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Lincoln Savings and Loan collapsed in 1989, at a cost of $3.4 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.
Lincoln Savings was seized by federal authorities the day following American Continental's bankruptcy filing. [8] [9] [10] This total came to about $285 million, largely because such investors held securities backed by the parent company rather than deposits in the federally insured institution, a distinction apparently lost on many if not most ...
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 ...
With his Lincoln Savings & Loan drifting toward ruin due to risky investments and under investigation by the FBI and government regulators, Charles H. Keating Jr. turned to five senators he’d ...
As a result, a wave of local, federally-chartered savings and loans developed around the U.S. Backed by low-cost government funding, the S&Ls were able to offer long-term home loans at fixed ...
In May 1992, Keating's son-in-law, Robert M. Wurzelbacher Jr., a senior vice president of American Continental, and chief executive of an investment firm owned by Lincoln Savings, [114] who was also implicated, pleaded guilty to three federal fraud counts in connection with the collapse of the Lincoln Savings and Loan Association and agreed to ...
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.
In “Differ We Must: How Lincoln Succeeded In a Divided America,” Steve Inskeep is taking on one of the most challenging tasks for a biographer by profiling the nation's 16th president. There's ...