings and Loan Crisis: the Moral Hazard Premium, Working Paper
No. 3754, Cambridge, MA: National Bureau of Economic Research, 1991.
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Barth, James R., Bartholomew, Philip F. and Carol J. Labich, Moral Hazard
and the Thrift Crisis: an Analysis of 1988 Resolutions, Research Paper,
Washington, DC: Federal Home Loan Bank Board, 1989.
Black, William, The Southwest Plan and the 1988 "Resolutions",
Washington, DC: National Commission on Financial Institution Reform, Recovery
and Enforcement, 1993.
Failed Thrifts: Bank Board's 1988 Texas Resolutions, Washington,
DC: U.S. General Accounting Office, 1989. GGD-89-59.
Failed Thrifts: FDIC Oversight of 1988 Deals Needs Improvement,
Washington, DC: U.S. General Accounting Office, 1990. GGD/90/93.
Failed Thrifts: GAO's Analysis of Bank Board's 1988 Deals, Washington,
DC: U.S. General Accounting Office, 1989. T-GGD-89-11.
Federal Home Loan Bank Board 1988 Deals, hearing before the House
Committee on Banking Housing and Urban Affairs, 101st Cong., 2nd Sess., 1990.
Haregot, Seyoum A., et al., Let's Make a Deal: an Analysis of the 1988
Savings and Loan Bailouts and the Federal Campaign Contributions of Associated
Individuals and Political Action Committees, Washington, DC: Center
for Study of Responsive Law, 1991.
Kormendi, Roger C., Crisis Resolution in the Thrift Industry: a Mid America
Institute Report, Boston, MA: Kluwer Academic Press, 1989.
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Kane, Edward J., How Incentive-Incompatible Deposit Insurance Funds
Fail, Prochnow Report No. PR-014, Madison, WS: Prochnow Educational
Foundation, 1989.
Kane, Edward J., "Who Should Learn What From the Failure and Delayed Bailout
of the ODGB?", in: Merging Commercial and Investment Banking, pp.
306-326, Chicago: Federal Reserve Bank of Chicago, 1988.
Maggin, Donald L., Bankers, Builders, Knaves, and Thieves: The $300 Million
Scam at ESM, Chicago, IL: Contemporary Books, 1989.
McCulloch, J. Huston, "The Ohio S&L Crisis in Retrospect: Implications
for the Current Federal Deposit Insurance Crisis," in: Merging Commercial
and Investment Banking. Proceedings of a Conference on Bank Structure and
Competition, pp. 230-251, Chicago: Federal Reserve Bank of Chicago,
1987.
Pressman, Steven, Behind the S&L Crisis, Editorial Research
Reports, Washington, DC: Congressional Quarterly, November 4, 1988.
Todd, Walker F., Similarities and Dissimilarities in the Collapses of
Three State-Chartered Private Deposit Insurance Funds., Federal Reserve
Bank of Cleveland Working Paper. No. 9411. October, 1994.
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Biederman, Kenneth R. and John A. Tuccillo, Taxation and Regulation of
the Savings and Loan Industry, Lexington, MLA: Heath Co., 1976.
Ely, Bert, The Role of Accounting in the S&L Crisis, Washington,
DC: National Commission on Financial Institution Reform, Recovery and
Enforcement, 1993.
Failure of Independent CPAs to Identify Fraud, Waste, and Mismanagment
and Assure Accurate Financial Position of Troubled S&Ls, hearing
before the House Committe on Banking, Finance and Urban Affairs, 101st Cong.,
1st Sess., 1989.
Finegan, Patrick G., Master Financial Statements: Who Murdered Savings
and Loans, Washington, DC: Palindrome Press, 1991.
Goodman, Rae Jean B., An Assessment of Recent Changes and Proposals in
S&L Taxation, Invited Research Working Paper No. 43, Washington,
DC: Federal Home Loan Bank Board, 1983.
Goodman, Rae Jean B., Savings and Loan Association Taxation: History,
Issues and Alternatives, Invited Research Working Paper No. 32, Washington,
DC: Federal Home Loan Bank Board, 1980.
Kuhn, Gerald J., A Summarization of RAP and GAAP for FSLIC-Insured Thrift
Instititutions, Chicago: Financial Managers Society, Inc., 1983.
The Need to Improve Auditing in the Savings and Loan Industry,
Washington, DC: U.S. General Accounting Office, 1989. T-AFMD/89/4.
Robbins, Aldona and Gary Robbins, How Tax Policy Compounded the S&L
Crisis, Lewisville, TX: Institute for Policy Innovation, 1991.
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