Charles Keating, the Phoenix businessman and savings and loan owner, may have finally come to a measure of reality. The former Republican senator from Arizona has been in talks with federal regulators about his plan for an independent commission that would oversee the troubled mortgage finance giant. For this reason, he may have considered that flight was the only means of escape. Perhaps the presiding judge at Keating's hearing also came to this realization when he refused to reduce a five million dollar bail for Keating. On Tuesday, when the indictments were unsealed, prosecutors did not object to releasing all the defendants on their own recognizance. The latter was indicted on 42 counts of state securities fraud. The judge, in making his ruling, said that Keating, "has significant reasons not to stay around."
Charles Keating, the Phoenix businessman and savings and loan owner, may have finally come to a measure of reality. The former Republican senator from Arizona has been in talks with federal regulators about his plan for an independent commission that would oversee the troubled mortgage finance giant. For this reason, he may have considered that flight was the only means of escape. Perhaps the presiding judge at Keating's hearing also came to this realization when he refused to reduce a five million dollar bail for Keating. The latter was indicted on 42 counts of state securities fraud. The judge, in making his ruling, said that Keating, "has significant reasons not to stay around."