The Daisy Chain

This was purchased for my grandmother at her request. It came in wonderful shape and in a timely manner. It really brought back memories as she was running a business during this time and could recall a lot of what was written in the book!

The book was a pre-final copy, meaning it was not proofed. Makes it difficult to read. I have 3 copies of my own, but this one was a gift and I was disappointed. I don't believe this fact was mentioned or I would have likely reconsidered the purchase and opted for a more expensive one that was a final copy. Disappointing in this aspect, but the book is terrific and should be a must read!

Old book that's out of publication. Interesting for those that witnessed the Savings and Loan Crisis during the 1980's

A must read for anyone in the Banking industry. Well written and easy to follow the "chain" of events. Although the specifics of the problems back in the early 80's were different, the meltdown we experienced in 2008/2009 was based on the same basic weakness...greed.

I've read this before and gave it away. Decided I wanted another copy for myself but have already given this one away, too. It's a great book.

It was as described

Pretty darn awesome.

This book is about the savings and loan debacle that occurred after President Reagan deregulated the industry in the 1980's. It is an enthralling retelling of the chain of events that eventually lead to the collapse of the entire industry. It illustrates the greed of corporate executives and the creative accounting tactics they used to make immense wealth while leaving the rest of their customers to pay the price. It's a great book that doesn't require an MBA to understand. I had never heard of S&L's before reading this book, and it shocked me that such a thing ever happened. It also shows how fragile the banking system in this country can be if powerful people get greedy. This book is a great read for anyone interested in banking or economics.

Don Dixon the beneficial owner of, and sole puppeteer of Vernon Savings & Loan, in the small township of Vernon,Texas was a crook masquerading as the saviour of speculative real estate developers, who single-handedly cheated the US taxpayer out of 100's of $millions. He bought Vernon in 1981 from R.B.Tanner, a god-fearing man who had very conservatively nurtured the company into becoming a local thrift concern which enabled local people to buy their home. Don Dixon saw the opening of the gates to easy greenbacks that was presented on a salver when the Reagan Administration deregulated the thrift industry paving the way for the unprincipled to prosper unbridled by regulatory control. And boy did Don Dixon fleece the nation.James O'Shea, an experienced economic journalist tells the horrific but nonetheless fascinating tale of Don Dixon's tenure in de facto control at Vernon, which is a litany of unprincipled, lying, conniving, fraudulent activity against the backdrop of an eye-wateringly exorbitant and wholly wasteful lifestyle, paid for by Vernon initially but in the long run by good old Joe Taxpayer.If it were not a true story, one could be forgiven for believing that it was down to the excessive and fertile imagination of the author. No this was for real, and tells of every prostitute procured for client and regulator entertaining, Rolls Royces and many other luxury and expensive cars, a fleet of private airplanes, luxury yacht moored in Washington for use to 'wine and dine' and influence politicians, uber-luxury holiday Californian beachside mansion, trips across Europe with a large entourage to meet the Pope, and indulge in many of the finest and expensive Michelin 3 star restaurants, large scale purchases of valuable sculptures, paintings and antique furniture to mention but a few.And Vernon became an easy touch for just about any 'aspiring' property cowboy to get almost endless dollops of money, irrespective of whether the value of the acquisition covered the loan or not, rarely having to inject their own money into the deal, which most did not have anyway! It was also possible for the loan to cover the high fees payable to Vernon for the loan which enabled Vernon to keep reporting increasing profits, and, and this is the humdinger, sufficient loan to even pay the interest to Vernon so as not to have to record a non-performing loan!The joke goes that an erstwhile Texas fortune hunter said to his business cohort that he had arranged a $500 million loan from Vernon but the bad news was that they were going to have to find $500 themselves!This is a really good, highly readable, interesting but at the same time a bit worrying that lack of good judgement on the part of politicians and regulators can cost the state so much, and what is to stop a similar in outcome situation occurring again. I think we all know the answer.

How the merry go round works and guess who gets the bil?