The miscarriages of justice of history--Dreyfuss, the Rosenbergs, Adm. Husband Kimmel and Gen. Walter Short--are almost always the result of society’s insatiable demand for a scapegoat. It seems to me that the conviction of Keating is another such miscarriage of justice.
I knew Keating many years ago and he was arrogant then. But he was also creative, resourceful and highly intelligent.
He did not “defraud” the investors who purchased his bonds. The buyers were motivated by greed--the same greed that poisoned the whole business community during the ‘80s.
I represented the manager of the Lincoln Savings & Loan facility in Laguna Hills. The investors knew that the bonds were not insured. The literature, which each purchaser was given, clearly stated that the bonds were not insured but the investors wanted the extra “point.” Greed was their motivation but they can’t admit that.
CHARLES E. McCLUNG