Savings and Loan Looting Techniques
(a work in progress)
During the Reagan administration, the number of regulators in the U.S. Savings and Loan regulatory agencies was cut drastically. At the same time, deregulatory regulations written by M. Danny Wall in the office of the senior Republican senator from Utah, Jake Garn, went into effect. The result was rampant speculation and the introduction of the criminal looting of over a thousand Savings and Loans.
The identities of a few of the speculators and criminal looters are known, and the speculating/looting techniques used by them have also been identified and are described in a number of books written from 1989 to 1994. Many of these people are wealthy Republicans (mostly) and wealthy Democrats (a few). If they were not wealthy before the looting, they sure are wealthy now.
For some reason, most of the people involved in the looting of the S&Ls during the Reagan and Bush administrations were the targets of civil or criminal investigations. This is spite of the fact that the sums of money they walked away with from the looted S&Ls was in the millions, the tens of millions, and in the hundreds of millions of dollars. Many of these people were large contributors to the Republican and Democratic parties, although the really big contributions were to the political campaigns of Republicans members of Congress or those seeking election to the Congress, a number of whom are in the Senate and the House of Representatives today.
Over the next few months, I will be describing the Savings and Loan Looting Techniques in lay language and I will attempt to list the names of the people associated with these techniques. However, unless and until the Clinton administration does a wholesale release of the S&L looting records of the S&L Agencies, the Justice Department, the Treasury Department, and the FBI, the full extent of the theft of $400 BILLION to $500 BILLION dollars from the American taxpayers will not be known. Moreover, most of the names of "well-connected" Republicans who made fortunes out of the looting of the S&Ls and the American taxpayer's pocket will remain a mystery.
If these records are not released before Clinton or another Democratic president has them released, it is doubtful the truth about the Crime of the Twentieth Century will be known.
Techniques (based on the Glossary of the book, Inside Job: The Looting of America's Savings and Loans , by Pizzo, Fricker, and Muolo)
Bust Out- A technique devised by organized crime to loot large sums of money from unsuspecting businesses prior to the movement of organized crime into the looting of S&Ls after the Reagan deregulation. Soon picked up by the Savings and Loan criminals.
Cash for Trash
Dead Horses for Dead Cows
Kissing the Paper
LIST 1: LOOTED S&Ls; AMOUNTS LOOTED
LIST 2: LOOTED S&Ls; NAMES OF DEFAULTERS
LIST 3: LOOTED S&Ls; PROPERTIES TO SPECULATORS
LIST 4: LOOTED S&Ls; "FORGIVENESS OF LOANS"
LINCOLN SKIMMING AND SHREDDING
FOUR TYPES OF POLITICAL CRIMINAL ACTS
WHY WAS THERE A WHITEWATER INVESTIGATION?
A LETTER NOT SENT
WHO WATCHES THE WATCHERS?
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