Thanks for following up on this. Sadly, this whole affair may reflect on what is going on in the US of A in all of the 50 states. At least New York has had AGs willing to look into this in the past seven years…otherwise, who would have found this stuff out? Well, I suppose when the whole rotten structure collapses, we’d know then…at least now a handful of us have an inkling that the foundations are rotten…and so begins the work of the next generation to try to salvage the sun set economy of the Bush era.

Forget the names, but we could look it up.

The point, for me, is that I have never quite figured out phase 2 to the S&L saga.

Phase 1, you could buy property, flip it several times to send the â€value†up, get the loan from S&L (Uncle Sam guarantee), then shoot your $$ through a few corporate dummies, and then wait for the collapse later, when you are far away and the money long gone. This was done in an organized way, in many places, and there were a surprising number of connections to intelligence â€community†types (people who had some connection, but you were never sure they were really still connected — but you wonder sometimes). Anyway, Brewer’s book talked a lot about that.

What is phase 2? Why are S&Ls so seemingly attractive?

Not sure. But I bet that there is an answer.

That may be true, jwp, but I think you’re thinking of Bush Brother Neil (he of freebie (for him) Asian hooker fame).

2. â€Where are the title insurers on this?â€
(a) the title insurers rely upon the validity and accuracy of the recording system –

(I) if the documents do not get recorded (step two in Tommy K’s scheme), then the title companies do not know the transaction took place; and
(II) the title companies do not, as a matter of course, record transactions in their own internal records by the location of the property (addresses may or may not change, and one need not live at the address to do the deal), the legal description (Tax Lot and Block in my state)(properties can be subdivided, and then what?) or persons/entities involved (ever see a company named after the street address? goes on all the time). Usually, they have their own internal numbering system which might, or might not, cross-reference to information about the property.
(b) this assumes the title insurers are working 100% on the up and up. You oughta see the havoc one guy in hock to the mob for his gambling/drug/hooker habit, or who’s looking for a scheme to make himself (and his buddies) a bundle, can do if that one guy works in the underwriting department of a title insurance company. All that business is done on trust. And the title insurance companies are extremely loath to admit the potential existence of any such problems, to the point of absurdity.
(c) The processors through the line of bank, title insurer, appraiser, etc. are not necessarily either the brightest bulbs, or the most suspicious, and they only catch stuff when the papers look out of line. If the papers are within the bounds of the appropriate appearance and there is no glaring error or incongruity, they’ll (I) shrug off the issue as a peculiarity in the way the parties structured their deal, or (II) be told to shrug it off by management, more interested in getting the papers processed quickly or (III) shrug it off because the company, not they, will bear the loss.

Fact is – someone determined on beating the system and sufficiently canny, will beat it.

there is a standard clause in every plea agreement whereby the defendant agrees TO OBEY ALL LAWS

so it would seem that we have a violation of a signed agreement here

what did this guy plead guilty to ???

and what’s the Max Sentence for that offense ???

participation in an on-going criminal operation would seem to qualify the defendant for the maximum sentence

First American Title †rel=â€nofollowâ€>owns Wilkes old ADCS headquarters building in Poway. That’s just TOO much of a coincedence!

Many nefarious characters and connections in the S&L story of the 80s. Brewer and Pizzo wrote interesting books, among others.

I see Western Mutual is a conglomeration of many thrifts.

Makes me wonder. Who?

I remember Jeb Bush had ties to S&L crooks, and the guy caught monkeying with absentee ballots in Seminole County in 2000 was ex-CIA who had worked for thrift guys for 15 years.

some sort of ponzi scheme by guys with connections, is my guess

but it is the details that count and I doubt we’ll ever see any

Hmm…

I wonder if there are any funds named â€Aspenâ€?

People connected by the roots might also be connected by the pocket, and setting up a trust fund to pay for members’ expenses is another way to launder money or hide the involvement of those wealthy enough to conceal their political activities.