In 1992, he presided over Charles H. Keating Jr.'s trial in the savings and loan scandal; Keating's 10-year sentence was later overturned on appeal because Ito had neglected to instruct the jury to determine whether Keating intended to defraud investors.
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The US economy slipped into a recession following the 1987 Black Friday stock market crash and the Savings and Loan Crisis, but the company's main problems were due to a lack of engineering innovation and careless spending during the years of prosperity in the 80s.
These sorts of trades are behind most major collapses in the past 30 years - including much of the savings and loan crisis of the 1980s, Kidder Peabody, Enron, AIG, Lehman and even recent (relatively small) losses at JP Morgan.