NATION : Official Hits Role of ‘Keating 5’
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WASHINGTON — 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.
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