Selling Defunct Savings and Loans at Bargain Prices

Jonathan R. Macey is so right in his assessment of bank insurance encouraging irresponsibility (“A Good Idea Gone Sour: Can Bank Insurance Fail?” Opinion, June 24). Most people would blame “deregulation,” but really it was a case of not deregulating far enough.

Had the deregulation been complete--that the insurance program was placed squarely on the banks and taxpayers’ backing removed--then bank officers would have had greater responsibility to make wise loans and investments with depositors’ money.

Let us hope the banks do not follow the S&L; debacle.

LAUREN SPANGLER

Glendale