Read an article and response

timer Asked: Oct 18th, 2018
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Question Description

Please read and discuss the Pizzo, Fricker, Muolo, Inside Job: The Looting of America’s Savings and Loans, pp. 41-82, Justice Department Sets Sights on Wall Street Executives, and Justice Department Memo on Corporate Wrongdoing (articles located in "Files" section of Canvas).

Compare and contrast the articles (similarities and differences) and please give your opinions and reactions. What are some points that struck you?

If you quote from an article, please use page numbers so that your classmates can refer to your points.

Please post an initial post (250 word minimum) and a response post (150 word minimum)

I attached the article file below and the post that you should response to them

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JNSTDB JOn The Looting of America's Savings and Loans STEPHIN PIZZO, MARI FRICKIR, and PAUI MUOTO Copyright 1989, 1991 by Stephen Pi. z zo, l4axy Fricker, and Paul }tuolo, 4 I HarpcrPcrcnoir.l ,l Dilirir dH.'?.r(.UiuPatnhn .tO I N SIDE JOB CHAPTER 1 Centennial Gears Up for Deregulation Bclorc dcrcgulation most thrilts wc.c smdl. Orlc did not go into thc uvings rnd lorn busincrs to gct !ich. In fact, shrting a small commu- nity.bscd savingr rnd lon bordcrcd on pc.rorming .ommunity vicc-locd pcoplc poolint thcir rcaourcc! to aarurc thcrc would $r tr r ralc placc lor thcir rzvingr rnd a rcurct for hornc hcns. Thcsc rmall. to$,II thrift wcrc iust barcly cling out : living whcn dcrcgulrtion prscd Congrcas and thcy bccemc thc prima taagcts for th. wolvcs thzt dcragrr htion unlcashcd. Thcy wcrc cary h.gcb for thc fut-trlling hith rollirs vho showd up to woo thc mostly unrophistic.tcd mrn:gcn :nd boards oJ dircctors with promisint p.oicitt or to ofict top iollzr !o loc.l shrrcholdcrs for thcir stocl. Hundrcds of rrnall thriftr rcross thc nztion fcll into thc wrong h:nds in thc wccb aod montlx lollowing dercguL- tion,.nd onc of thosc was Ccntcnnial Seving end taan, e ltrtcthnft in Northcm Califomir. From itr plein veniih bcginnin$, Ccntcnni2l roclct.d to uniEugirEblc hcightr within iust r icu cha.tcrcd months eftar d.rcgulation. But fc1l, ploplc noticcd thc mcbmorphosis until Ccntcnni.l! officcrs thrcy cnd of l98l . spcct cul2r Clostm:s party it thc It wes thc mort hvish Chrirtm:r pzrty rnyon. cujld reczll. ,.Elcgant " &n:is.ancc Fzirc" w.r thc thcmc. Couple grspcd :s iGtcrs pro clzrmcd entry rnto thc hall, now tn$forncd into an Eliz:ht-hrn 4l 42 INsIDE CENTENNI?rL CE,lIS UP fOR Df,AECULATtoN ,(} JOA But thc vision w:s slow in materhlizing end thc litdc thrift ipcnt iti 6lst three ye3r! going through r succctsion o[ hcHustcr presidcnts, none of whorn left a memorablc marl on thc town or thc institution's bottom line. Howcver, a5 1980 drcw to a clorc tall of impcnding d.rcgulation circuLted through thc industry. Ccntennial's dir€ctors \rantcd someone at thc helm who could sail their little thift ort of bccrlmcd seas and irto the unch.rtcd potentirl promiscd by thc chrmpions of deregulation. One of Centennial's dircctors rccalled his ecquaintancc with I mrn who had plenty of cxpcricncc in the thrift industry. Er*in "Erv' Hanscn, age 48, hrd bccn bouncing around thc industry r long timc. Hc hrd worted as a senior cxecutivc for lmperial Savings end Loan in Southcrn California, :s a deputy commissioner aIId th. numbcr h*o p.rioo in the Califomi. s.vings rod lorn commisioncr's ofrcc, er CEO for Far West Fioancbl in Ncwport Beach, California, and a: chicf ac.ountrnt for the Fcdcral Homc [,oan Ban[ Board in Washington, tinv white lights Canforcst o[ J00 living trecs sparlling with 75,000 lf.ii'f irfrirn."'.-a ,f, plp.d-i" fog that dmulatcd thc moorr and rugs covcrcd ihc foor' invited glcstt wcre entertaincd the300 ,f,e ttes, teat a 6ddlels, iuSglcrs, jet€Is' rnd Prnt oJr.a .ri"c-noUin Hoods, *aihctses, onc for cv€ry tx'o gucsts' worc Elia' W.;t." "ta *"'--.*".ecr-plumcd hats, rufcd lace bodice' vrrds of rollcd the-10 Purchase answer to see full attachment

Tutor Answer

School: UCLA

Hey again. Please find attached. Let me know if you need edits.

Surname 1

Articles’ Response
Comparing and Contrasting the Articles
The three articles have critical similarities and differences. The point that struck me was
how the articles deal with corporate fraud and the mismanagement of various financial
companies by top executives. It is this fraud that led to critical losses and legal issues for various
financial companies. From the three articles, it is apparent that there exist critical accountability
issues. In Pizzo, Fricker, and Muolo’s article’s chapter 4 and 5, the authors highlight how a
savings and loan company (Centennial) grew over a short time and attracted numerous people
(42). While the average people celebrate its growth, economic experts view the abrupt growth of
the firm wi...

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