The S&L Crisis: The Fraud Nobody Remembers

Over one thousand banks failed. The bailout cost taxpayers one hundred and sixty-four billion dollars. More than a thousand industry insiders were convicted and sent to prison. It was the largest fraud wave in American financial history — and most people today cannot name a single person involved.This episode of Dark Money: True Crime Finance goes inside the savings and loan crisis — how deregulation and deposit insurance created a perfect incentive for looting, what Charles Keating did with Lincoln Savings, how five US senators got caught in the middle, and why the lessons were forgotten in time for two thousand and eight to be even worse.Subscribe to Dark Money: True Crime Finance for new episodes every Monday and Wednesday.