united_states senators accused corruption major political scandal larger savings loan crisis late 1980s early 1990s senators democrat california democrat arizona democrat ohio john_mccain republican arizona democrat michigan accused intervening behalf chairman target regulatory investigation subsequently backed taking action lincoln loan collapsed cost billion federal government lincoln investors lost life savings substantial political contributions senators totaling million attracted considerable public media attention lengthy investigation determined substantially interfered investigation receiving formal senators cleared having acted criticized having exercised poor judgment senators served terms ran election retained seats run president united_states twice republican_party nominee circumstances loan crisis 1980s early 1990s failure savings loan associations united_states ultimate cost crisis estimated totaled billion billion directly paid federal government accompanying finance industry real estate market contributing cause economic recession number new homes constructed year dropped million million time lowest rate world war scandal prompted activities particular savings loan california lincoln chairman ultimately served years prison corrupt lincoln years purchased lincoln lincoln assets increased billion billion savings loan associations early 1980s allowing highly risky investments money savings loan operators took advantage savings loans established connections members congress supplying needed funds campaigns legal donations lincoln particular investments took form buying land taking equity positions real estate development projects buying high yield bonds corruption allegations core allegation affair contributions million senators called senators help resist backed later disastrous consequences beginning chair feared savings industry risky investment practices exposing government insurance funds huge losses gray instituted rule savings associations hold percent assets direct investments prohibited taking ownership positions certain financial entities instruments lincoln bad debt resulting past early investment practices investigated particular violated direct investment rules lincoln directed accounts commercial real estate ventures end found lincoln million losses surpassed regulated direct investments limit million earlier taken measures oppose gray including recruiting study private economist saying direct investments harmful getting president ronald_reagan appointment ally atlanta real estate developer open seat march resigned news having large loans lincoln senate changed control republican democratic congressional elections placing democratic senators key positions starting january staff putting pressure remove gray discussion lincoln following month began large scale contributions project increase california voter registration february met began contributing election campaign appeared government seize lincoln investigation taking long time asking lincoln given judgment limit high risk investments safe time home mortgage business allowing business survive letter firm bolstered case government investigation taking long time wanted senators intervene behalf march telling gray senators west concerned way bank board regulating adding think need meet senators getting asking travel san_francisco meet refused told nervous interfering called march heated contentious meeting april meeting gray held capitol office senators attendance senators requested staff present started meeting mention friend lincoln gray told assembled senators know particular details status loan senators bank san_francisco oversight jurisdiction bank gray offer set meeting senators april hour meeting members branch held office discuss government investigation lincoln present additionally felt meeting unusual pressured united senators presented reasons having meeting began meeting saying wanted meet determined potential actions constituent said jobs elected officials help constituents proper fashion big employer important local economy wouldn want special favors don want conversation improper said blunt charge backs said wrong willing clean act unusual company business revealed lincoln criminal investigation variety charges point severed relations san_francisco finished report recommended lincoln seized government lending practices gray time chair deferred action report saying relationship action took instead incoming chair decision filed lawsuit saying leaked confidential information lincoln new chair sympathetic took action report saying evidence insufficient september lincoln investigation removed san_francisco group signed agreement lincoln included going ahead criminal july new lincoln began washington continued intervening behalf april meetings contacting wall california state continuing receive large amounts new donations voter registration projects continued behalf contacting wall advocating approval sale lincoln december alternative government seizure bank refused approve sale lincoln continued help april revelation setting meeting house majority leader news april meetings senators officials appeared september sporadically covered general media year half early ran story participation responded denying lincoln behalf returning campaign contributions spring los_angeles_times ran short piece business section political reporters follow isolated inside page mentions washington_post wall_street_journal similarly failed develop media critic later write saga took years penetrate national consciousness political fortunes senators involved suffer time presidential election mentioned press vice presidential running mate republican nominee vice presidential finalists selection process losing failure lincoln investigation senators lincoln stayed business april assets grew billion billion time parent desperate cash losses real estate purchases projects branch managers convinced customers replace federally certificates deposit higher yielding bond certificates customers later said properly informed bonds risky given state finances bonds backing chair later write lincoln push switch cruel modern memory went bankrupt april lincoln seized april customers left worthless bonds investors ones living california retirement communities lost life savings felt emotional damage having financial devastation total loss came million million federal government eventually liable billion cover lincoln losses seized institution hit billion fraud action filed talking reporters april said question raised recent weeks financial support way influenced political figures cause want forceful way certainly hope wake lincoln failure chair gray went public senators assistance page story saying april meetings senators sought directly regulatory process benefit press attention senators began pick july los_angeles_times article role couple months washington_post reporters investigating personal relationships september republicans ohio filed ethics complaint charging intervened behalf initial charges senators october public interest group asked investigate actions senators relative lincoln contributions received violated rules senate federal election laws public attention came new chair held hours hearings lincoln failure associated events november estimated cost overall savings loan crisis reached billion media erratic coverage turned feeding lincoln matter getting large scale press attention senators commonly known senators denied improper matter said contributions difference actions senators initial defense actions rested constituents said kind thing times said lincoln case like helping little lady didn hired high power washington lawyers represent including feared appearance political careers jeopardy fbi began investigating possible criminal actions expanded inquiries include senators fbi soon focused attention largest sums money came involved voter registration drives tax exempt status violated relationships senators press attention focused relationships senators received associates senate election campaign furthermore donated groups founded controlled considered constituent lincoln based california received associates senate election campaign september government sued improper actions contributions returned money considered constituent lived arizona long time friends received direct contributions associates presidential nomination campaign political action committee tied received additional considered constituent business concerns headquartered ohio personal friends following initial contacts close social personal ties like considered constituent lived arizona received political contributions associates addition wife father invested shopping center april year met family baby trips expense aboard jet trips bahamas retreat cat pay trips years taken learned trouble lincoln received associates senate election campaign later announced april returning money constituency connection located michigan loan executives reportedly taken billion date money recovered known white ghost banking industry suspected walked away million investigation findings history investigation began november focused senators lasted months months active investigation weeks hearings committee composed democratic senators chair republican senators vice chair washington attorney appointed special outside counsel committee tasked conducting investigation initially committee investigated private september bennett submitted confidential report soon leaked recommended committee continue investigation action insufficient evidence pursue bennett recommended public hearings held speculation decision taken place frustrated long delay resolving cases damaging political implications removal eliminate republican case committee work difficult specific rule governed members intervening federal mid october republican senators including chair taking unusual step publicly complaining saying unfair lengthy process unfair political motives delays eventually committee agree bennett recommendation vice chair agreed bennett chair october committee decided senators case scheduled public hearings question witnesses hearings place november january held largest hearing room broadcast live entirety cnn network news programs showing segments opening hearings washington_post later write senators sat alongside long row visual suggestive defendants overall later write hearings public humiliation committee reported senators february delayed final report november period partisan aligned disagreement committee treat august special counsel report released delay caused suffered heart attack april replaced committee spent months learning complex materials involved matter resign july conflict interest reassigned committee august delay committee reports addressed senators ruled acted interfering investigation received million dollars including voter registration groups closely affiliated arm twisting senators behalf senator officially senate matter given penalty senators november voted unanimously instead severe measure consideration senate circumstances helped save included fact suffering cancer decided seek reelection according took unusual step delivering formal session senate senators present accused breaking specific laws rules violating standards said permit official actions linked fund raising stated evidence presented committee senator agreed help return contribution committee officially found conduct improper strongest severe committee authority impose words behalf united_states senate strongly severely senate took senate floor deny key charges response charged response arrogant institution wrong imply serving attorney alleged senators merely better covering tracks criticized acting ruled acted interfering investigation specifically said violated senate rule conduct gave appearance improper especially having taken lead meetings ruling expressed saying certainly regret accept responsibility actions lend appearance conflict interest said continue aggressive representing constituents affairs federal cleared criticized poor judgment ruled involvement scheme minimal charges dropped criticized committee poor judgment ruled involvement scheme minimal cleared charges criticized committee exercising poor judgment met federal behalf report said actions improper attended gross reach level requiring institutional action senator violated law united_states specific rule united states senate experience said appearance wrong wrong appearance group senators appear meeting group conveys impression improper influence wrong thing regardless level involvement senators greatly affected write attending april meetings worst mistake life described investigation low point life pursue lack jurisdiction possible ethics delayed trips expense occurred house said lacked jurisdiction longer house said require amend existing financial disclosure forms house years grounds fully company reactions satisfied conclusions president initially demanded investigation thought treatment senators far said action cop indictment committee remains auction block world president called newsweek said classic case government trying investigate labeling having let infamous wrist tap new_york_times ran editorials criticizing having let senators lightly time suspected committee timed report coincide run gulf war news impact san_francisco bank felt gotten lightly saying business involvement obvious conflict interest members concerned letting senators lightly harm existing senate rules specifically actions taken vice chair defended committee actions saying given news media surrounding easiest thing committee find guilty recommend sanctions politically difficult thing requiring backbone review evidence reach unpopular conclusion based fact leaks number press reports came work purported reveal aspects investigations upset leaks investigations held acting behalf committee senate report reached conclusive finding directly implicated leaks special counsel report released ascribed motive leaks said intended hurt gave staff responsible key leaks later charged leaked press sensitive information investigation came closed proceedings denied oath press reports concluded main time investigator later said absolutely doubt mind leaks vice chair stated autobiography staff responsible leaks later assertion aftermath convenient symbols arguments gone wrong america financial system society featured popular culture references senators escape spring deck playing cards marketed called savings loan scandal featured face holding hand images senators portrayed fingers polls showed americans believed actions typical congress political historian later echo sentiment attorney argument writing real problem involved caught testified civil suit brought lincoln seen best witness senators refused testify left office january died december continued serve senate terms expired seek election appointed president bill_clinton february choose run election trying senator win fourth term ohio republican candidate lieutenant governor attacked number matters campaigns country year toughest contests prevailed defeating percentage points gain term senate retiring running election member remaining john_mccain easier time gaining election anticipated survived political scandal friendly political press subsequently ran president republican presidential nominee 2000s retrospective accounts controversy reiterated contention included investigation primarily republican target inclusion investigation attributed republicans angered inclusion committee members thought dropping look bad remaining democratic senators scandal followed number attempts adopt campaign finance reform spearheaded attempts died committee weakened reform passed substantial campaign finance reform passed adoption act bennett later write investigation difference members congress afterward far likely federal investigations behalf contributors early october scandal possible parallel mortgage crisis financial crisis specifically role scandal republican presidential nominee briefly emphasized campaign democratic opponent barack_obama minute documentary entitled introduction occurred campaign began emphasizing obama controversy matter little impact eventually unsuccessful campaign reports united_states preliminary inquiry allegations senators loan open session hearings united_states senate congress second session november january washington united_states senator 1st november washington
Keating Five