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e-Book Big Money Crime: Fraud and Politics in the Savings and Loan Crisis epub download

e-Book Big Money Crime: Fraud and Politics in the Savings and Loan Crisis epub download

Author: Henry N. Pontell,Robert Tillman,Kitty Calavita
ISBN: 0520219473
Pages: 281 pages
Publisher: University of California Press; First edition (May 25, 1999)
Language: English
Category: Social Sciences
Size ePUB: 1320 kb
Size Fb2: 1779 kb
Size DJVU: 1594 kb
Rating: 4.2
Votes: 934
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e-Book Big Money Crime: Fraud and Politics in the Savings and Loan Crisis epub download

by Henry N. Pontell,Robert Tillman,Kitty Calavita



The Savings and Loan financial industry had existed almost fifty years until the high interest rates experienced in the late 70s . Big Money Crime names names and describes the scams –- in detail - which ruined the industry

The Savings and Loan financial industry had existed almost fifty years until the high interest rates experienced in the late 70s occurred. To bolster the industry, Congress, in its infinite wisdom, decided to deregulate the Savings and Loan banks, allowing the industry to engage the same practices which would cause the Financial Crisis in 2008. Big Money Crime names names and describes the scams –- in detail - which ruined the industry. The authors (there are three) go into equal detail describing the shenanigans of politicians who worked hand-in-hand with the owners of the Savings and Loans to enable the fraud to occur.

Calavita, Pontell and Tillman lay to rest, once and for all, the convenient canard that . The Savings and Loan financial industry had existed almost fifty years until the high interest rates experienced in the late 70s occurred

Calavita, Pontell and Tillman lay to rest, once and for all, the convenient canard that 'bad management' and 'bad economic conditions' caused the S & L disaster. Their clear, careful analyses make it crystal clear that massive insider fraud was basic in every sense. ―Laureen Snider, Queens University (Ontario, Canada). The Savings and Loan financial industry had existed almost fifty years until the high interest rates experienced in the late 70s occurred.

The book concludes with a number of modest, but no less urgent, policy .

The book concludes with a number of modest, but no less urgent, policy recommendations to counter the current deregulatory trend and to avert a replay of the S&L debacle in other financial sectors. FROM THE BOOK:"We built thick walls; we have cameras; we have time clocks on the vaults. all these controls were to protect against somebody stealing.

Big Money Crime book. Yet the vast majority of its perpetrators will never be prosecuted, and those who were have received minimal sentences.

Kitty Calavita and Henry N. Pontell are Professors in the School of Social Ecology at the University of California, Irvine. Robert H. Tillman is Associate Professor of Sociology at St. John's University in Jamaica, New York. Country of Publication. National Law: Professional. University of California Press.

Электронная книга "Big Money Crime: Fraud and Politics in the Savings and Loan Crisis", Kitty Calavita, Henry N. Pontell, Robert Tillman

Электронная книга "Big Money Crime: Fraud and Politics in the Savings and Loan Crisis", Kitty Calavita, Henry N. Pontell, Robert Tillman. Эту книгу можно прочитать в Google Play Книгах на компьютере, а также на устройствах Android и iOS. Выделяйте текст, добавляйте закладки и делайте заметки, скачав книгу "Big Money Crime: Fraud and Politics in the Savings and Loan Crisis" для чтения в офлайн-режиме.

Yet the vast majority of its perpetrators will never be prosecuted, and those who were received minimal sentences

Yet the vast majority of its perpetrators will never be prosecuted, and those who were have received minimal sentences.

Big Money Crime Fraud and Politics in the Savings and Loan Crisis. by Kitty Calavita (Author), Henry N. Pontell (Author), Robert Tillman (Author).

At a cost of $500 billion to American taxpayers, the savings and loan debacle of the 1980s was the worst financial crisis of the twentieth century as well as a crime unparalleled in American history. Yet the vast majority of its perpetrators will never be prosecuted, and those who were have received minimal sentences. In the first in-depth scrutiny of the ways and means of this disaster, this groundbreaking book comes to disturbing conclusions about the deliberate nature of this financial fraud, the political collusion involved, and the leniency of the criminal justice system in dealing with these "Gucci-clad white-collar criminals."Using material from over one hundred interviews with government officials and industry leaders and recently declassified documents, the authors show how―contrary to previous government and "expert" explanations that chalked the disaster up to business risks gone awry or adverse economic conditions―S&L leaders engaged in deliberate fraud, stealing from their own corporations to speculate on high-risk ventures. Tempted by the insurance net, perpetrators looted their own institutions in a new kind of white-collar crime the authors dub "collective embezzlement."Big Money Crime also demonstrates how systematic political collusion―not just policy errors―was a critical ingredient in this unprecedented series of frauds. Bringing together statistics from a variety of government agencies, the authors provide a close reading of the track record of prosecutions and sentencing and find that "suite crime" receives much more lenient treatment than "street crime," despite its significantly higher price tag. The book concludes with a number of modest, but no less urgent, policy recommendations to counter the current deregulatory trend and to avert a replay of the S&L debacle in other financial sectors.FROM THE BOOK:"We built thick walls; we have cameras; we have time clocks on the vaults . . . all these controls were to protect against somebody stealing the cash. Well, you can steal far more money, and take it out the back door. The best way to rob a bank is to own one."―House Committee on Government Operations, 1988
Doukree
The Savings and Loan Crisis culminated in the early Nineties, so they have concluded over twenty-five years ago. With the Financial Crisis of 2008, it receives barely a mention. At the time however it was news, big news, and this fine historical analysis of the crisis is probably one of the best available. From historical hindsight it offers some good lessons for the 2008 Crisis and the next one which will follow.

It gives a good argument AGAINST deregulation. The Savings and Loan financial industry had existed almost fifty years until the high interest rates experienced in the late 70s occurred. To bolster the industry, Congress, in its infinite wisdom, decided to deregulate the Savings and Loan banks, allowing the industry to engage the same practices which would cause the Financial Crisis in 2008. After all, Reagan, the champion of deregulation, had just become President.

Now why are businesses regulated in the first place? Human beings are imperfect animals. Left to their own devices, without external controls, humans are liable to lie, cheat and steal. Shoot, humans will lie, cheat and steal even with external regulations. However, with no external regulations, that impulse to lie, cheat and steal will run rampant. So with fewer and fewer regulations controlling the unbridled greed of corporate officers, that’s exactly what happened to the Savings and Loan Industry Crisis. Fraud was rampant, assets were looted, banks failed left and right, depositors lost their money.

Big Money Crime names names and describes the scams –- in detail — which ruined the industry. The authors (there are three) go into equal detail describing the shenanigans of politicians who worked hand-in-hand with the owners of the Savings and Loans to enable the fraud to occur. The legislation which deregulated the industry was the result of outright hand-outs, kick-backs, bribes, loans on favorable terms, loans which were not paid, "campaign contributions" --- all manner of political corruption. The authors make a very good point in showing how the Savings and Loan industry was destroyed as a result of organized crime. The banks fell as a result of crimes, and those crimes were organized with the help of politicians, not criminals. In this crisis the politicians and the bankers were the criminals and they acted in an organized manner to commit financial crimes. Organized Crime. And, unlike the 2008 Financial Crisis, some, but not enough, bankers served time.

This is engaging, page-turning history. Very recommended.
Coron
A rigourously detailed, cited, and sad indictment on one of the most significant domestic issues in recent U.S.A. history. Read how the bankers and politicians saw it coming, but instead of prevention, deliberatly increased the magnitude of the crisis to a level of such massive debt, that the American public would be forced to flip the bill instead of the criminals who are at fault.
Malodred
This book was well researched. I bought this book for the purpose of writing a research paper. However, it is an interesting read at the same time, very factual. Another book on this subject I would recommend is "S&L Hell by Kathleen Day