Use access key #2 to skip to page content.

lquadland10 (< 20)

And we trust who they pick to run our country?We trust them because?



June 30, 2008 – Comments (1) | RELATED TICKERS: GLD , AUY , UUP

My opinion is that the figures we get from the FED and Sec of Treasury are fluff.

TRUST OR HUSTLE: The Bush Record 

David E. Scheim

Additional information 

BACKGROUND ON THE S&L BAILOUT. The failure of hundreds of U.S. Savings and Loans during the 1980s, as detailed in such sources as Stephen Pizzo’s Inside Job1 and Pete Brewton’s Untold Story,2 cost U.S. taxpayers an estimated $500 billion.3   A U.S. House committee concluded that over three-quarters of all S&L insolvencies appeared to be linked to serious misconduct by senior insiders or outsiders.4  In 1988, the comptroller of the currency found that less than 10 percent of recent bank failures had been caused solely by economic factors.5

One indication of the role of criminal conduct in S&L losses was the workings of just one New York figure, Mario Renda, who worked in conjunction with the Mob, according to a sworn federal deposition.6  Renda  brokered as much as $5 billion per year in deposits into 130 S&Ls across the county, all of which failed.7  As Kwitny noted, “many of these deposits were made on the specific condition that the S&Ls would lend money out to borrowers Renda would recommend, who turned out to be local Mafia people or strangers from out-of-state.”8  

The Bush family’s dealings illustrate some of the ways this S&L loot was extracted.  In some loan transactions, money was simply siphoned out fraudulently to outsiders under lucrative arrangements with bank directors; Neil Bush’s record illustrates these type of transactions.  In other instances, as exemplified by Jeb’s S&L dealings, loans were made for speculative investments or ventures without attempts to secure repayment if they were not profitable.  Political connections often helped protect S&L misconduct;9 in the Bush’s case, George senior’s record demonstrated laxity toward the perpetrators, several of whom were in his own social circles.

1. Stephen Pizzo, Mary Fricker and Paul Muolo, Inside Job: The Looting of America’s Savings and Loans. New York: McGraw- Hill, 1989.

2. New York: SPI Books, 1992.

3. LA Times, 7/31/1990, p. 1.

4. Pizzo, Inside Job, p. 305.

5. Ibid.

6. 123-6, 302

7. Jonathan Kwitny, “How Bush’s Pals Broke the Banks,” The Village Voice, 10/20/1992, p. 27.

8. Ibid.

9. Id., pp. 24ff.

see the rest of story it gets better



1 Comments – Post Your Own

#1) On June 30, 2008 at 2:06 PM, thought4 (23.68) wrote:

Oh my God buy gold.

Report this comment

Featured Broker Partners