Charles Keating and the savings & loan scandal скачать в хорошем качестве

Charles Keating and the savings & loan scandal

Did you know that Charles Keating was a great swimmer? He didn’t have the fear of drowning. Despite that, he actually drowned. No, Water didn’t do anything. It was his greed that drowned him. This is a story of a high-level scandal called the savings and loan scandal. Stay tuned to know more about it. Charles Keating’s real estate ventures are the Valley's pearls. Among his well-known charity endeavors, he befriended Mother Teresa and provided her with financial support. However, Charles H. Keating Jr. is more likely to be remembered as the man whose financial empire lost many investors their life savings when it collapsed and whose name became the acronym for a group of senators who stood up for him before regulators during the savings and loan scandal of the 1980s. Keating turned his attention to the vile deception of his Lincoln Savings and Loan Association's investors. Many of them were convinced to convert their insured savings at the thrift in Irvine, California, into junk bonds issued by his holding firm, American Continental Corp., situated in Phoenix. His victims included some elderly persons. But after being found guilty on both a state and federal level of deceiving investors, his financial empire fell. By offering Lincoln clients $200 million in unsecured "junk" bonds, Keating allegedly defrauded them. When Keating's business went bankrupt, it lost everything of its value. The failure of the thrift cost taxpayers $2.6 billion and damaged the reputations of the "Keating Five," five senators. One of them was Republican U.S. Sen. John McCain of Arizona, and the incident was brought back to light when McCain was the Republican candidate for president in 2008. Can you believe it? This scandal has taken out the masks of many powerful individuals. As the plot reaches a climax, it becomes more engaging.