Charles H. Keating Jr. and top regulators who seized his Lincoln Savings & Loan in April have been called to testify before a House banking committee that is investigating the collapse of the Irvine institution.
The Committee on Banking, Finance and Urban Affairs will hear four days of testimony from a wide range of witnesses over a four-week period starting Oct. 17.
The committee chairman, Rep. Henry B. Gonzalez (D-Texas), has called Lincoln's failure a "mini-Watergate in federal financial regulation" and has promised to examine in detail the S&L's financial condition, the performance of its managers, the role of its accountants and other professionals, and the bitter relationship between Lincoln and its regulators.
Regulators seized Lincoln on April 14, a day after its parent, American Continental Corp. in Phoenix, filed for bankruptcy. The S&L, since declared insolvent and put in receivership, is estimated to be the costliest thrift cleanup ever with a taxpayer bill approaching $2.5 billion.