Collapse
Their empire took big hits in the early 1990s when their banks faltered in the Savings and loan crisis. They were charged with bid rigging for leasing its office space. Morgan died in 1993 proclaiming his innocence. The FDIC prohibited Dreiseszun from being involved with the banks.
In 1996 he pled guilty to misdemeanor charges and paid a $375,000 fine and would regain control of many of his banks via the Valley View Financial Group.
He was resident for life at Kehilath Israel Synagogue in Overland Park and was active with Jewish philanthropies.
Read more about this topic: Sherman Dreiseszun
Famous quotes containing the word collapse:
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“Newspapers are unable, seemingly, to discriminate between a bicycle accident and the collapse of civilisation.”
—George Bernard Shaw (1856–1950)
“I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I’ll be all right; I’ve got a few veg.”
—Margaret Drabble (b. 1939)