Hello, Readers,

Minnesota got its taste of the nationwide savings and loan debacle when Hal Greenwood, Jr., former chairman and CEO of the failed Midwest Federal Savings and Loan Association, was sentenced on Feb. 20, 1992, by a federal judge in St. Paul to forty-six months in prison and ordered to forfeit $3.6 million. Following federal deregulation of the thrift industry during the 1980s, savings and loans around the country had become over-extended, and many engaged in loans without sufficient reserves to cover themselves if the loans failed. Greenwood was one of the few savings and loan officials to be sentenced.