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rpxan74's MyC-SPAN

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    The Best Way to Rob a Bank Is to Own One

    William Black talked about his book The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S and L Industry, published by University of Texas Press. In the book he discussed the collapse of companies such as Enron, Tyco and WorldCom. The author details the strategies of corrupt CEOs and how they defeat regulatory restraints. Mr. Black talked about how the savings and loan crisis set the stage for subsequent business fraud. He argues that what he defines as “control fraud,” the looting of a company for personal profit by those in control of it, is a major and growing problem. He talked about how the CEOs suborn the controls in order to defraud creditors and share holders. He also talked about problems in attempts to regulate the problems, including political intervention. He responded to questions from members of the audience.

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    Bank Insurance after Savings & Loan Crisis

    Witnesses testified at the Senate Banking, Housing, and Urban Affairs Committee hearing titled “Bank & Thrift Accounting Practices” about depositor insurance in light of the savings and loan crisis.

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    Savings and Loan Situation

    Mr. Keating discussed the national savings and loan situation and his involvement in the collapse of the California based Lincoln Savings and Loan. He also defended his management of the thrift. The Lincoln Savings and Loan is a part of the American Continental Corporation which filed for bankruptcy in April of 1989. The federal bailout of the savings and loans is expected to cost at least $150 billion. The Lincoln Savings and Loan bailout alone cost $2.5 billion. Mr. Keating was also implicated in influence peddling involving Senators McCain, DeConcini, Riegle, Glenn and Cranston who intervened for Lincoln with the federal regulators, supposedly because of Keating’s campaign contribution. Mr. Keating claimed that he had been unecessarily harassed by these regulators. Although Mr. Keating had testified at hearings, this was the first time Mr. Keating spoke in a public forum.

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    Lincoln Savings & Loan, Day 5 Part 3

    Witnesses resumed public testimony into the Lincoln Savings & Loan bankruptcy.