Coming to the Rescue

During the past two weeks, lines of customers waiting to withdraw money from the 80 offices of Oakland's Fidelity Savings & Loan Association snaked through branch lobbies and out onto the sidewalk. There was no panic because everyone who demanded money got it, but cash was flowing out at near panic levels. Last Thursday alone, $25 million was withdrawn.

Finally last week the Federal Savings and Loan Insurance Corporation and the California department of savings and loan took possession of Fidelity, the 21st largest S and L in the U.S. The Federal Government...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!