Overview

Lowy avoids the easy answers, like blaming it on fraud and greed, and explains how something of this magnitude could occur under the noses of those who should have protected the taxpayer. Paul M. Horvitz, University of Houston Market forces, not scoundrels, destroyed the savings and loan business. So says Martin Lowy in what is truly an inside look at the savings and loan crisis. Drawing upon his experience as a practicing attorney, bank officer, and savings and loan director, Lowy provides an expert account of the problems that have overwhelmed the nation's savings institutions and their government regulators. High Rollers is the first book on the S&L crisis that provides an analytical groundwork for technical and nontechnical readers--so that both can comprehend what happened. Lowy's clear, readable style allows him to quickly describe the origins of the problems in new market forces and new technologies, and how the problems grew out of control as a result of regulatory mistakes and congressional inaction. Even his discussions of real estate lending practices and accounting issues are, in the words of Professor Horvitz, both clear to the novice and instructive to the professional.

Full Product Details

9780275939885

Table of Contents

Reviews

High Rollers is the best book in the field without question. It is well written and makes really good sense. Lowy explains events clearly, makes complex relationships understandable, and presents a balanced, very readable story of this sorry situation that is a joy to read and a pleasure to recommend to those who want to know. -George Benston John H. Harland Professor of Finance Emory University

?In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion.?-The Wall Street Journal

In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion. -The Wall Street Journal A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire. -Kirkus Reviews Add to the many ponderous or popularly written tomes on why America's thrift institutions failed this very reasoned explication of the mess, written by a lawyer and banker. -Booklist It's hard to find a clear, knowledgeable and impartial analysis of the savings and loan mess, and Martin Lowy has done us all a favor by providing just that. -The New York Times Book Review ?Add to the many ponderous or popularly written tomes on why America's thrift institutions failed this very reasoned explication of the mess, written by a lawyer and banker.?-Booklist ?In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion.?-The Wall Street Journal ?A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire.?-Kirkus Reviews ?It's hard to find a clear, knowledgeable and impartial analysis of the savings and loan mess, and Martin Lowy has done us all a favor by providing just that.?-The New York Times Book Review This is by far the best of the nonacademic books on the S&L mess. The book is both informative and readable. I started reading it and found it difficult to put down until I had finished it. -George G. Kaufman John F. Smith, Jr. Professor of Finance and Economics Loyola University High Rollers is the best book in the field without question. It is well written and makes really good sense. Lowy explains events clearly, makes complex relationships understandable, and presents a balanced, very readable story of this sorry situation that is a joy to read and a pleasure to recommend to those who want to know. -George Benston John H. Harland Professor of Finance Emory University High Rollers really gets to the heart of the S&L problem. I recommend it to anyone who would like to understand what happened. -Lewis Ranieri Chairman United Savings Association of Texas Lowy avoids the easy answers, like blaming it on fraud and greed, and explains how something of this magnitude could occur under the noses of those who should have protected the taxpayer. I have read all of the books about the S&L collapse and this is the best. -Paul M. Horvitz Judge James A. Elkins Professor of Banking and Finance University of Houston

In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion. -The Wall Street Journal Add to the many ponderous or popularly written tomes on why America's thrift institutions failed this very reasoned explication of the mess, written by a lawyer and banker. -Booklist A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire. -Kirkus Reviews It's hard to find a clear, knowledgeable and impartial analysis of the savings and loan mess, and Martin Lowy has done us all a favor by providing just that. -The New York Times Book Review ?A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire.?-Kirkus Reviews ?It's hard to find a clear, knowledgeable and impartial analysis of the savings and loan mess, and Martin Lowy has done us all a favor by providing just that.?-The New York Times Book Review ?Add to the many ponderous or popularly written tomes on why America's thrift institutions failed this very reasoned explication of the mess, written by a lawyer and banker.?-Booklist ?In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion.?-The Wall Street Journal High Rollers really gets to the heart of the S&L problem. I recommend it to anyone who would like to understand what happened. -Lewis Ranieri Chairman United Savings Association of Texas Lowy avoids the easy answers, like blaming it on fraud and greed, and explains how something of this magnitude could occur under the noses of those who should have protected the taxpayer. I have read all of the books about the S&L collapse and this is the best. -Paul M. Horvitz Judge James A. Elkins Professor of Banking and Finance University of Houston This is by far the best of the nonacademic books on the S&L mess. The book is both informative and readable. I started reading it and found it difficult to put down until I had finished it. -George G. Kaufman John F. Smith, Jr. Professor of Finance and Economics Loyola University High Rollers is the best book in the field without question. It is well written and makes really good sense. Lowy explains events clearly, makes complex relationships understandable, and presents a balanced, very readable story of this sorry situation that is a joy to read and a pleasure to recommend to those who want to know. -George Benston John H. Harland Professor of Finance Emory University

In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion. -The Wall Street Journal A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire. -Kirkus Reviews It's hard to find a clear, knowledgeable and impartial analysis of the savings and loan mess, and Martin Lowy has done us all a favor by providing just that. -The New York Times Book Review Add to the many ponderous or popularly written tomes on why America's thrift institutions failed this very reasoned explication of the mess, written by a lawyer and banker. -Booklist ?It's hard to find a clear, knowledgeable and impartial analysis of the savings and loan mess, and Martin Lowy has done us all a favor by providing just that.?-The New York Times Book Review ?A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire.?-Kirkus Reviews ?Add to the many ponderous or popularly written tomes on why America's thrift institutions failed this very reasoned explication of the mess, written by a lawyer and banker.?-Booklist ?In the burgeoning cottage industry of books explaining why it's no longer A Wonderful Life' in Bedford Falls, Martin Lowy, a veteran attorney, bank regulator and savings and loan director manages to look past the mirrors concealing the fundamental causes of a multi-decade thrift mess that will cost taxpayers at least $200 billion.?-The Wall Street Journal High Rollers really gets to the heart of the S&L problem. I recommend it to anyone who would like to understand what happened. -Lewis Ranieri Chairman United Savings Association of Texas Lowy avoids the easy answers, like blaming it on fraud and greed, and explains how something of this magnitude could occur under the noses of those who should have protected the taxpayer. I have read all of the books about the S&L collapse and this is the best. -Paul M. Horvitz Judge James A. Elkins Professor of Banking and Finance University of Houston This is by far the best of the nonacademic books on the S&L mess. The book is both informative and readable. I started reading it and found it difficult to put down until I had finished it. -George G. Kaufman John F. Smith, Jr. Professor of Finance and Economics Loyola University High Rollers is the best book in the field without question. It is well written and makes really good sense. Lowy explains events clearly, makes complex relationships understandable, and presents a balanced, very readable story of this sorry situation that is a joy to read and a pleasure to recommend to those who want to know. -George Benston John H. Harland Professor of Finance Emory University

A technocrat's thoughtful, informative assessment of the varied factors that brought America's savings-and-loan associations to costly grief. Where other annalists have focused on the venal buccaneers whose predations became a public scandal, Lowy, an attorney, offers a back-to-basics rundown on the deep-rooted origins of a convulsive crisis. In the process, he dismisses easy-answer notions that either fraud or junk bonds were primary causes of the S&L industry's perdurable problems, and documents just why it is the boom, not the bust, that does the damage. He also makes a strong case for the proposition that regulatory accounting rules designed to help troubled associations weather interest-rate storms had the unintended consequence of encouraging risky lending practices. And Lowy does not shy from assigning blame for the thrift crackup, casting a cold eye on Capitol Hill. Among other shortcomings, the author says, Congress refused to accept the reality that deposit insurance without effective oversight is a recipe for disaster. Nor do accommodating auditors escape unscathed. As a practical matter, Lowy charges, they've largely failed to provide an accurate count on the financial condition of thrift institutions. His own proposal for reform of an industry whose recovery prospects he views as bleak at best center on apolitical simplification of the regulatory system's complexities. Given the fact that even solvent operators resist big budgets for agencies empowered to liquidate them, however, the author's recommendations look like candidates for early retirement. A savvy, low-key primer that earns top marks as a thinking person's analytic guide to the making of a fiscal quagmire. (Kirkus Reviews)

Author Information

MARTIN LOWY is a banker and lawyer with 25 years of experience in thrift institution law, management, and regulation. As a lawyer he has represented thrift institutions, bank trade associations, and accounting firms, as well as the New York State Superintendent of Banks and the Federal Deposit Insurance Corporation in failing bank situations. He served as Vice Chairman of Dollar Dry Dock Bank from 1986 to 1989, and currently is Counsel to the New York law firm of Rosenman & Colin.

Tab Content 6

Countries Available