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Savings and Loan Crisis (1980's)

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By 1989, more than 1,000 of the nation's Savings and Loans (S&Ls) had failed. (...) Five U.S. Senators, known as the Keating Five, were investigated by the Senate Ethics Committee for improper conduct. They had accepted $1.5 million in campaign contributions from Charles Keating, head of the Lincoln Savings and Loan Association. They also put pressure on the Federal Home Loan Banking Board, the agency responsible for investigating possible criminal activities at Lincoln, to overlook possibly suspicious activities. (...) Between 1986-1995, more than half of the nation's Savings and Loans, with total assets of more than $500 Billion, had failed. By 1999, the crisis cost $160 billion, with taxpayers footing the bill for $132 billion, and the S&L industry paying the rest. [1]
S & L Crisis refers to the failure of many US banks in the 1980's.

ReferencesEdit

  1. Savings and Loans Crisis: Causes, Cost

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