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| The Senate ethics committee concentrated on the five senators involved: ] (]-]); ] (]-]); ] (]-]); ] (]-]); and ] (]-]). | The Senate ethics committee concentrated on the five senators involved: ] (]-]); ] (]-]); ] (]-]); ] (]-]); and ] (]-]). | ||
| The matter was perhaps overshadowed by the 1990 invasion of Kuwait and the ensuing Gulf War, and subsequently by the ] nomination controversy. DeConcini, Cranston, and Riegle chose not to seek re-election, but McCain and Glenn were not seriously hindered politically. | The matter was perhaps overshadowed by the 1990 invasion of Kuwait and the ensuing Gulf War, and subsequently by the ] nomination controversy. DeConcini, Cranston, and Riegle chose not to seek re-election, but McCain and Glenn were not seriously hindered politically. Indeed, the Senate ethics committee staff had concluded that Glenn and McCain had not been substantially involved in the matter. | ||
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Revision as of 18:17, 15 October 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 large donations to their campaign funds from persons associated with the Lincoln S&L.
The Senate ethics committee concentrated on the five senators involved: Alan MacG. Cranston (D-Calif.); Dennis W. DeConcini (D-Ariz.); John H. Glenn Jr. (D-Ohio); John S. McCain III (R-Ariz.); and Donald W. Riegle Jr. (D-Mich).
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, Cranston, and Riegle chose not to seek re-election, but McCain and Glenn were not seriously hindered politically. Indeed, the Senate ethics committee staff had concluded that Glenn and McCain had not been substantially involved in the matter.
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