|
|
What is S&L scandal?
A form of fraud, using a fake savings & loan, to bilk lower and middle class honest people out of their savings.
"Charles Keating was sentenced to a max. of 10 years in prison for his S&L Scandal, selling junk bonds out of his savings & loan company."
"A whole bunch of the elderly lost their life savings when they invested in a local savings & loan office, which then claimed bankruptcy, leaving the board rich and the investors broke."