Search results
Results from the WOW.Com Content Network
The Keating Five scandal was prompted by the activities of one particular savings and loan, Lincoln Savings and Loan Association of Irvine, California. Lincoln's chairman was Charles Keating , who ultimately served five years in prison for his corrupt mismanagement of Lincoln. [ 3 ]
Charles Humphrey Keating Jr. (December 4, 1923 – March 31, 2014) was an American sportsman, lawyer, real estate developer, banker, financier, conservative activist, and convicted felon best known for his role in the savings and loan scandal of the late 1980s. Keating was a champion swimmer for the University of Cincinnati in the 1940s.
[3] [4] Keating fired the existing management. [2] Over the next four years, Lincoln's assets increased from $1.1 billion to $5.5 billion. [3] Such savings and loan associations had been deregulated in the early 1980s, allowing them to make highly risky investments with their depositors' money, a change of which Keating took advantage. [3]
Columbia Savings and Loan (Beverly Hills, CA), led by Thomas Spiegel, was closed in January 1991 at the cost of $3.25 billion. [87] Especially publicized was the insolvency of Lincoln Savings and Loan Association, led by influential Republican donor and political figure Charles Keating. Between 1984 and 1989 it grew five-fold, investing mainly ...
Lincoln Savings and Loan collapsed in 1989, at a cost of over $3 billion to the federal government. Some 23,000 Lincoln bondholders were defrauded and many investors lost their life savings. The substantial political contributions Keating had made to each of the senators, totaling $1.3 million, attracted considerable public and media attention.
He was so upset over his son Neil Bush’s entanglement in a savings and loan scandal that he considered not running for re-election in 1992. In her biography of the former president’s wife ...
Keating had wanted federal regulators to stop "hounding" his savings and loan association. Although the committee found that "no evidence was presented to the Committee that Senator Cranston ever agreed to help Mr. Keating in return for a contribution", the committee deemed Cranston's misconduct the worst among the Keating Five.
The Troubled-Teen Industry Has Been A Disaster For Decades. It's Still Not Fixed.