Search results
Results From The WOW.Com Content Network
The Keating Five scandal was prompted by the activities of one particular savings and loan, Lincoln Savings and Loan Association of Irvine, California. Lincoln's chairman was Charles Keating , who ultimately served five years in prison for his corrupt mismanagement of Lincoln. [ 3 ]
At the time of the Federal seizure on April 14, 1989, Lincoln Savings was the 42nd largest savings & loan in the country with 29 branches throughout Southern California and assets of $5.4 billion and deposits of $4.4 billion but only $20 million in required capital on hand instead of the required $325 million in capital. [10]
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 ...
The Teapot Dome Scandal. This 1920s scandal had it all: “ornery oil ... With his Lincoln Savings & Loan drifting toward ruin due to risky investments and under investigation by the FBI and ...
Charles Humphrey Keating Jr. (December 4, 1923 – March 31, 2014) was an American sportsman, lawyer, real estate developer, banker, financier, conservative activist, and convicted felon best known for his role in the savings and loan scandal of the late 1980s.
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.
For most of 1987, American Continental was profitable, but by 1988, losses mounted, due to financial troubles and other bad happenings at Lincoln Savings. [4] By 1989, Lincoln made up 90 percent of American Continental's assets. [4] On April 13, 1989, American Continental Corporation filed for Chapter 11 bankruptcy. [4]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!