There was a final note of greed and dishonesty displayed by Charles Keating and his associates a short time after federal regulators seized the Lincoln Savings and Loan about a year ago. One veteran regulator described the seizure of the company as the most bizarre and chaotic situation he had ever encountered. Loan and credit files, said the regulator, were missing. FDIC personnel managed to retrieve the files when the savings and loan managers offered the files in exchange for the art in the company's offices. Federal District Judge Stanley Sporkin seemed incredulous. The government has been investigating whether Mr. Keating, who died last year, used taxpayer money to pay off personal debts or other business debts.
There was a final note of greed and dishonesty displayed by Charles Keating and his associates a short time after federal regulators seized the Lincoln Savings and Loan about a year ago. One veteran regulator described the seizure of the company as the most bizarre and chaotic situation he had ever encountered. Loan and credit files, said the regulator, were missing. FDIC personnel managed to retrieve the files when the savings and loan managers offered the files in exchange for the art in the company's offices. The government has been investigating whether Mr. Keating, who died last year, used taxpayer money to pay off personal debts or other business debts.