Other People's Money
by Paul Zane Pilzer

The story of the savings and loan mess. The Garn-St. Germain law, which precipitated the crisis, was "muscled into law by two men, Rhode Island Representative Fernand Sy Germain, the chairman of the House Banking Committee, and House Majority Leader Jim Wright of Texas, both of whom had strong fund-raising ties to the thrift industry. (73)

"Heads I win, tails FSLIC loses" was a common saying in the thrift industry in the early '80s (131)

Year Read: 1995


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