Sorry, but whatever point this writer is attemting to make gets lost when I see drivel like this. The Federal Home Loan Bank Board doesn't regulate anything. It was abolished in 1989. And, when it did regulate something, that something was the savings and loan industry, not the banking industry. Banks are regulated by the Office of the Controller of the Currency.
The so-called "Keating Five" scandal was manufactured by the press, which was taking advantage of a period of regulatory excess in the banking and thrift industries. The next time somebody spouts off about how Charlie Keating was such an evil guy, ask the so-called expert just how much jail time Keating ever did.