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oping. The scandal started with the Reagan proposal to “get the government off your backs,” i.e. to deregulate the S & L’s. Both parties in Congress agreed, and the deed was done.
In one case, reported by the N.Y. Times, an Arizona businessman who secured $1.85 billion in Federal savings and loan subsidies with lobbying help from a former aide to President Bush was also able to buy an insolvent Oklahoma bank at a favorable price despite his failure to meet Federal standards for such purposes. He is under investigation for the way he acquired 15 insolvent Texas S & L’s, using $76 billion in borrowed money and a personal investment of $1,000.
House Banking Committee investigators have found that buyers of troubled S & L’s will receive $78 worth of assets and government assistance for every $1 they invested.
The failure of Federal regulators to regulate and the sweetheart deals worked out as the S & L scandal unfolds is the responsibility of the Executive Branch. The N.Y. Times reports that the Bush Administration opposes setting up an independent, nonpartisan commission to investigate and make recommendations.
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