Financial Fiascoes: A Mess Beyond Our Measure

A Mess Beyond Our Measure

If you thought the savings and loan disaster couldn't get much worse, well, think again. In the gloomiest assessment of the megamess yet, U.S. Comptroller General Charles Bowsher said last week the Resolution Trust Corporation, which is handling the bailout, was in such disarray that government accountants cannot even audit its books. That means Washington has no clear idea of how much the bailout will ultimately cost as the RTC shuts more than 1,000 bankrupt S&Ls and sells off real estate and other assets.

There is little doubt, however, that the price tag is going up. While the Bush Administration has...

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