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If they were scams, then $94 million did not begin to suggest the depth of the losses. To produce $94 million in tax payments, Lincoln Savings had to have produced roughly $300 million in profits. If the profits were fictitious, then Lincoln Savings would have to reverse the recognition of over $200 million in income, and that would mean that Lincoln Savings was hopelessly insolvent. Even the $200 million loss figure did not capture Lincoln Savings’ full loss exposure. In a cash-for-trash deal, the amount of cash the S&L loaned was several times larger than the fictitious profits. Lincoln Savings, therefore, could well have losses approaching $500 million from about ten loans likely to be cash-for-trash scams. Each of the borrowers defaulted.
The Best Way to Rob a Bank Is to Own One
William K. Black
The privilege of a lifetime is to become who you truly are. —C. G. JUNG
Your Network Is Your Net Worth
Porter Gale and Guy Kawasaki
The first is that much of what we consider valuable in our world arises out of these kinds of lopsided conflicts, because the act of facing overwhelming odds produces greatness and beauty. And second, that we consistently get these kinds of conflicts wrong. We misread them. We misinterpret them. Giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness.
David and Goliath
Malcolm Gladwell
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