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Black - The Best Way to Rob a Bank Is to Own One How Corporate Executives and Politicians Looted the S & L Industry

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An expert insiders account of how financial super predators brought down an industry by massive accounting fraud.

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THE BEST WAY TO ROB A BANK IS TO OWN ONE

THE BEST WAY TO ROB A BANK IS TO OWN ONE

HOW CORPORATE EXECUTIVES AND POLITICIANS LOOTED THE S&L INDUSTRY

WILLIAM K. BLACK

Copyright 2005 by the University of Texas Press All rights reserved Printed in - photo 1

Copyright 2005 by the University of Texas Press
All rights reserved
Printed in the United States of America
First edition, 2005

Requests for permission to reproduce material from this work should be sent to Permissions, University of Texas Press, P.O. Box 7819, Austin, TX 787137819.

Picture 2 The paper used in this book meets the minimum requirements of ANSI/NISO Z39.481992 (R1997) (Permanence of Paper).

LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA

Black, William K. (William Kurt), 1951

The best way to rob a bank is to own one: how corporate executives and politicians looted the S&L industry / William K. Black. 1st ed.

p. cm.

Includes bibliographical references and index.

ISBN 0-292-70638-3 (cloth: alk. paper)

1. Savings and loan associationsCorrupt practicesUnited States. 2. Savings and loan association failuresUnited States. 3. Savings and loan bailout, 19891995. I. Title.

HG2151.B52 2005

332.320973dc22

2004021232

To June: Im glad Joy burned the soup.

CONTENTS
ABBREVIATIONS

AA

Arthur Andersen, a Big 8 accounting firm

ACC

American Continental Corporation; Keating holding company used to buy Lincoln Savings

ACFE

Association for Certified Fraud Examiners

ADC

acquisition, development, and construction

AICPA

American Institute of Certified Public Accountants

ARM

adjustable-rate mortgage

AY

Arthur Young & Company, a Big 8 accounting firm

C&D

cease and desist order

CDSL

California Department of Savings and Loans

CEBA

Competitive Equality in Banking Act (of 1987); authorized the FSLIC recapitalization

CEO

chief executive officer

CFO

chief financial officer

CPA

certified public accountant

CRA

Community Reinvestment Act

CRAP

creative regulatory accounting principles

DCCC

Democratic Congressional Campaign Committee

DNC

Democratic National Committee

DOJ

United States Department of Justice

ERC

Enforcement Review Committee

FAS

Financial Accounting Standards

FASB

Financial Accounting Standards Board; top accounting-profession standard-setting body

FBI

Federal Bureau of Investigation

FCPA

Foreign Corrupt Practices Act; forbids bribery of foreign officials

FDIC

Federal Deposit Insurance Corporation; federal banking insurance agency

FHLB

Federal Home Loan Bank; a regional bank that regulated and made loans to S&Ls

FHLBB

Federal Home Loan Bank Board; federal S&L regulator

FHLBSF

Federal Home Loan Bank of San Francisco; FHLB with jurisdiction over California, Arizona, and Nevada

FICO

Financial Corporation set up to recapitalize FSLIC

FSLIC

Federal Savings and Loan Insurance Corporation; federal deposit insurer for S&Ls

FY

fiscal year

GAAP

generally accepted accounting principles

GAO

General Accounting Office; federal auditors (recently renamed the Government Accountability Office)

GPRA

Government Performance Results Act of 1993

IRS

Internal Revenue Service; federal tax agency

KIO

Kuwaiti Investment Office; co-owner with Lincoln Savings of the Phoenician Hotel

LTOB

bank board regulation that restricted loans-to-one-borrower

MBS

mortgage backed securities

MCP

management consignment program

MOU

Memorandum of Understanding

NAHB

National Association of Home Builders

NAR

National Association of Realtors

NASSLS

National Association of State Savings and Loan Supervisors

NCFIRRE

National Commission on Financial Institution Reform, Recovery and Enforcement; appointed to study the causes of the S&L debacle

NRV

net realizable value

OCC

Office of the Comptroller of the Currency; federal regulator of national banks

OE

Office of Enforcement; enforcement office at the Bank Board

OES

Office of Examinations and Supervision; original name of the supervisory office at the Bank Board

OGC

Office of General Counsel

OMB

Office of Management and Budget; budgetary agency of the federal executive branch

OPER

Office of Policy and Economic Research; economic office of the Bank Board

OPM

Office of Personnel Management; federal personnel agency

ORPOS

Office of Regulatory Policy, Oversight, and Supervision; supervisory office of the Bank Board

OTS

Office of Thrift Supervision

PAC

political action committee

PR

public relations

PSA

Principal Supervisory Agent

RAP

regulatory accounting principles

RCA

risk-controlled arbitrage

REPO

Reverse Purchase Obligations

RTC

Resolution Trust Corporation

S&L

savings and loan

SEC

Securities and Exchange Commission; federal securities law regulator

TDR

troubled-debt restructuring

TFR

Thrift Financial Report

TRO

temporary restraining order

PREFACE

In 2003, the United States Department of Justice reported that property crimes had continued their trend and fallen to an all-time low. In fact, property crimes have surged to an all-time high since Enron collapsed in late 2001. The reason for the contradiction is that the Justice Department does not count serious property crimes because it excludes white-collar crimes from its data keeping. A wave of frauds led by the men who control large corporations, what I term control fraud, caused the massive losses from property crimes.

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