The Keating Five
In the late 80's and early 90's, a group of five US Senators were embroiled in a scandal in which they were accused of pressuring federal investigators to "lay off" of Lincoln Savings & Loan, a bank owned by real estate developer Charles Keating. Reagan's insistence on deregulating the banking industry allowed many S&L's to make risky investments (using their depositor's money) which eventually went sour. Lincoln Savings & Loan, like many S&L's during this period, failed. Lincoln was the largest individual S&L failure, costing taxpayers nearly $3 billion.
The members of the Keating Five recieved over a million dollars in campaign contributions from Charles Keating. One Republican senator not only received campaign contributions, but took free vacations in the Bahamas with the Keating family. His wife even had a considerable investment in one of Keating's shopping centers. The Senator was later rebuked for showing "poor judgement" by the Senate Ethics Committee.
In all fairness, four members of the Keating Five were Democrats. But in all fairness, the only Republican is now running for President.
The members of the Keating Five recieved over a million dollars in campaign contributions from Charles Keating. One Republican senator not only received campaign contributions, but took free vacations in the Bahamas with the Keating family. His wife even had a considerable investment in one of Keating's shopping centers. The Senator was later rebuked for showing "poor judgement" by the Senate Ethics Committee.
In all fairness, four members of the Keating Five were Democrats. But in all fairness, the only Republican is now running for President.