NATION : Official Hits Role of ‘Keating 5’
The so-called “Keating Five” senators applied pressure on regulators in support of “probably the worst institution in America,” Charles H. Keating Jr.’s Lincoln Savings & Loan, a federal regulator said today.
William K. Black, testifying before the Senate Ethics Committee’s public hearings, asserted that one result of the senators’ pressure was to delay enforcement actions against Lincoln--ultimately leading to greater losses for taxpayers.
Black, a senior deputy counsel with the Federal Home Loan Bank Board, described as improper a request that one of the senators, Dennis DeConcini of Arizona, made in a disputed April 9, 1987, meeting the senators held with regulators.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
