THRIFTS: A Heaping Helping Hand

A Heaping Helping Hand

A problem of Texas-size proportions has prompted a rescue effort just as big. Last week the Federal Government disclosed a sweeping plan to shore up one of the weakest spots in the U.S. financial system: the increasingly insolvent Texas savings and loan industry. Hit first by the oil bust, then a real estate collapse, Texas thrifts lost an estimated $5 billion last year. The salvage scheme proposed by the Federal Home Loan Bank Board will drastically reduce the number of independent Texas thrifts, from 281 to less than 180, by forcing % weak institutions into mergers with stronger ones. Cost of...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

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