From remarks by Sen. Timothy Wirth (D-Colo.) in the Senate June 19:
Getting down into his three-point stance, Marlin Fitzwater sets the tone for public debate on the most serious financial crisis that this nation has faced in its history of financial crises . . . The American people know that while hundreds of billions of dollars are being spent to right the ship, too many of the people who have benefited are still on their yachts and nobody is going to jail.
Mr. Fitzwater said, "We're talking about a decade of negligence and mismanagement that has to be corrected." The question is: Who ran the government during this decade of mismanagement and negligence?
. . . The president's own attorney general, apparently now in trouble with the president, recently talked about an "epidemic of fraud" in the savings and loan industry. Does the epidemic of fraud come from the 1970s or the 1960s or the 1950s, or from Mr. Fitzwater's "decade of negligence and mismanagement"?
The attorney general said at least 25 to 30 percent of thrift failures can be attributed to criminal activity. The officials at the Resolution Trust Corporation said that 60 percent of the institutions that it seized have been victimized by serious criminal activity. . . . What we attempted to do, and this is the point we have been making, we attempted to give the administration the ability to go after fraud. Put some people in jail. Put them behind bars. Have their ill-gotten gains returned to the taxpayers. The administration, however, told us they cannot spend the money. They cannot go out and hire the needed assistance, U.S. attorneys, the FBI agents, accountants to do the job, even though the evidence was overwhelming they should be doing so.