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This 3-page paper discusses fraudulent practices of Lincoln Savings & Loan. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTlincsavi.doc
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listed below. Citation styles constantly change, and these examples may not contain the most recent updates. LINCOLN SAVINGS & LOAN: REASONS AND SOLUTIONS
FOR FRAUD Research Compiled by 9/2010 Please
Accounting and auditing fraud is, unfortunately, nothing new. During the early 2000s, a whole slew of accounting frauds were unveiled,
attached to corporate names like Enron, Worldcom and Adelphia. But before that, there was accounting fraud among "thrift" institutions, which greatly reduced the savings and loan subset of banking, while
changing some of the accounting and auditing rules. Lincoln Savings & Loan became one of the largest savings and loans failures by the time it was shut down in 1989
(U.S. Savings & Loan Crisis, 2002). In the wake of this institutions collapse came numerous court cases and the infamous "Keating Five," consisting of Lincolns controller Charles Keating and five
senators who had invested in the S&Ls projects (U.S. Savings & Loan Crisis, 2002). Reams have been written about the failure of
savings and loans which were once sleeping institutions known as "thrifts." At one time, thrifts were in the business of issuing home mortgages and car loans - but deregulation of
this particular branch changed all of that. When businessman Charles Keating took over the California-based Lincoln Savings & Loan in 1984, the business was comprised mainly of home mortgages (Stice
et al, 1991). However, by 1988, direct investments in stocks and bonds made up the majority of Lincolns "income" (Stice et al, 1991). Stice and his colleagues point out that
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