The Senate Ethics Committee concludes its Keating Five investigation with formal reprimands and rebukes, documenting systematic corruption where five senators traded regulatory intervention for $1.5 million in campaign contributions from Charles Keating. Senator Alan Cranston (D-CA) receives the …
Alan CranstonDennis DeConciniDonald RiegleJohn GlennJohn McCain+2 morekeating-fivesenate-ethicscorruptioncampaign-contributionsregulatory-capture
The Senate Ethics Committee launched an investigation into five senators (McCain, Glenn, Cranston, Riegle, and DeConcini) for their improper intervention with federal regulators on behalf of Charles Keating’s Lincoln Savings and Loan Association. The investigation was initiated after …
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Federal regulators seize Lincoln Savings and Loan, ending Charles Keating’s systematic fraud scheme that ultimately costs taxpayers $2.3 billion—one of the costliest S&L failures in American history. The seizure comes after years of regulatory delays caused by political interference from …
Charles KeatingFederal Home Loan Bank BoardResolution Trust CorporationLincoln Savings and LoanKeating Five Senatorscharles-keatinglincoln-savingss&l-crisisfraudseizure+1 more
Lincoln Savings and Loan collapses the day after its parent company American Continental Corporation files bankruptcy, requiring a $3.4 billion federal bailout and leaving 23,000 mostly elderly investors with worthless bonds. The failure represents the largest single cost in the S&L crisis and …
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Five U.S. Senators—Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald Riegle (D-MI)—meet with Federal Home Loan Bank Board officials to pressure them to halt regulatory investigation of Charles Keating’s Lincoln Savings and Loan. The senators had …
Alan Cranston (D-CA)Dennis DeConcini (D-AZ)John Glenn (D-OH)John McCain (R-AZ)Donald Riegle (D-MI)+3 morekeating-fiveregulatory-capturecampaign-contributionslincoln-savingssystematic-corruption+1 more
Charles Keating, through American Continental Corporation, purchases Lincoln Savings and Loan for $51 million. Exploiting the deregulated environment created by Garn-St Germain, Keating rapidly expands Lincoln’s assets from $1.1 billion to $5.5 billion over four years through high-risk real …
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