Resolution Trust Corporation

FIRREA Signed: $160 Billion Taxpayer Bailout of S&L Industry Fraud

1989-08-09 00:00:00 +0000 UTC | Importance: 9/10

President George H.W. Bush signs the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), authorizing a $160.1 billion taxpayer bailout of the savings and loan industry—with $132 billion coming directly from taxpayers through higher taxes and fees. The legislation creates the …

George H.W. Bush Congress Resolution Trust Corporation Federal Deposit Insurance Corporation s&l-crisis firrea bailout taxpayers deregulation-failure +1 more

Lincoln Savings Seized: $2.3 Billion Loss Exposes Keating Fraud Network

1989-04-14 00:00:00 +0000 UTC | Importance: 9/10

Federal regulators seize Lincoln Savings and Loan, ending Charles Keating’s systematic fraud scheme that ultimately costs taxpayers $2.3 billion—one of the costliest S&L failures in American history. The seizure comes after years of regulatory delays caused by political interference from …

Charles Keating Federal Home Loan Bank Board Resolution Trust Corporation Lincoln Savings and Loan Keating Five Senators charles-keating lincoln-savings s&l-crisis fraud seizure +1 more