Banking Scandals: The S&Ls and Bcci (Reference Shelf) PDF
Preview Banking Scandals: The S&Ls and Bcci (Reference Shelf)
Banking Scandals: The S & LS and BCCI Edited by Robert Emmet Long B THE REFERENCE SHELF BANKING SCANDALS: THE S&LS AND BCCI Edited by ROBERT EMMET LONG THE REFERENCE SHELF Volume 65, Number 3 THE H. W. WILSON COMPANY New York 1993 THE REFERENCE SHELF The books in this series contain reprints of articles, excerpts from books, and addresses on current issues and social trends in the United States and other countries. There are six separately bound numbers in each volume, all of which are generally published in the same calendar year. One num¬ ber is a collection of recent speeches; each of the others is devoted to a single subject and gives background information and discussion from various points of view, concluding with a comprehensive bibliography that contains books and pamphlets and abstracts of additional articles on the subject. Books in the series may be purchased individually or on subscrip¬ tion. Library of Congress Cataloging-in-Publication Data Banking scandals : the S&Ls and BCCI / edited by Robert Emmet Long, p. cm. — (The reference shelf ; v. 65, no. 3) Includes bibliographical references. ISBN 0-8242-0842-0 1. Savings and loan associations—United States—Corrupt practices. 2. Savings and Loan Bailout, 1989— 3. Bank of Credit and Commerce International—Corrupt practices. I. Long, Robert Emmet. II. Series. HG2151.B36 1993 364.1 '68—dc20 93-16882 CIP Cover: Shortly after the First American Bank for Savings was seized by regulators, a bank employee posts a sign informing depositors that their savings are insured. Photo: AP/Wide World Photos Copyright © 1993 by The H. W. Wilson Company. All rights reserved. No part of this work may be reproduced or copied in any form or by any means, including but not restricted to graphic, electronic, and mechanical—for example, photocopying, recording, taping, or information and retrieval systems—without the express written permission of the publisher, except that a reviewer may quote and a magazine or newspaper may print brief passages as part of a review written specifically for inclusion in that magazine or newspaper. Printed in the United States of America CONTENTS Preface. 7 I. The Savings & Loan Scandal: Background and Overview Editor’s Introduction. 9 Lenny Glynn. Who Really Made the S&L Mess? . .Dissent 11 James K. Glassman. The Great Banks Robbery . .The New Republic 22 Howard Rudnitsky. Good Timing, Charlie .Forbes 35 Editorial Article. House of Ill-Repute. .The New Republic 40 II. Controversy and Bailout Editor’s Introduction. 44 Tom Fennell. The Wages of Greed .. . Maclean’s 45 Susan Dentzer. Is the Real Scandal Ahead?. .U.S. News & World Report 48 Catherine Yang. The Thrift Bailout is Headed for Rougher Water .Business Week 52 Terence P. Pare. How to Hold Down S&L Losses . .Fortune 55 III. Exposure of the BCCI Scandal Editor’s Introduction. 62 Caught in the Money-Laundry Wringer. .U.S. News & World Report 63 Gail DeGeorge. Gambling Big to Nail Noriega. .Business Week 65 5 6 The Reference Shelf Marci McDonald. A Bank of Scandal .Maclean’s 69 John Greenwald. Feeling the Heat.Time 74 Jonathan Beaty. Not Just a Bank .Time 79 IV. A Network of Deception Editor’s Introduction. 86 Christopher Byron. The Big Muddy.New York 87 John Schwartz. Morgenthau’s Mission.Newsweek 92 Tom Morganthau. The CIA and BCCI .Newsweek 95 Christopher Byron. BCCI and Iran/Contra .... New York 99 Rob Norton. Lessons from BCCI .Fortune 104 Bibliography Books and Pamphlets . 109 Additional Periodical Articles with Abstracts . Ill
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