Bank failures (81 - 84 of 84 items)
Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive to Fraud, Insider Abuse, and Related Unsafe Practices
T-AFMD-89-4: Published: Mar 22, 1989. Publicly Released: Mar 22, 1989.
GAO discussed thrift management practices which primarily caused thrift insolvency and failure. GAO noted that: (1) the Federal Home Loan Bank Board (FHLBB) cited criminal activity, fraud, and insider abuse as the primary causes of thrift insolvency; (2) examination of 26 failed thrifts showed that 85 referrals for alleged criminal activity were made regarding 19 thrifts; (3) investigations led to...
CPA Audit Quality: Failures of CPA Audits to Identify and Report Significant Savings and Loan Problems
AFMD-89-45: Published: Feb 2, 1989. Publicly Released: Feb 2, 1989.
Pursuant to a congressional request, GAO assessed the quality of audits of savings and loan associations in the Federal Home Loan Bank Board's (FHLBB) Dallas district.GAO reviewed audits performed by 9 independent certified public accountant (CPA) firms and found that the CPA firms: (1) did not adequately audit 6 of the 11 savings and loan associations' financial or internal control problems; (2)...
Budgetary Implications of the Savings and Loan Crisis
T-AFMD-88-19: Published: Oct 5, 1988. Publicly Released: Oct 5, 1988.
GAO discussed the budgetary impact of the: (1) savings and loan industry crisis; and (2) Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent thrift institutions. GAO found that, in 1988: (1) thrift industry experienced an overall net loss totalling $7.5 billion; (2) insolvent institutions incurred losses of about...
The Federal Savings and Loan Insurance Corporation's Use of Notes and Assistance Guarantees
T-AFMD-88-17: Published: Sep 8, 1988. Publicly Released: Sep 8, 1988.
GAO discussed the Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent savings and loans institutions. GAO found that FSLIC: (1) used acquisitions or mergers to resolve the problems of insolvent savings and loan institutions; (2) issued 22 notes worth about $6.8 billion in 83 merger transactions, and made substant...