The officials who made the promise reneged, however, when the savings and loan crisis erupted.
Contrast that with the savings and loan crisis that followed in the late 1980s and early 1990s.
Following the savings and loan crisis, the Resolution Trust Corp. conducted forensic audits and barred firms found to have misbehaved from further work.
This is something that the bureau started doing as a matter of course during the savings and loan crisis of the 1980s and 1990s.
He also called for creation of a new agency modeled after the Resolution Trust Corp. that handled the fallout from the savings and loan crisis.
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Obama's campaign retaliated with a 13-minute online "documentary" that detailed McCain's involvement with the so-called "Keating Five" and the savings and loan crisis of the 1980s.
Winstar case, in which he successfully argued that the federal government violated contracts with certain banks by changing accounting rules during the savings and loan crisis.
If today's M2M accounting rules had been applied during the 1980s savings and loan crisis and the 1990 recession, every major U.S. financial institution would have gone down.
That was true in the U.S. savings and loan crisis of the 1980s and the 2007-08 bust in housing finance, the banking crisis in Ireland, so far in Spain.
Fetting believes that the 58-year-old Miller, who suffered during the savings and loan crisis and then came roaring back when financials started to perform better, is well positioned for a repeat.
As Western economists and U.S. officials have endlessly argued, Japan could chart a course similar to the one American regulators followed to straighten out the savings and loan crisis of the late 1980s.
Since such assistance would be provided in the absence of necessary economic reforms, this money like that associated with the savings and loan crisis would essentially would be thrown down a rat hole.
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Pressure is likely to grow for the creation of a more formal mechanism for handling the sick, akin to the Resolution Trust Corporation that took on bad assets from the savings and loan crisis of the 1980s.
Given the sorry state of the financial markets, politicians are clamoring for the recreation of a throwback to the 1980s savings and loan crisis: an entity like the Resolution Trust Corp. to help relieve banks of their toxic assets.
As a result of these conditions, we stand at the precipice of a yawning Soviet version of our domestic savings and loan crisis, where the high risk of doing business in the Soviet Union is transferred through a slight of hand called "government guarantees" from private entrepreneurs, shareholders and depositors (where it properly belongs) onto the shoulders of the beleaguered American taxpayer.
United States, a lawsuit by shareholders in Meritor, a Philadelphia savings and loan the FDIC seized and liquidated at the tail end of the savings-and-loan crisis in 1992.
The FDIC has dropped its appeal of an 18-year-old lawsuit alleging it moved too hastily to close Meritor, a Philadelphia savings and loan the FDIC seized and liquidated at the tail end of the savings-and-loan crisis in 1992.
"Good bank, bad bank" is a throwback to the Depression era--and to the savings-and-loan crisis of the late 1980s.
Several of these had learnt specialist skills in so-called loan workouts during the savings-and-loan crisis and, later, when leveraged buy-outs were all the rage in America.
Congress became involved in accounting issues again during the savings-and-loan crisis of the late 1980s.
During the savings-and-loan crisis of the 1980s, bank regulators lurched from laxity to zealotry.
Wouldn't you like to know how big it is, in constant dollars, compared with the savings-and-loan crisis of the late 1980s?
The nearest historical comparison we have is the savings-and-loan crisis of 1986--95.
In past bailouts, including the Resolution Trust Corp. formed in 1989 to help resolve the savings-and-loan crisis, the ultimate taxpayer cost was magnitudes larger than originally projected.
Yet the possible role of fraud seems to have received far less scrutiny than after past financial debacles, such as the savings-and-loan crisis and the Enron bankruptcy.
Talk was tough, too, after the savings-and-loan crisis of the 1980s, but then we started living the good life again and nobody likes to spoil a party.
John Mauldin, publisher of an investment newsletter, points out that during America's 1980s savings-and-loan crisis, bottom-fishers could net perfectly good mortgages for 15 cents on the dollar.
This worked well after the 1980s savings-and-loan crisis.
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Mr Cassidy expects around 150 banks to go bust over the next two to three years, a small fraction of the number that failed in the savings-and-loan crisis of the 1980s and 1990s but a sharp rise all the same: just three have folded in the past three years.
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For advice, it sought out former regulators from the Resolution Trust Corporation, charged in the 1980s with cleaning up America's savings-and-loan (thrift) crisis, and from Securitas, which handled Sweden's banking crisis in the early 1990s.
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