NATION : Pressure From ‘Keating 5’ Cited
Federal regulators faced “a full court press” from five senators on behalf of Charles H. Keating Jr.’s troubled Lincoln Savings & Loan, one of the regulators told the Senate Ethics Committee today.
Michael Patriarca, a savings and loan regulator based in San Francisco, said the so-called “Keating Five” senators seemed to have already made up their minds that the regulators were being too tough with Keating’s thrift when they were summoned to meet with the senators on April 9, 1987.
“The senators seemed to have made up their minds . . . . that we were in fact harassing Lincoln, that we were incorrect, wrong,” Patriarca said. “Basically, we got the full-court press.” The testimony of Patriarca, Western regional director for the Office of Thrift Supervision, generally supported that of his former boss, Edwin J. Gray.
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