What was the outcome of the saving and loan scandal?

The savings and loan scandal of the 1980s and early 1990s resulted in the failure of about a third of the 3,234 savings and loan associations in the United States, costing taxpayers an estimated $124 billion. The crisis led to significant regulatory reforms, including the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which aimed to prevent similar failures in the future. Additionally, numerous executives faced legal repercussions, with some being prosecuted for fraud and other financial crimes. The scandal highlighted weaknesses in regulatory oversight and prompted changes in how financial institutions are monitored.