During the 1980s, 525 insolvent savings and loans were liquidated
or sold at an enormous cost. Resolving the remaining troubled
S&Ls could cost American taxpayers hundreds of billions. What
went wrong with the industry? Are fraud and deregulation solely
responsible for this financial disaster? In this volume the author
argues that federal deposit insurance itself is largely to blame:
by permitting institutions to operate with inadequate capital, the
system subsidizes weak institutions while increasing the risk to
taxpayers. In addition, regulation and supervision prevent S&Ls
from adapting to changing market forces. Congress, the
Administration and the regulatory agencies, the author says, have
created a flawed deposit insurance system and a rigid, outdated
supervisory and regulatory structure. He recommends a
re-examination and restructuring that would protect both depositors
and taxpayers and would allow the industry to respond to changes in
the marketplace.
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