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- Title
THE SAVINGS AND LOAN DEBACLE: THE CULMINATION OF THREE DECADES OF CONFLICTING REGULATION, DEREGULATION, AND RE-REGULATION.
- Abstract
The role of the public accounting profession in the savings and loan debacle of the 1980's has recently been the subject of congressional inquiry and extensive litigation by government agencies and by angry stockholders and bondholders. These efforts suggest a broad misunderstanding by the public of the causes of the disaster. The difficulties that precipitated the crisis were a result of the historical development of the regulatory environment of the savings and loan industry. The manner in which the industry was regulated, including piecemeal and often conflicting legislation, locked the industry into long-term mortgage commitments and then urged diversification from these commitments. Over the years, industry responses to this legislation created a net worth crisis. The extent of the crisis was obscured by accounting principles developed by regulators, and which ran contrary to the profession's Generally Accepted Accounting Principles.
- Publication
Accounting Historians Journal, 1993, Vol 20, Issue 1, p1
- ISSN
0148-4184
- Publication type
Article
- DOI
10.2308/0148-4184.20.1.1