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The '''Keating Five''' (or Keating Five Scandal) refers to a banking scandal in the 1980s which involved Savings and Loans institutions. It resulted from President ]'s administration's attempt to continue deregulation, in the face of the worsening crisis in the Savings and Loan industries. The '''Keating Five''' (or Keating Five Scandal) refers to a Congressional scandal related to the collapse of most of the ] institutions in the United States in the late 1980s.


] was the president of the ], which when it failed (1989) took around $2 billion dollars worth of investors' money with it. ] was the president of the ], which failed in 1989, resulting in approximately 2 billion dollars in losses.


], the head of the ], had been approached by three senators to discontinue investigation of the Lincoln S&L. It turned out that those senators had been given combined donations of $1.3 million to their campaign funds from the Lincoln S&L. ], the head of the ], had been approached by three senators to discontinue investigation of the Lincoln S&L. It turned out that those senators had been given combined donations of 1.3 million dollars to their campaign funds from persons associated with the Lincoln S&L.


The Senate ethics committee concentrated on the five senators involved: ] (D, CA); ] (D, AZ); ] (D, OH); ] (R, AZ); and ] (D, MI). The Senate ethics committee concentrated on the five senators involved: ] (D, CA); ] (D, AZ); ] (D, OH); ] (R, AZ); and ] (D, MI).


The matter was perhaps overshadowed by the 1990 invasion of Kuwait and the ensuing Gulf War, and subsequently by the ] nomination controversy. DeConcini and Cranston chose not to seek re-election, but McCain and Glenn were not seriously hindered politically.
This case was made almost invisible at the time due to the onset of the 1991 invasion of Iraq.


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Revision as of 22:41, 11 September 2004

The Keating Five (or Keating Five Scandal) refers to a Congressional scandal related to the collapse of most of the Savings and Loan institutions in the United States in the late 1980s.

Charles Keating was the president of the Lincoln Savings and Loan, which failed in 1989, resulting in approximately 2 billion dollars in losses.

Edwin J. Gray, the head of the Federal Home Loan Bank Board, had been approached by three senators to discontinue investigation of the Lincoln S&L. It turned out that those senators had been given combined donations of 1.3 million dollars to their campaign funds from persons associated with the Lincoln S&L.

The Senate ethics committee concentrated on the five senators involved: Alan Cranston (D, CA); Dennis DeConcini (D, AZ); John Glenn (D, OH); John McCain (R, AZ); and Donald W. Riegle, Jr. (D, MI).

The matter was perhaps overshadowed by the 1990 invasion of Kuwait and the ensuing Gulf War, and subsequently by the Clarence Thomas nomination controversy. DeConcini and Cranston chose not to seek re-election, but McCain and Glenn were not seriously hindered politically.

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