Don't attack me bitch.
In 1972, Charles Keating began to work for American Financial Corporation, a company involved in insurance and banking. Four years later he moved to Phoenix, Arizona to run the real estate firm American Continental Corporation, a spin-off of American Financial Corp. (GUYS, DO YOU SEE A CONNECTION TO THIS STORY WITH TODAYS PROBLEMS WE ARE HAVING WITH OUR BANKS AND REAL ESTATE?)
In 1984, American Continental Corporation bought Lincoln Savings. Such savings and loan associations had been deregulated in the early 1980s, allowing them the opportunity to make highly risky investments with their depositors money, an opportunity of which Keating took advantage.
Some regulators noted the danger posed by these deregulations and pushed for more oversight, but Congress refused. (SO MCCAIN REFUSED OVERSITE, JUST LIKE TODAY THEY REFUSED TO REGULATE THE MORTGAGE INDUSTRY AND THE SUB PRIME FIASCO HAPPENED?)
This may be due, in part, to the Keating Five, five Senators Dennis DeConcini, Alan Cranston, John Glenn, Don Riegle and John McCain who had received, for both themselves and for groups they supported, well over $1 million from Keating in the 1980s as favors and political contributions.[1] They later met twice with regulators who were investigating American Continental Corporation, in an attempt to end the investigation. (In 1991, they would be rebuked to various degrees by the Senate Ethics Committee.)[2]