Governor Fires Oklahoma’s Banking Chief
Gov. Henry L. Bellmon announced today that he has removed the state bank commissioner from his job, accusing him of using insider information to sell stock in banking facilities regulated by the state.
The governor released copies at a news conference of his executive order removing Robert Y. Empie. The order accused the commissioner of “incompetence, malfeasance and neglect of duty.”
Empie presided as bank commissioner during a dismal economic period in which more than 40 banks failed, beginning with the demise of Penn Square Bank in July, 1982.
Bellmon’s executive order said that during Empie’s tenure the official “held or controlled and continues to hold or control” more than 50,000 shares of stock in an Oklahoma bank regulated by the commissioner.
“Empie used information available to him only by reason of his position as commissioner to determine when to sell or attempt to sell shares of stock,” the order said.
It said that in late January, Empie misled the governor and attorney general during a meeting on the nature and extent of stock transactions.
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