The Keating Five (or Keating Five Scandal) refers to a Congressional scandal related to the collapse of most of the Savings and Loan institutions in the United States in the late 1980s. In historical scholarship, a primary source is a document, or other source of information that was created at or near the time being studied, by an authoritative source, usually one with direct personal knowledge of the events being described. ... In library and information science, historiography and some other areas of scholarship, a secondary source is a document or recording that relates or discusses information originally presented elsewhere. ... A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. ...

Following the deregulation of the banking industry in the 1980s, savings and loan associations (also known as thrifts) were given the flexibility to invest their depositors' funds in commercial real estate. (Previously, they had been restricted to investing in residential real estate.) Many savings and loan associations began making risky investments. As a result, the Federal Home Loan Bank Board, the federal agency that regulates the industry, tried to clamp down on the trend. In so doing, however, the FHLBB clashed with the Reagan administration, whose policy was deregulation of many industries, including the thrift industry. The administration declined to submit budgets to Congress that would request more funding for the FHLBB's regulatory efforts. The Federal Home Loan Banks are an essential source of stable, low-cost funds to financial institutions for home mortgage, small business, rural and agricultural loans. ...

In 1989, the Lincoln Savings and Loan Association of Irvine, Calif., collapsed. Lincoln's chairman, Charles H. Keating Jr., was faulted for the thrift's failure. Keating, however, told the House Banking Committee that the FHLBB and its former chief Edwin J. Gray were pursuing a vendetta against him. Gray testified that several U.S. senators had approached him and requested that he ease off on the Lincoln investigation. It came out that these senators had been beneficiaries of $1.3 million (collective total) in campaign contributions from Keating. ‹ The template below (Expand) is being considered for deletion. ... Motto: Innovation. ... For other persons named Charles Keating, see Charles Keating (disambiguation). ... Meeting of the House Financial Services Committee The United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. ...

This allegation set off a series of investigations by the California government, the United States Department of Justice, and the Senate Ethics Committee. The ethics committee's investigation focused on five senators: Alan Cranston (D-CA); Dennis DeConcini (D-AZ); John Glenn (D-OH); John McCain (R-AZ); and Donald W. Riegle, Jr. (D-MI), who became known as the Keating Five. The Robert F. Kennedy Department of Justice Building in Washington, D.C. “Justice Department” redirects here. ... The U.S. Senate Select Committee on Ethics is a select committee of the United States Senate charged with dealing with matters related to senatorial ethics. ... Alan MacGregor Cranston (June 19, 1914 – December 31, 2000) was a U.S. journalist and politician. ... The Democratic Party is one of two major political parties in the United States, the other being the Republican Party. ... This article is about the U.S. state. ... Dennis DeConcini Credited to the United States Senate Historical Office Dennis Webster DeConcini (born May 8, 1937, in Tucson) is a former Democratic U.S. Senator from Arizona. ... The Democratic Party is one of two major political parties in the United States, the other being the Republican Party. ... Official language(s) English Spoken language(s) English 74. ... For other persons named John Glenn, see John Glenn (disambiguation). ... The Democratic Party is one of two major political parties in the United States, the other being the Republican Party. ... This article is about the U.S. State. ... For McCains grandfather and father, see John S. McCain, Sr. ... The Republican Party, often called the GOP (for Grand Old Party, although one early citation described it as the Gallant Old Party) [1], is one of the two major political parties in the United States. ... Official language(s) English Spoken language(s) English 74. ... Donald Wayne Riegle Jr. ... The Democratic Party is one of two major political parties in the United States, the other being the Republican Party. ... This article is about the U.S. State. ...

After months of testimony revealed that all five senators acted improperly to differing degrees, the senators continually said they were following the status quo of campaign funding practices. In August 1991, the committee concluded that Cranston, DeConcini, and Riegle's conduct constituted substantial interference with the FHLBB's enforcement efforts and that they had done so at the behest of Charles Keating. The committee recommended censure for Cranston and criticized the other four for "questionable conduct."

As it happened, Cranston, who was nearly 80 years of age, had already decided not to run for re-election in 1992. DeConcini and Riegle continued to serve in the Senate until their terms expired, but they did not seek re-election in 1994.

Glenn did choose to run for re-election in 1992 and it was anticipated that he would have some difficulty winning a fourth term in the Senate. However, Glenn handily defeated U.S. Rep. R. Michael DeWine for one more term in the Senate before retiring in 1999. The House of Representatives is the larger of two houses that make up the U.S. Congress, the other being the United States Senate. ... Richard Michael Mike DeWine (born January 5, 1947) is an American politician from Ohio. ...

McCain also remained in the Senate and he made campaign finance reform a key legislative interest. The scandal was followed by a number of attempts to adopt campaign finance reform -- spearheaded by U.S. Sen. David Boren (D-OK) -- but most attempts died in committee. A weakened reform was passed in the first year of President Bill Clinton's first term of office. Substantial campaign finance reform was not passed until the adoption of the McCain-Feingold Act. David Lyle Boren (born April 21, 1941) was a United States Senator from Oklahoma from 1979 to 1994. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The Bipartisan Campaign Reform Act of 2002 (BCRA) is U.S. Congressional legislation which regulates the financing of political campaigns. ...

Popular culture

In the video for his Music for the People album, Marky Mark shows a clip of the Keating Five as well as Michael Milken. Mark Wahlberg and Singer/Actor Eric West pose together at MTV Video Music Awards September, 2000 Mark Robert Michael Wahlberg (born June 5, 1971 in Dorchester, Massachusetts) is an American entertainer, and is now known primarily as an actor. ... Michael Robert Milken, born July 4, 1946, in Encino, California, is an American financier best known as the Junk Bond King of 1980s era Wall Street. ...

See also

• Savings and Loan crisis

The Savings and Loan crisis of the 1980s was a wave of savings and loan association failures in the United States in which over 1,000 savings and loan institutions failed in the largest and costliest venture in public misfeasance, malfeasance and larceny of all time. ...

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