The Nation - News from Oct. 9, 1988

Possible organized crime involvement in failures of savings and loans is being investigated by the General Accounting Office, the primary investigative arm of Congress, the Houston Post reported. The Post said a congressional committee would probably hold hearings on the matter. The investigation was prompted by reports about reputed mob associates Herman K. Beebe Sr. and Mario Renda and their connections to thrifts and to each other. Beebe, who is serving a one-year prison sentence for bank fraud, had connections to 12 failed Texas savings and loans.