Word: lincoln
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Dates: during 1980-1989
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Until last week financier Charles Keating had insisted on being the final witness at congressional hearings on the $2.5 billion disaster at Lincoln Savings & Loan, so that he could rebut the witnesses who had accused him of staving off a federal crackdown on his troubled thrift by lavishing money on influential politicians. But as the aggressive ex-fighter pilot, Olympic swimmer and pillar of the Phoenix business community was being sworn in before the House Banking Committee, his right hand trembled noticeably. His tanned face flushed, his 6-ft. 5-in. frame slumped, Keating, 66, demanded that television cameras...
...Government has filed a $1.1 billion fraud and racketeering suit to try to recover some of the money that Keating and his family are said to have taken out of Lincoln. Several class-action suits charging that Keating siphoned off millions to sham corporations in Switzerland, Panama and the Bahamas have been filed on behalf of 23,000 mainly elderly California bondholders. During the two years that Lincoln stayed open after the five Senators met with San Francisco bank examiners who wanted to shut Lincoln in April 1987, the cost of paying off the S & L's federally insured depositors...
Alan Greenspan. In 1985 Keating hired the current chairman of the Federal Reserve Board, then a private economic consultant, to convince the Federal Home Loan Bank Board (FHLBB) that Lincoln was sound and should be exempt from a rule limiting direct investments in risky enterprises to 10% of a bank's portfolio. Though Greenspan wrote to the board on Lincoln's behalf in February 1985, the board turned down the exemption request. But Government officials who let Keating keep control of the S & L still brandish the Greenspan study when they come under fire. If Keating could fool...
Jack Atchison. In 1986 and 1987 Atchison was a managing partner of Arthur Young & Co., the accounting firm that audited Lincoln. Under Atchison's direction, the thrift got a clean bill of health. Later Atchison took a $930,000-a-year job as a vice president with Lincoln's parent company, American Continental Corp. Like his boss, Atchison took the Fifth before the committee several weeks...
...former White House chief of staff Donald Regan. Henkel's stint on the board lasted only five months. Although he was cleared of any wrongdoing, he resigned after the Justice Department and the FHLBB investigated his first official act: a motion that would have specifically benefited Keating by exempting Lincoln from direct-investment limits...