Failed Thrifts:

FDIC Oversight of 1988 Deals Needs Improvement

GGD-90-93: Published: Jul 19, 1990. Publicly Released: Jul 19, 1990.

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GAO reviewed all insolvent institutions resolved by the Federal Savings and Loan Insurance Corporation (FSLIC) from January 1, 1988 through August 9, 1989.

GAO found that the Federal Deposit Insurance Corporation did not: (1) properly oversee the disposition of covered assets or manage FSLIC assistance agreements; (2) develop an overall strategy for dealing with covered asset dispositions or adopt criteria for approving or disapproving various asset disposition plans submitted by assisted thrifts; (3) establish monitoring systems for ensuring the orderly disposition of covered assets by tracking the assisted thrifts' compliance with disposition plans; (4) complete the initial inventory audits; and (5) set appropriate milestones to help management ensure that the corrective actions were completed as expeditiously as possible.

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