Bankers, builders, knaves, and thieves
the $300 million scam at ESM
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Word Count
77,000 words, Guess
Page Count
308 pages
Identifiers
- Internet Archivebankersbuildersk0000magg
- ISBN-100809245477
- ISBN-139780809245475
- Library of Congress Control Number89037336
- OCLC Control Number20219151
and 1 more
- Open LibraryOL2214305M
Classifications
- DDC364.1/68/09771
- LCCHG2153.O3 M34 1989
Description
Investment manager Maggin here offers an expanded version of a 1986 Management Review article, recounting in devastating detail the collapse of ESM Government Securities Inc., a Florida brokerage firm, in the mid-'80s. The ESM scam involved crooked real estate developers financed by their own chain of deregulated Florida- and Ohio-based S&Ls; ESM's foundering, together with the discovery that auditors had been falsifying company records for seven years, forced Ohio's governor to declare a bank holiday to quiet the panic that resulted. Three of 11 ESM-related "crooks" have since died; the remainder are serving time. However, their fiasco was not a complete loss: the author credits the ESM affair with helping to bring about 1986 S&L regulatory legislation.
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- Bankers, builders, knaves, and thieves: the $300 million scam at ESM
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