Monday, April 9, 2012

The Most Infamous Savings And Loan Fraud.

The Silver Anniversary of the "Keating Five" Meeting - Speaking Truth to Power

William K. Black
William K. Black
Assoc. Professor,
Univ. of Missouri,
 Kansas City;
Sr. regulator
during S&L debacle

The HUFFPOST Business

Posted: 04/ 9/2012 10:17 am

April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating's successful use of five U.S. senators to escape sanction for a massive violation of the law. The senators were Alan Cranston (D. CA), Dennis DeConcini (D. AZ), John Glenn (D OH), John McCain (R. AZ), and Donald Riegle (D. MI). They became infamous as the "Keating Five." I was one of four regulators who attended the April 9, 1987 meeting. I took the notes of the meeting, in transcript format, that were so detailed and accurate that the senators testified that they were sure I had tape recorded the meeting. I worked closely in the same regional office with my three regulatory colleagues for years, but I do not know their political affiliation (if any).