How many financiers do you think ended up in jail after America's Savings and Loan scandals? The answer can be found in a fascinating old report from the United States Department of Justice*.
According to some of its records, between 1990 and 1995 no fewer than 1,852 S&L officials were prosecuted, and 1,072 placed behind bars. Another 2,558 bankers were also jailed, often for offences which were S&L-linked too.
Those are thought-provoking numbers. These days the western world is reeling from another massive financial crisis, that eclipses the S&L debacle in terms of wealth destruction.
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