McCain is a fucking skum bag... his "poor judgement" cost 21,000 americans their LIFE savings and American tax payers 2.8 BILLION Dollars to bail out Lincoln FInancial.... all becasuse he got political donations to his campaign from Charles Keating and took 9 family vacations sometimes on keatings private jet on keatings dollar... FUCKING SKUMBAG!!! He CAUSED our last financial crisis, why should we trust him to run this one?
"Worst Congressional Scandal in US History"The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston, Dennis DeConcini, John Glenn,
John McCain, and Donald W. Riegle, were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB).
The result of the collapse of Lincoln Savings and Loan was that 21,000 mostly elderly investors lost their life savings. After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston, Dennis DeConcini, and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings. Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised "poor judgment".
All five of the senators involved served out their terms. Only Glenn and McCain ran for re-election, and they were both re-elected.
Relationships of senators to Keating
Much of the press attention to the Keating Five focused on the relationships of each of the senators to Keating.
Cranston had received $39,000 from Keating and his associates for his 1986 Senate re-election campaign.[4] Furthermore, Keating had donated some $850,000 to assorted groups founded by Cranston or controlled by him, and another $85,000 to the California Democratic Party.[4] Cranston considered Keating a constituent because Lincoln was based in California.[25]
DeConcini had received about $48,000 from Keating and his associates for his 1988 Senate re-election campaign.[4] In September 1989, DeConcini stated he would return the money.[4] DeConcini considered Keating a constituent because Keating lived in Arizona; they were also long-time friends.[25]
Glenn had received $34,000 in direct contributions from Keating and his associates for his 1984 presidential nomination campaign, and a political action committee tied to Glenn had received an additional $200,000.[4] Glenn considered Keating a constituent because one of Keating's other business concerns was headquartered in Ohio.[25]
McCain and Keating had become personal friends following their initial contacts in 1981,[11] and McCain was the closest socially to Keating of the five senators.[31] Like DeConcini, McCain considered Keating a constituent as he lived in Arizona.[25] Between 1982 and 1987, McCain had received $112,000 in political contributions from Keating and his associates.[32] In addition, McCain's wife Cindy McCain and her father Jim Hensley had invested $359,100 in a Keating shopping center in April 1986, a year before McCain met with the regulators. McCain, his family, and their baby-sitter had made nine trips at Keating's expense, sometimes aboard Keating's jet. Three of the trips were made during vacations to Keating's opulent Bahamas retreat at Cat Cay. McCain did not pay Keating (in the amount of $13,433) for some of the trips until years after they were taken, when he learned that Keating was in trouble over Lincoln.[7][33]Riegle had received some $76,000 from Keating and his associates for his 1988 Senate re-election campaign.[4] Riegle later announced in April 1988 he was returning the money.[6] Riegle's constituency connection to Keating was that Keating's Hotel Pontchartrain was located in Michigan.[25]
PS KEATING WENT TO JAIL FOR 4 YEARS, and McCain got a "slap on the hand" from Congress...
