Roots of the Savings & Loan Scandal
Banking - Bush style
Regular Brasscheck TV viewers know that throughout its second term,
the Bush administration actively interfered with states that
attempted to enforce their own state lending laws.
Bush & Co. used the Office of the Controller of the Currency to sue
states like New York to stop them from going after predatory
lenders.
Bush Jr. is not the first Bush to get "hands on" involved in shaping
the lending industry to his will.
Many know that one of this brothers, Neil, was part of a spectacular
Savings & Loan failure in the 1980s.
What far fewer people are aware of is how deeply the CIA, organized
crime and, George Bush Sr. were involved in the Savings & Loan
disaster which caused US taxpayers and estimated trillion dollars
plus.
The term of art for these kinds of operations is a "bust out."
The scam works as follows: an organized crime group takes over a
business, borrows as much as it can in the business' name, fails to
pay vendors and then disappears with all the cash.
The Bush family and its associates in organized crime and the CIA
have figured out how to run this scam on a multi-hundred billion
dollar level using the entire US banking system as its playground.
When you consider that Reagan was probably out of it from Day One of
his term and that Bill Clinton is a close associate of George Bush
Sr., the Bush crime syndicate has been influencing when not outright
running the executive branch continuously since 1980, which, perhaps
not so coincidentally, marks the earliest days of the credit bubble
the economy is now having serious trouble digesting.