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Resource ID: #16043
Subject: Banking
Source: ABA Journal
Affiliation: 
Date: July 1999

$0.00

Description

The American Bar Association Journal reports that "this is part revisionist history of the banking and savings & loan scandals of the 1980s-early-90s, but more significantly a look at how unprecedented powers subsequently given to regulators to clean up the mess created a 'Frankenstein monster' that harmed and destroyed a lot of innocent bankers and investors. This story shows that not only did Congress in large part create the problem by loosening regulation of savings & loans, its hasty attempt to fix the problem in 1989 with the Financial Institutions Reform, Recovery and Enforcement Act beefed up a bureaucracy that has failed to pull back from cases even after it learns the targets are innocent...."

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