l b b in the night in one thousand nine hundred seven to intervene on behalf of charles keating who at that time was the largest of the savings and loans banks and was clearly very corrupt and in fact had basically encouraged a lot of his pensioner and older people depositors they had convinced them to buy all these bonds and put those bonds into the parent company of lincoln savings and they lost hundreds of millions alternately but he went to his very good friend senator john mccain went to him. and he also by the way paid for him to go on many vacations john mccain and his wife and this guy charles keating basically convince them to go talk to the regulators and get them off their back so it was only until he he successfully got them off their back for two years and the bank then collapsed two years later and almost took down the u.s. economy in the global economy but this is the sort of pattern that we see around the world and i know keating five of the savings and loan crisis very well of course i was working on wall street at the time and here's the most amazing thing about the e

l b b in the night in one thousand nine hundred seven to intervene on behalf of charles keating who at that time was the largest of the savings and loans banks and was clearly very corrupt and in fact had basically encouraged a lot of his pensioner and older people depositors that he had convinced them to buy all these bonds of put those bonds into the parent company of lincoln savings and they lost hundreds of millions alternately but he went to his very good friend senator john mccain went to. he also by the way paid for him to go on many vacations john mccain and his wife and this guy charles keating basically convince them to go talk to the regulators and get them off their back so it was only until he successfully got them off their back for two years and the bank then collapsed two years later and almost took down the us economy in the global economy but this is the sort of pattern that we see around the world and i know keating five of the savings and loan crisis very well of course i was working on wall street at the time and here's the most amazing thing about the estonia cris

l b b in the night in one thousand nine hundred seven to intervene on behalf of charles keating who at that time was the largest of the savings and loans banks and was clearly very corrupt and in fact had basically encouraged a lot of his pensioner and older people depositors that he had convinced them to buy all these bonds and put those bonds into the parent company of lincoln savings and they lost hundreds of millions alternately but he went to his very good friend senator john mccain went to him and he also by the way paid for him to go on many vacations john mccain and his wife and this guy charles keating basically convince them to go talk to.

l b b in the night in one thousand nine hundred seven to intervene on behalf of charles keating who at that time was the largest of the savings and loans banks and was clearly very corrupt and in fact had basically encourage a lot of his pensioner and older people depositors they had convinced them to buy all these bonds and put those bonds into the parent company of lincoln savings and they lost hundreds of millions alternately but he went to his very good friend senator john mccain went to. him and he also by the way paid for him to go on many vacations john mccain and his wife and this guy charles keating basically convince them to go talk to the regulators and get them off their back so it was only until he successfully got them off their back for two years and the bank then collapsed two years later and almost took down the us economy in the global economy but this is the sort of pattern that we see around the world no kidding five in the savings and loan crisis very well of course i was working on wall street at the time and here's the most amazing thing about the us though a cri

l b b a in the night in one thousand nine hundred seven to intervene on behalf of charles keating who at that time was the largest of the savings and loans banks and was clearly very corrupt and in fact had basically encouraged a lot of his pensioner and older people depositors that he had convinced them to buy all these bonds and put those bonds into the parent company of lincoln savings and they lost hundreds of millions alternately but he went to his very good friend senator john mccain went to him and he also by the way paid for him to go on many vacations john mccain and his wife and this guy charles keating basically convinced him to go talk to the regulators and get them off their back so it was only until he successfully got them off their back for two years and the bank then collapsed two years later and almost took down the u.s. economy in the global economy but this is the sort of pattern that we see around the world killing five of the savings and loan crisis very well of course i was working on wall street at the time and here's the most amazing thing about this though a

them. >> i'm glad to have the opportunity to fully and publicly account for my relationship with charles keating many felt the senators were trying to influence the investigation to help keating. >> when he came to see me in march of 1987 -- >> it's something mccain denied. >> my mistake was to go to the meeting, but at the meeting, i said that i wanted no special favors, i wanted no -- anything done that would be -- appear unethical or wrong. >> ultimately, mccain was cleared of any wrongdoing, but the allegations stuck with him. >> i've never seen him more depressed and angry about having his honor challenged. i think that hurt him more than the north vietnamese did. >> the keating five scandal hurt him more than -- >> personally. >> -- being in prison for five and a half years and beaten? >> that's how i felt. >> in his own mind, he allowed his honor to be besmirched. and from that came a desire to clean up money in politics. >> mccain dove into his senate work throughout the 1990s. >> key challenge remains getting the deficit under control. >> taking on tough issues. >> what matters to me is

protection against the federal government taking over his lincoln savings & loan. >> charles keatingbig builder. he was probably at that time the biggest in arizona. he also was very patriotic and he took a liking to me and he helped me with my campaigns. >> he was a big arizona player. he would support candidates and get behind candidates and raise a lot of money. then he bought some savings and loans and that's where it all kind of went south on him. >> examiners from the federal home loan bank found what they described as a ticking time bomb. the examiners also uncovered evidence of improper bookkeeping and possible fraud. then the federal examiners were summoned for an extraordinary meeting with five united states senators. each senator had gotten large campaign donations from keating, his family, and their associates. >> in the most explosive testimony yet, edwin gray, the former chief regulator of the savings and loan industry told banking committee chairman henry gonzalez that four u.s. senators asked him to ease regulatory pressure on troubled lincoln savings & loan. >> john

five who backed the savings and loan ripoff by charles keating and pressured alan greenspan not the prosecute not to are regulate the savings and loans you have very clearly obama on the side of the creditors and. the. difference between and where he is today is the creditors normally use political assassination of almost every leading her advocate all the way from. russia brothers in rome to julius caesar who took the populist out protester say well today the creditor classing it as they are and show way and argentina and third row countries it hasn't done there in the united states yet because there really isn't any discussion either in the religious community or on the lefte pressure realizing that the dynamic that's making people poor is primarily financial it's debt it's the financial systems. just dysfunctional relationship. not the old fashion the only industrialists are wearing the workers well of course where persians exploit the workers but now they move to peru. or and workers again it's largely a financial driven austerity program. already so you know jesus a lot of buildout would

. >> charles keating is a wealthy contributor and friend of the mccains. nine times on the keating's private plane. but when banking regulators start looking into keating's failing savings and loan, he asked mccain and four other senators to get them to back off. in the end, keating goes to prison, while a senate ethics committee eventually clears mccain, saying he only exercised poor judgment. the war hero senator takes a beating in the press. >> i think the whole thing was a regrettable situation. >> and he says that that was the lowest point in his career. it was a dishonorable thing. and to him, honor is probably more important than almost any other attribute that he might bring to that office. >> i suspect his own party let him down. i think they left him on his own, threw him a bit to the wolves. i think it was a searing experience for him. >>> next, mccain looks to turn his anger into action in washington. >> i seek the respect of my colleagues. i don't particularly seek their affection. >> and the unpredictable politician makes the ultimate maveric

one of the major players was lincoln savings and loan which was an outfit that charles keating bought in, which was a very small savings and loan, and then he made it into this huge money lending. what happened was, the entire s&l industry collapsed and the taxpayers had to bail it out. $2000 per person. that was a huge disaster. >> it had not been profitable for several years. it, it justbought made a $3 million profit. the next year, it made $80 million profit. maybe that was a red flag. you said in the book that you never doubted what his interest was in you. you and your families were good friends and you liked each other. you did not see that perhaps he was playing you as a political tool that he would need down the road. he did call in that chip. you are a guy with good political instincts but you didn't see this coming? senator mccain: i don't think anybody did. but that's where i came into play, he asked me to help him and i said i wouldn't do certain things. he called me a wimp and i threw him out of my office. but then i still went to a meeting with four other senators who w