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Congress, Regulators, RAP, and the Savings and Loan Debacle
Beginning of article
Legislative and regulatory policies prolonged and eventually heightened the problems of the savings and loan industry. The "Alice in Wonderland" regulatory accounting principles (RAP) used by the regulators contributed to the disaster.
It is estimated that the cost of the savings and loan debacle will cost taxpayers $183 million plus interest. Actions taken by Congress and regulators, as well as regulatory accounting principles (RAP), have been widely cited as major contributing factors for having "misled" and "masked" the speed and extent of the financial deterioration of the thrift industry. A greater understanding of the magnitude and manner in which the actions of Congress and …
