Music/v4/6f/02/a9/6f02a914-7059-6e59-2b60-a37597a83db2/source/1200x630bb.jpg' alt='Edwin Mccain Far From Over' title='Edwin Mccain Far From Over' />Keating Five Wikipedia. The Keating Five were five United States Senators accused of corruption in 1. Savings and Loan crisis of the late 1. The five senators Alan Cranston Democrat of California, Dennis De. Concini Democrat of Arizona, John Glenn Democrat of Ohio, John Mc. Cain Republican of Arizona, and Donald W. Riegle, Jr. Democrat of Michigan were accused of improperly intervening in 1. Charles H. Keating, Jr., Chairman of the Lincoln Savings and Loan Association, which was the target of a regulatory investigation by the Federal Home Loan Bank Board FHLBB. The FHLBB subsequently backed off taking action against Lincoln. Pictures/e/d/edwinmccain441481.jpg' alt='Edwin Mccain Far From Over' title='Edwin Mccain Far From Over' />Lincoln Savings and Loan collapsed in 1. Some 2. 3,0. 00 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. After a lengthy investigation, the Senate Ethics Committee determined in 1. Cranston, De. Concini, and Riegle had substantially and improperly interfered with the FHLBBs investigation of Lincoln Savings, with Cranston receiving a formal reprimand. Senators Glenn and Mc. Cain were cleared of having acted improperly but were criticized for having exercised poor judgment. All five senators served out their terms. Only Glenn and Mc. Cain ran for re election, and they both retained their seats. Mc. Cain would go on to run for President of the United States twice, and was the Republican Party nominee in 2. As of 2. 01. 7, he is still a senator. CircumstanceseditThe U. S. Savings and Loan crisis of the 1. S Ls in the United States. The ultimate cost of the crisis is estimated to have totaled around 1. U. S. federal government. The accompanying slowdown in the finance industry and the real estate market may have been a contributing cause of the 1. Between 1. 98. 6 and 1. World War II. 2The Keating Five scandal was prompted by the activities of one particular savings and loan Lincoln Savings and Loan Association of Irvine, California. Lincolns chairman was Charles Keating, who ultimately served five years in prison for his corrupt mismanagement of Lincoln. In the four years after Keatings American Continental Corporation ACC had purchased Lincoln in 1. Lincolns assets had increased from 1. Such savings and loan associations had been deregulated in the early 1. Keating and other savings and loan operators took advantage of this deregulation. Savings and loans established connections to many members of Congress, by supplying them with needed funds for campaigns through legal donations. Lincolns particular investments took the form of buying land, taking equity positions in real estate development projects, and buying high yield junk bonds. Corruption allegationseditThe core allegation of the Keating Five affair is that Keating had made contributions of about 1. U. S. Senators, and he called on those Senators to help him resist regulators. News and opinion from The Times The Sunday Times. Donald Trump loves a good deal. And the United States Air Force just found one for the president, sitting in a Mojave Desert boneyard two brand new Boeing 7478s. Edwin Mccain Far From Over' title='Edwin Mccain Far From Over' />As special counsel Robert Mueller announced his first indictments of Paul Manafort and others in the Russia election hacking probe, it seems a good time to examine. Mediagazer presents the days mustread media news on a single page. Charlie Pierce on all this ESPN nonsense and newspapering and what not is so fantastic and Im bitter we didnt run it. Go check it out. SI. A man from North Carolina, identified by local TV news as Ginter Senfeldas, is selling a 1989 Dodge Ram 350 that he bought at police auction. How To Install Larson Retractable Screen Door. With just over 23,500. Edwin Mccain Far From Over' title='Edwin Mccain Far From Over' />The regulators backed off, to later disastrous consequences. Beginning in 1. 98. Edwin J. Gray, chair of the Federal Home Loan Bank Board FHLBB, feared that the savings industrys risky investment practices were exposing the governments insurance funds to huge losses. Gray instituted a rule whereby savings associations could hold no more than ten percent of their assets in direct investments,6 and were thus prohibited from taking ownership positions in certain financial entities and instruments. Lincoln had become burdened with bad debt resulting from its past aggressiveness, and by early 1. FHLBB 8 in particular, whether it had violated these direct investment rules Lincoln had directed Federal Deposit Insurance Corporation insured accounts into commercial real estate ventures. By the end of 1. FHLBB had found that Lincoln had 1. Keating had earlier taken several measures to oppose Gray and the FHLBB, including recruiting a study from then private economist Alan Greenspan saying that direct investments were not harmful,6 and getting President Ronald Reagan to make a recess appointment of a Keating ally, Atlanta real estate developer Lee H. Henkel Jr., to an open seat on the FHLBB. By March 1. Henkel had resigned, upon news of his having large loans due to Lincoln. Meanwhile, the Senate had changed control from Republican to Democratic during the 1. Congressional elections, placing several Democratic senators in key positions, and starting in January 1. Keatings staff was putting pressure on Cranston to remove Gray from any FHLBB discussion regarding Lincoln. The following month, Keating began large scale contributions into Cranstons project to increase California voter registration. In February 1. Keating met with Riegle and began contributing to Riegles 1. It appeared as though the government might seize Lincoln for being insolvent. The investigation was, however, taking a long time. Keating was asking that Lincoln be given a lenient judgment by the FHLBB, so that it could limit its high risk investments and get into the safe at the time home mortgage business, thus allowing the business to survive. A letter from audit firm Arthur Young Co. Keatings case that the government investigation was taking a long time. Keating now wanted the five senators to intervene with the FHLBB on his behalf. By March 1. 98. 7, Riegle was telling Gray that Some senators out west are very concerned about the way the bank board is regulating Lincoln Savings, adding, I think you need to meet with the senators. Youll be getting a call. Keating and De. Concini were asking Mc. Cain to travel to San Francisco to meet with regulators regarding Lincoln Savings Mc. Cain refused. 71. De. Concini told Keating that Mc. Cain was nervous about interfering. Keating called Mc. Music4/v4/fe/5d/c4/fe5dc49c-4761-887d-1503-5284767e1427/source/600x600bb.jpg' alt='Edwin Mccain Far From Over' title='Edwin Mccain Far From Over' />Cain a wimp behind his back, and on March 2. Keating and Mc. Cain had a heated, contentious meeting. On April 2, 1. 98. Gray was held in De. Concinis Capitol office, with Senators Cranston, Glenn, and Mc. Cain also in attendance. The senators requested that no staff be present. De. Concini started the meeting with a mention of our friend at Lincoln. Gray told the assembled senators that he did not know the particular details of the status of Lincoln Savings and Loan, and that the senators would have to go to the bank regulators in San Francisco that had oversight jurisdiction for the bank. Gray did offer to set up a meeting between those regulators and the senators. On April 9, 1. FHLBB San Francisco branch was held, again in De. Concinis office, to discuss the governments investigation of Lincoln. Present were Cranston, De. Concini, Glenn, Mc. Cain, and additionally Riegle. The regulators felt that the meeting was very unusual and that they were being pressured by a united front, as the senators presented their reasons for having the meeting. De. Concini began the meeting by saying, We wanted to meet with you because we have determined that potential actions of yours could injure a constituent. Mc. Cain said, One of our jobs as elected officials is to help constituents in a proper fashion. ACC American Continental Corporation is a big employer and important to the local economy. I wouldnt want any special favors for them. I dont want any part of our conversation to be improper. Glenn said, To be blunt, you should charge them or get off their backs, while De.