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 the venetian hotel, which cost $500,000 per room to build. that hotel is a magnificent investment for savings and loans dollars, no question about it. the real problem is when our appraisers looked at it, it said it s not such a bad hotel. it s worth $200 million, not $300 million. bill black was one of the federal regulators who really spearheaded going after keating. we discovered likely fraud. just really basic things that no honest bankers would do. the examiners looked at 52 real estate loans lincoln made. there were no credit reports on the borrowers in all 52.
Transcripts for CNN Cuomo Prime Time 20191003 01:49:30 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
i have a really good feeling about this. all right, look, so now we know the defense for this president. it s biden. it s shiffrin. it isn t me, it s the democrats. i think it s a scandal that he knew before. i go a step further and say he probably helped write it. that s what the word is. the that s s the president after news broke that the whistle-blower spoke to shiffcs shirr s aides. but the bigger point, thises is dot depe not depend on the whistle-blower. you know who knows that, the
will go bust. that s almost 800 in the past 5 years. bad loans to the third world. 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 the loan 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 the venetian hotel, which cost $500,000 per
that s almost 800 in the past 5 years. bad loans to the third world. 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 the loan 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 the venetian