I forgot to post this yesterday.
The presiding judge in the trial of Charles Keating, Jr. (central figure in the 1980s savings and loan debacle) was Lance Ito, who later presided over O.J. Simpson’s murder trial. Unfortunately, Ito messed up the jury instructions, allowing Keating to get his conviction overturned on appeal.
I also learned this good trivia from Keating’s wikipedia entry:
In 1985, Keating hired Alan Greenspan as an economic consultant, in an unsuccessful effort to convince an oversight agency to exempt Lincoln Savings from certain regulations. Greenspan delivered a favorable report, writing that Lincoln Savings was “a financially strong institution that presents no foreseeable risk to depositors or the government.” (Greenspan produced similar favorable reports on numerous other banks that also failed soon after.)
Obviously, that was before Greenspan replaced Paul Volcker as head of the Federal Reserve.
Anyone watch the Obama campaign’s documentary on John McCain’s role in the Keating Five scandal? What did you think?Continue Reading...