Maryland: Another Time Bomb Goes Off

Maryland's crisis rattles the already jittery savings and loan industry

When a savings and loan crisis hit Maryland last week, depositors knew all too well what to do. They gathered up their lawn chairs, thermos bottles and portable radios and lined up outside the banks as if they were embarking on a familiar American outing. In a sense, they were. Only two months ago, depositors across the U.S. witnessed scenes right out of the Great Depression during a panic that temporarily shut down Ohio's 69 privately insured thrifts. At the time, Governor Richard Celeste warned several other states that they should prepare for similar events. "You're sitting on a time bomb,"...

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