The Keating Five Scandal
Political scandalAbout
The Keating Five scandal was a major political controversy in the late 1980s involving five U.S. senators: Alan Cranston, Dennis DeConcini, John Glenn, John McCain, and Donald Riegle. They were accused of improperly intervening in a federal investigation into Charles Keating's Lincoln Savings and Loan Association. Keating, a significant campaign contributor, sought to avoid regulatory scrutiny due to his institution's risky investments and financial irregularities. The scandal highlighted issues of political influence and ethics. The Senate Ethics Committee investigated and found that Cranston, DeConcini, and Riegle had acted improperly, while Glenn and McCain were criticized for poor judgment. The scandal led to increased scrutiny of campaign finance and the relationship between lawmakers and donors. Lincoln Savings ultimately collapsed, costing taxpayers $3.4 billion and leading to significant financial losses for thousands of investors. The Keating Five scandal remains a notable example of the challenges in maintaining ethical standards in politics.
