Headlines from 1989: McCain Helped Ignite Nation's Worst Financial Crisis (Before This One)

It's definitely time to remind everyone who forgot about The Keating Five. The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), Donald W. Riegle (D-MI), and John McCain (R-AZ), were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB). It was political "buddies" helping a corporate swindler swindle Americans out of their entire life savings. Like Lehman Brothers has done recently, Lincoln Savings and Loan (Keating's bank) ignited the avalanche of S&L failures in the late 80's and early 90's. The ultimate cost of the Savings and Loan Crisis was estimated to have totaled around $160 billion, about $125 billion of which was directly paid for by the U.S. taxpayer. Sound familiar?