Relying on a broad array of records used together for the first time; Panic in the Loop reveals widespread fraud and insider abuse by bankers—and the complicity of corrupt politicians—that caused the Chicago banking debacle of 1932. It provides a fresh interpretation of the role played by bankers who turned the nation’s financial crisis of the early 1930s into the decade-long Great Depression. It also calls for the abolition of secrecy that still permeates the bank regulatory system; which would have prevented the Enron fiasco and the financial meltdown of 2008. This book focuses on the recurrent failures of the financial system—the savings and loan crisis of the 1980s; the Enron debacle of the early 2000s; and finally the financial collapse of 2008. Because of regulatory secrecy; knowing what happened in Chicago in 1932 is critical to understanding the glaring problems in the regulation of American finance; in particular the lack of transparency; the abuse of financial institutions by insiders; and the capture of public institutions by insiders going through the revolving door between the private and public sectors. Eight decades later little has changed. The regulatory failures of the 1930s—especially the pervasive system of secrecy that allowed the fraud and insider abuse to flourish—were repeated during the collapse of 2008. Transparency would strike at the alliance between the executives of financial institutions and public officials; who caused the worst economic upheaval since the Great Depression.
#1155060 in Books 2013-01-21 2013-01-21Original language:EnglishPDF # 1 9.25 x .31 x 6.50l; .65 #File Name: 0738598542128 pages
Review
1 of 1 people found the following review helpful. No Lithuanian Pilsen coverageBy The Purple HeartA pictorial of the once great city of Chicago. If you are looking for the Pilsen Lithuanians then you will be disappointed.3 of 3 people found the following review helpful. Great read for Chicago's Lithuanians.By Mark E. SwiatlyI myself am not Lithuanian; but my wife is 100%. Found this book for her and she loves it. Brings back great memories for her and her sisters who grew up in the Bridgeport area; as well for mom who was born in Lithuania. The Catholic church where my wife and I were married was torn down years ago; but there it is right on the first couple of pages. How great it is to be able to show that to our children who did not get to see it before it was torn down. I've already purchased 2 additional copies as gifts for others I know would surely enjoy. HIGHLY RECOMMENDED!!!!!6 of 6 people found the following review helpful. Comprehensive and well writtenBy DaivalocityThis interesting; well written; and historically accurate book provides a balanced overview of Lithuanian Chicago throughout the decades. The writer includes an important section on the role of Catholicism; especially the Sisters of St. Casimir; in the formation of Lithuanian-American identity. The two major waves of immigration are seamlessly covered. There are great photographs: old Lithuanian store-fronts; the 69th Street Festival; Lithuanian-Americans protesting the Soviet occupation; and--my favorite--a young Valdas Adamkus.
