Senate panel told of fraud, corruption at RTC

Article Abstract:

The US Senate's Committee on Banking, Housing and Urban Affairs is investigating alleged fraud at the Resolution Trust Corp (RTC) leading to a failure to recover much of the money lost in the savings and loan debacle. Allegations include RTC favoritism in the hiring of outside counsel, document shredding to conceal criminal evidence against former RTC General Counsel Gerald Jacobs, and the use of front men to buy real estate from failed savings and loans that the agency is supposed to sell at the best possible price.

Management, Fraud, United States. Resolution Trust Corp., United States. Congress. Senate. Committee on Banking, Housing and Urban Affairs

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Bush Justice Department assails S & L report

Article Abstract:

Bush Administration Justice Dept officials have reacted angrily to a Government Accounting Office (GAO) report maintaining they did not do enough to pursue Savings and Loan Crisis criminals. The GAO found that Justice had inadequate standards for measuring its accomplishments in this area and also expressed concern because the number of bank fraud investigations which failed to develop into prosecutions increased from 64% to 76% between 1987 and 1991.

Reports, United States. Government Accountability Office, Savings and Loan Associations Bailout Crisis, 1987-

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