During the high interest times of the 1970s and 1980s, banks and savings and loan associations were under heavy financial pressure. Hundreds of them failed. The Home Loan Bank Board permitted the savings and loan associations to treat goodwill as capital, thereby allowing them to remain open and to build up enormous losses that eventually cost the taxpayers billions of dollars. The Federal Deposit Insurance Corporation took a different approach. It closed the banks or sold them, all at no cost to taxpayers. Bailout is the engrossing story of how the FDIC handled four of these failures.
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Sprague was formerly chairman and board member of the Federal Deposit Insurance Corporation, authorized by Congress to rescue banks deemed ‘essential’ to the economy. His book examines . . . the largest bank bailouts of the early 1980s, including the First Pennsylvania Bank of Philadelphia and Continental Illinois
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