Charles Humphrey Keating Jr. (born December 4, 1923 in Cincinnati, Ohio) is a retired American lawyer, politician, and banker – best known for his involvement in the savings and loan scandal of the late 1980s. His association with, and financial contributions to, five US senators (Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI) to argue for preferential treatment from regulators led to those politicians being dubbed the Keating Five in reference to him
In 1989, American Continental Corporation, the parent of Lincoln Savings, went bankrupt. More than 21,000 investors, most of them elderly, lost their life savings (in total about $285 million.) This occurred largely because they held securities backed by the parent company rather than deposits in the federally-insured institution — a distinction apparently lost on many if not most depositors until it was too late. The federal government covered almost $3 billion of Lincoln’s losses when it seized the institution. Many creditors were made whole, and the government then attempted to liquidate the seized assets through its Resolution Trust Corporation, often at pennies on the dollar compared to what the property had allegedly been worth and the valuation at which loans against it had been made.
Keating flew McCain around the country on his private company jet. McCain took his family on Keating’s jet to vacation at Keating’s private Bahama resort on Keating’s private island. 9 times. McCain also failed to report the gifts on his income tax returns