Charles Keating probably had strong feelings of being a victim of persecution when federal authorities seized his troubled Lincoln Savings and Loan. The government said it was taking over the bank because Mr. Keating, who died in 2006, failed to pay taxes on more than $100 million he made from it. The Office of Thrift Supervision succeeded the Federal Home Loan Bank Board as the industry's chief regulator under the $50-billion savings and loan bailout passed last year by Congress. The federal charge estimated the thrift's assets were worth only 2-2.5 billion dollars and that the discrepancy in funds could cost taxpayers two billion dollars. Keating also made charges of federal mismanagement of his seized savings and loan during a hearing in which he is attempting to recover his company.
Charles Keating probably had strong feelings of being a victim of persecution when federal authorities seized his troubled Lincoln Savings and Loan. The government said it was taking over the bank because Mr. Keating, who died in 2006, failed to pay taxes on more than $100 million he made from it. The federal charge estimated the thrift's assets were worth only 2-2.5 billion dollars and that the discrepancy in funds could cost taxpayers two billion dollars. Keating also made charges of federal mismanagement of his seized savings and loan during a hearing in which he is attempting to recover his company.