This paper is a detailed, well-written account of the Charles Keating / Lincoln Savings and Loan scandal that rocked the U.S. in the 80's and led to the S&L downfall.
Written in 2000; 3,920 words; 13 sources; MLA; $ 106.95
Paper Summary:
This paper discusses the Savings and Loan crisis of the 80's that was an economic and bureaucratic disaster; wherein, one case alone, Charles Keating, cheated over seventeen thousand of investors and cost the American taxpayers more than $3.4 billion. The author explains how the S&L, traditionally one of the slowest sectors of the American economy, became involved in this scandal. The paper details the role of Keating, his legal battle and the bailout that cost taxpayers $2.5 billion.
From the Paper:
"This narrow opportunity for profits was a result of the extremely little latitude they were given in the scope of their investment portfolio. Whereas investment banks could hold securities that were on average riskier but more profitable, S&L's could hold nothing but the safest securities (government-backed). Federal laws and regulations prevented S&L's from doing much else. As a result, they did not pay their customers high interest at all and were hard pressed to compete with even the well-regulated commercial banking industry."
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