Press: Were you involved in the S&L fiasco of the 1980’s?
Thomas E. Lane
As the crisis evolved I had a seat overlooking action at Old Kent Bank in Grand Rapids. Old Kent was one the best managed banks in the Midwest, we watched in amazement as colleagues were lured to into the S&L’s. Some bankers left Michigan for the riches to be found in Texas, some simply jumped across the street to Midwest S&L banks.
Headhunters (executive recruiters) acting on behalf of Texas S&L had the office phone numbers of Midwest bankers on speed dial. Texas bankers believed their economy was different.
And one of Michigan’s very own, Don Riegle, was one of the five congressman accused of improperly aiding S&L CEO Charles Keating