and they're all on the s&ls 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. kroft: when keating bought lincoln savings and loan of irvine, california, he used it as a private piggy bank for his own ambitions, like the phoenician hotel, which cost $500,000 per room to build. that hotel is a magnificent investment for savings and loan's dollars. no question about it. the real problem is, when our appraisers looked at it, they said, "eh, it's not such a bad hotel, but it's worth $200 million, not $300 million. pizzo: bill black was one of the chief regulators at the federal home loan bank board, who was really the guy who spearheaded going after keating. black: we discovered likely fraud -- just really basic things that no honest bankers would do. "the examiners looked at 52 real estate loans