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Article: Grappling With Aftermath of S&L Debacle;Amid Bailout Effort, What Deregulation Should Mean Is Debated Series: THE $150 BILLION CALAMITY Series Number: 7/7
- Article from:
- The Washington Post
- Article date:
- June 17, 1989
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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So this is what you get, Joe Selby thought to himself. This is
the thanks you get for doing your job as the chief supervisor here,
for being the toughest regulator in the nation. You get fired. Your
proteges get canned along with you. No phone calls of gratitude, no
thank you letters, not one director of the Federal Home Loan Bank of
Dallas expressing a hint of appreciation for the two years you
devoted to purging the bad guys from the savings and loan industry in
Texas.
At breakfast two days earlier, in the coffee shop of a downtown
Washington hotel, Selby had faced his executioner: George Barclay,
the new president of the Dallas district bank. "Joe," Barclay told
him, "the process is ...