The Daisy Chain

An account of the decline and fall of a Texas savings and loan institution reveals corruption, indiscretion, and unbridled greed, and offers a perspective of the nationwide S & L scandal

The extent of the S & L disaster--now estimated at $500 billion--continues to grow in impact as the press discloses fresh examples of greed, fraud and incompetence involving accounts, appraisers, lawyers, and bank and government officials, a few of whom must now face televised Senate Ethics Committee investigations. An editor at the Chicago Tribune , O'Shea here offers an astute appraisal of the political, economic and social climate which fostered the thrifts crisis. The author focuses on entrepreneur Donald Dixon's purchase of a seemingly sound, federally insured Vernon, Tex., S & L which--thanks in part to Reagan-era deregulations--allowed Dixon to fund reckless ventures and a lavish lifestyle, despite $3 billion invested in delinquent loans. So huge was the thrift's disarray and fraud by 1986, when federal officials seized it, that O'Shea contends the bank should have been closed, not salvaged. Major ad/promo; author tour.
Copyright 1991 Reed Business Information, Inc.

In 1981 when Don Dixon purchased Vernon Savings and Loan from R.B. Tanner in Vernon, Texas, he must have had an inkling of what the future was going to be with regards to deregulation. Dixon's experience is the subject of this revealing book by a noted Chicago Tribune writer. O'Shea not only documents the demise of this small S & L but traces the history of the thrift debacle to date, detailing the roles of key players such as Edwin L. Gray. Although not as comprehensive as Martin Mayer's The Greatest Ever Bank Robbery ( LJ 10/1/90), this book does, however, provide a readable, thought-provoking account of one element in this costly mess. Previewed in Prepub Alert, LJ 11/15/90.
- Steve J. Mayover, Free Lib. of Philadelphia
Copyright 1991 Reed Business Information, Inc.