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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Bill Black: The Silver Anniversary of the &#x201C;Keating Five&#x201D; Meeting &#x2013; Citizens United&#x2019;s Precursor | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="lrQEcvutFd"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/04/bill-black-the-silver-anniversary-of-the-keating-five-meeting-citizens-uniteds-precursor.html"&gt;Bill Black: The Silver Anniversary of the &#x201C;Keating Five&#x201D; Meeting &#x2013; Citizens United&#x2019;s Precursor&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/04/bill-black-the-silver-anniversary-of-the-keating-five-meeting-citizens-uniteds-precursor.html/embed#?secret=lrQEcvutFd" width="600" height="338" title="&#x201C;Bill Black: The Silver Anniversary of the &#x201C;Keating Five&#x201D; Meeting &#x2013; Citizens United&#x2019;s Precursor&#x201D; &#x2014; naked capitalism" data-secret="lrQEcvutFd" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yves here. One of the themes in this Bill Black post is that a senior official who understands the importance of effective regulation can have an impact in a relatively short period of time. It's important to keep that in mind as a reminder that the obstacle to reining in banks isn't feasibility but lack of political will.  Bill Black, the author of&#xA0;The Best Way to Rob a Bank is to Own One&#xA0;and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from&#xA0;New Economic Perspectives.  April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating&#x2019;s, successful use of five U.S. Senators to escape sanction for a massive violation of the law. The Senators were Alan Cranston (D. CA), Dennis DeConcini (D. AZ), John Glenn (D OH), John McCain (R. AZ), and Donald Riegle (D. MI). They became infamous as the &#x201C;Keating Five.&#x201D; I was one of four regulators who attended the April 9, 1987 meeting. I took the notes of the meeting, in transcript format, that were so detailed and accurate that the Senators testified that they were sure I had tape recorded the meeting. (The reality is that I owe my note taking abilities to Bill Valentine, my high school debate coach, and experience debating for the University of Michigan.)   Reviewing my (near) transcript of the April 9 offers a large number of important lessons that would have allowed us to avoid future crises.</description></oembed>

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