bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if it went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their shirt. >> all over the united states, people were building projects for which there were no buyers, mile after mile of these partially completed condos. and they're all on the s&l's books. >> there's something wrong about the savings and loan industry today and it isn't me. >> charles keating was a lawyer who got into banking and was able to buy a savings and loan. >> when keating bought lincoln savings and loan, he used it as a private piggy bank for his own ambitions, like a hotel that cost $500,000 per room to build. >> that hotel is a magnificent