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The S&L Scandal: True or False

This is a quiz outlining important facts about the S&L scandal; as put forth by the authors of 'THE NATION' and 'INSIDE JOB'.


 

Quiz ID:#554
Fun:** (2.02)
Difficulty:*** (2.16)
Category:History > United States
Created By:aresII

 



#1   The authors describe the S&L scandal as the second largest theft in the history of the world.




#2   Deregulation had eased restrictions so much that S&L owners could lend money to themselves.




#3   Neil Bush, George's son, served time in jail and was banned from future S&L involvement for his part in the collapse of an S&L.




#4   The S&L rip-off began in 1980, when Congress raised federal insurance on S&L deposits from $40,000 to $100,000, even though the average depositor's saving account was only $20,000.




#5   According to the authors, the government S&L bailout will ultimately cost tax payers as much as $500 billion.




#6   According to the book, when S&L owners who stole millions went to jail, their jail sentences averaged about five times the average sentence for bank robbers.




#7   With the money lost in the S&L rip-off, the federal government could provide prenatal care for every American child born in the next 2,300 years.




#8   The authors of 'INSIDE JOB' found evidence of suspected criminal activity in 50% of the thrifts they investigated.




#9   Working with the government in a bailout deal, James Fail invested $1 million of his own money to purchase 15 failing S&Ls. In return, the government gave him $1.8 billion in federal subsidies.




#10   The authors estimate that if the White House had admitted the problem and bailed out failing thrifts in 1986, instead of waiting until after the 1988 election, the bailout might have cost only $20 billion.




 

 



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