Number	16043
Subject	Banking
Source	ABA Journal
State	IL
Year	1999
Publication Date	July 1999
Summary	The American Bar Association Journal reports that "this is part revisionist history of the banking and savings & loan scandals of the 1980s-early-90s, but more significantly a look at how unprecedented powers subsequently given to regulators to clean up the mess created a 'Frankenstein monster' that harmed and destroyed a lot of innocent bankers and investors. This story shows that not only did Congress in large part create the problem by loosening regulation of savings & loans, its hasty attempt to fix the problem in 1989 with the Financial Institutions Reform, Recovery and Enforcement Act beefed up a bureaucracy that has failed to pull back from cases even after it learns the targets are innocent...."
Category	Contest Entry
Pages	16
Keywords	Keating Five 5 Senate Banking Committee Justice Department FDIC FOIA S&L OTS Tax Reform Act Glen Garrett lawsuit regulators IRS Internal Revenue Service Office of Thrift Supervision
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