Western Libraries

U.S. Savings & Loan Fiasco

U.S. Savings & Loan Fiasco

"That's Where the Money Was"
(Willie Sutton's response when asked why he robbed banks)

The following brief list of books and articles available at Western Libraries was compiled to assist patrons interested in the history of the U.S. Savings & Loan Fiasco. There is considerable additional information to be found in articles and in government documents. If you plan to pursue the thrift crisis in more detail, a convenient place to begin is with Talley's bibliography which is listed below and is located in the Business Library reference collection. If you need further assistance just ask for it at the main circulation desk of the Business Library.


Adams,J.R. The Big Fix: Inside the S & L Scandal -how an unholy alliance of politics and money destroyed America's banking system
HG2151.A35 1990
Book Review: Mysak, J. "Worth Reading: Account of S&L Mess Blames Crooks, Pols," American Banker, Dec 29,1989, Vol. 154, Iss. 253, pg. 7.

Barth,J.R. The Great Savings & Loan Debacle
DBW stack HG2151.B37 1991
Book Review: Bernstein, M.A. "The contemporary American banking crisis in historical perspective -- The Great Savings and Loan Debacle by James R.
Barth High Rollers: Inside the Savings and Loan Debacle by Martin
Lowy / The Greatest-Ever Bank Robbery by Martin Mayer / and others," The Journal of American History, Mar 1994, Vol. 80, Iss. 4, pg. 1382, 15 pages.

Binstein,M. Trust Me: Charles Keating & the Missing Billions
HG2626.I78B56 1993
Book Review: Picker, I. "Trust and faith," Institutional Investor, Nov 1993, Vol. 27, Iss. 11, pg. 34.

Bird, A. Can S & Ls Survive?: The Emerging, Recovery, Restructuring and Repositioning of America's S&Ls
HG2151.B53 1993

Black, William K.
The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry
HG2151.B533 2005
"The catastrophic collapse of companies such as Enron, WorldCom, ImClone, and Tyco left angry investors, employees, reporters, and government investigators demanding to know how the CEOs deceived everyone into believing their companies were spectacularly successful when in fact they were massively insolvent. Why did the nation's top accounting firms give such companies clean audit reports? Where were the regulators and whistleblowers who should expose fraudulent CEOs before they loot their companies for hundreds of millions of dollars? In this expert insider's account of the savings and loan debacle of the 1980s, William Black lays bare the strategies that corrupt CEOs and CFOs--in collusion with those who have regulatory oversight of their industries--use to defraud companies for their personal gain. Recounting the investigations he conducted as Director of Litigation for the Federal Home Loan Bank Board, Black fully reveals how Charles Keating and hundreds of other S&L owners took advantage of a weak regulatory environment to perpetrate accounting fraud on a massive scale. He also authoritatively links the S&L crash to the business failures of the early 2000s, showing how CEOs then and now are using the same tactics to defeat regulatory restraints and commit the same types of destructive fraud. Black uses the latest advances in criminology and economics to develop a theory of why "control fraud"--looting a company for personal profit--tends to occur in waves that make financial markets deeply inefficient. He also explains how to prevent such waves. Throughout the book, Black drives home the larger point that control fraud is a major, ongoing threat in business that requires active, independent regulators to contain it. His book is a wake-up call for everyone who believes that market forces alone will keep companies and their owners honest."

Calavita, K., et.al. Big money crime : fraud and politics in the savings and loan crisis
HG2151.C35 1997 and virtual library
Book Reviews: Glasberg, D.S. "Big Money Crime: Fraud and Politics in the Savings and Loan Crisis," Contemporary Sociology, May 1998, Vol. 27, Iss. 3, pp. 305-306.

Barth, J.R. and Brumbaugh, R.D. "Big Money Crime: Fraud and Politics in the Savings and Loan Crisis,"
Annals of the American Academy of Political and Social Science, Jan 1999, Vol. 561, pp. 214-215.

Cebula,R. The Savings & Loan Crisis
DBW stack HG2151.C42 1992

Cottrell, A.F., Lawlor, M.S. and Wood. J.H., editors. The causes and costs of depository institution failures
DBW stack HG2151.C38 1995
Book Review: Loucks, C. "The Causes and Costs of Depository Institutional Failures," Southern Economic Journal, Jul 1997,Vol. 64, Iss. 1, pp. 349-350.

Day,K. S & L Hell: The People and the Politics Behind the Trillion Savings and Loan Scandal
HG2151.D39 1993
Book Review: Bode, K. "Where the streets are paved with depositors," New York Times Book Review, May 16, 1993, p. 77. (Full text of this review is available on Lexis/Nexis (news/nyt), as well as at DBW).

Eichler,N. The Thrift Debacle
HG2151.E34 1989

Fabritius, M. & Borges,W. Saving the savings and loan: the U.S. thrift industry and the Texas experience, 1950-1988
DBW stack HG2153.T4F33 1989
Book Review: Grossman, R.S. "Saving the Savings and Loan: The U.S. Thrift Industry and the Texas Experience, 1950-1988," Business History Review, Autumn 1992, Vol. 66, Issu.3, pp. 600-602.

Finegan, P. Master Financial Statements: Who Murdered Savings & Loans
HG181.F65 1991

Glasberg, D. and D. Skidmore. Corporate welfare policy and the welfare state : bank deregulation and the savings and loan bailout
DBW stack HG2151.G58 1997
Book Reviews: Naples, N.A. "Corporate Welfare Policy and the Welfare State: Bank Deregulation and the Savings and Loan Bailout," Social Forces, Jun 1999,Vol. 77, Iss. 4, pp. 1644-1646.
Hooks, G. "Corporate Welfare Policy and the Welfare State: Bank Deregulation and the Savings and Loan Bailout," Contemporary Sociology, Jul 1998, Vol. 27, Iss. 4, pp. 365-367.

Grinspan, M.G., editor. Focus on the 90's: economics at home, turmoil abroad
DBW stack HX44.5.F63 1992

Kane, E. The S & L Insurance Mess: How Did It Happen
HG2151.K35 1989

Kormendi, R. Crisis Resolution in the Thrift Industry: A Mid America Institute Report
DBW stack HG2152.C76 1989

Mayer, M. The Greatest-Ever Bank Robbery: The Collapse of the Savings & Loan Industry
HG2151.M39 1990
Book Review: Feffer, J. "A Penny Saved Is a Mistake -- The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry by Martin Mayer," Commonweal, Jun 1, 1991, Vol. 118, Iss. 11, pp.375-376.

Murphy, J. Research Solutions to the Financial Problems of Depository Institutions
HG2152.M87 1992

O'Shea, J.E. The Daisy Chain: How Borrowed Billions Sank a Texas S&L
HG2626.V47O84 1991
Book Reviews: Mayover, S.J. "Economics -- The Daisy Chain: How Borrowed Billions Sank a Texas S & L by James O'Shea," Library Journal, Mar 1, 1991, Vol. 116, Iss. 4, p.100.
Stuttaford, G. "Nonfiction -- The Daisy Chain: How Borrowed Billions Sank a Texas S & L by James O'Shea," Publishers Weekly, Feb 1, 1991, Vol. 238, Iss. 6, p.72. (full text of the above reviews is available at DBW)

Pilzer, P.Z. Other People's Money: The Inside Story of the S&L Mess
HG2151.P55 1989
Book Review: Eaton, L. "Balancing the Books: Other People's Money," Barron's National Business and Financial Weekly, Dec 4, 1989, Vol. 69, Iss. 49, p.38.

Pizzo, S. Inside Job: The Looting of America's Savings and Loan
HG2151.P59 1991
Book Review: Tyler, G. "Review: Inside Job," Challenge, Jan/Feb 1990, Vol. 33, Iss. 1, pp.61-64

Robinson, M.A. Overdrawn: The Bailout of American Savings
HG2626.S76R63 1990
Book Reviews: Stuttaford, G. "Nonfiction: Overdrawn," Publishers Weekly, Oct 1 9, 1990, Vol. 237, Iss. 42, p.43.
Mayover, S.J. "Economics: Overdrawn," Library Journal, Oct 15, 1990, Vol. 115, Iss. 17, p.94. (full text of the above reviews is available at DBW)

Seidman,W. Full Faith and Credit: The Great S & L Debacle and Other Washington Sagas
HG2152.S44 1993
Book Review: Fossedal,G.A. "Bookshelf: Real cause of S&L crisis," Wall Street Journal, Jul 20, 1993, Eastern Edition, p.A9.

Stewart, A.W. The savings and loan crisis: A Bibliography
DBW stack oversize Z7164.F5S838 1991

Talley,P.L. The Savings and Loan Crisis: An Annotated Bibliography
Z7164.F5T23 1993
Book Review: Packer, J.G. "Reference -- The savings and loan crisis: An annotated bibliography compiled by Pat L.Talley," Choice, Feb 1994, Vol. 31, Iss. 6, p. 922. (full text of the above review is available at DBW)

White,L.J. The S&L Debacle: Public Policy Lessons for Bank & Thrift Regulation
HG2151.W47 1991
Book Review: Pressman, S. "Book reviews -- The Great Savings and Loan Debacle by James R. Barth / The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation by Lawrence J. White," American Economist, Fall 1992, Vol. 36, Iss. 2, pp.95-97.


Erickson, M.,Mayhew, B. and Felix, W. "Why do audits fail? Evidence from Lincoln Savings and Loan," Journal of Accounting Research, Spring 2000, Vol. 38, Iss. 1, pg. 165, 30 pgs.

Reinstein, A. and Steih, P.W. "Implications of the savings and loan debacle: Lessons for the banking industry," Review of Business, Fall 1995, Vol. 17, Iss. 1, pg. 16, 6 pgs.

Belton, W.J. Jr. and Cebula, R.J. "A brief note on thrift failures: A more rigorous analysis of causal factors," Southern Economic Journal, Jul 1995, Vol. 62, Iss. 1, pg. 247, 6 pgs.

"Savings-and-loan scandals: The Texas tally," The Economist, Feb 5, 1994, Vol. 330, Iss. 7849, pg. 26, 2 pgs.

Tucker, J.J. III and Salam, A.W. "Congress, regulators, RAP, and the savings and loan debacle," The CPA Journal, Jan 1994,Vol. 64, Iss. 1, pg. 42, 6 pgs.

"The liability crisis in the U.S. and its impact on accounting," Accounting Horizons, Jun 1993, Vol. 7, Iss. 2, pg. 88, 4 pgs.

Epstein, M.J. "Accountants and the S&L crisis," Management Accounting, Feb 1993, Vol. 74, Iss. 8, pg. 24, 5 pgs.

"Regulatory structure, regulatory failure, and the S&L debacle," Contemporary Policy Issues, Jan 1993, Vol.11, Iss.1, pg.108, 8 pgs.

Thomson, J.B. "The cost of buying time: Lessons from the thrift debacle," Federal Reserve Bank of Cleveland. Economic Commentary, Jan 1, 1993, pg. 1, 6 pgs.

Kobliner, B. "Here Come the Bad-News Banks: But Only 40 or so Will Fail Soon," Money, Dec 1992, Vol. 21, Iss. 12, pg. 29, 5 pgs.

"World Banking: Fear of Failure, Fear of Success," The Economist, May 2, 1992, Vol. 323, Iss. 7757, pg. S12, 3 pgs.

Nadler, P.S. "The Outlook for Banking Today," The Secured Lender, Nov/Dec 1991, Vol. 47, Iss. 6; pg. 34, 5 pgs.