Selling Defunct Savings and Loans at Bargain Prices
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Jonathan R. Macey is so right in his assessment of bank insurance encouraging irresponsibility (“A Good Idea Gone Sour: Can Bank Insurance Fail?” Opinion, June 24). Most people would blame “deregulation,” but really it was a case of not deregulating far enough.
Had the deregulation been complete--that the insurance program was placed squarely on the banks and taxpayers’ backing removed--then bank officers would have had greater responsibility to make wise loans and investments with depositors’ money.
Let us hope the banks do not follow the S&L; debacle.
LAUREN SPANGLER
Glendale
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