S&L; WATCH : Let’s Not Make a Deal

Charles H. Keating Jr. wants to make a deal--yet another--that’s no bargain for taxpayers.

The embattled savings and loan executive is seeking immunity from prosecution in exchange for his testimony before the Senate Ethics Committee. The committee is now conducting hearings on whether five senators acted improperly on behalf of Keating and his Lincoln Savings & Loan, whose collapse is going to cost taxpayers a record $2 billion.

Keating wants to play both sides of the law and that’s just not right. If he is granted immunity, Keating would get the better end of the trade and possibly escape close legal scrutiny himself. Since his statements before the committee could not be used against him in other legal proceedings, he would receive some protection against pending criminal investigations and lawsuits into his role in the collapse of Lincoln. He has been indicted on fraud charges in California and faces several other private civil suits.

Keating had a chance earlier this year to testify before the ethics committee in a closed-door session. But when he appeared, he refused to testify, invoking his Fifth Amendment right against self-incrimination. Now his attorneys find it ever so convenient to offer a deal to Robert S. Bennett, special counsel for the ethics panel.

Bennett has not responded to the offer, but has indicated that documents gathered during the yearlong investigation into the “Keating Five” scandal would be more important than any individual witness. Keating should absolutely not be granted immunity!