jail because after the savings and loan crisis from the one nine hundred eighty nine period the laws were changed to make that particular type of fraud legal essentially yes the lincoln savings and loans crisis was one of seven hundred forty seven s n l's that collapsed it cost that in total it cost one hundred sixty point one billion dollars of that one hundred twenty four point six billion was paid by the u.s. taxpayer and then the economy did go into recession in one thousand nine hundred ninety one but here's another phrase another quote that could be straight from what donald trump said when he was just a candidate trump keating was hit with a one point one billion dollar fraud and racketeering action filed against him by the regulators. in talking to reporters in april keating said quote one question among many raised in recent weeks had to do with whether my financial support in any way influenced several political figures to take up my cause i want to say in the most forceful way i can i certainly hope so. right another legacy of the s.t.l. crisis was the beginning of the american oligarch class because remember the hundreds of billions of dollars worth of bu

jail because after the savings and loan crisis from the one nine hundred eighty nine period the laws were changed to make that particular type of fraud legal essentially yes the lincoln savings and loans crisis was one of seven hundred forty seven s n l's that collapsed it cost that in total it cost one hundred sixty point one billion dollars of that one hundred twenty four point six billion was paid by the u.s. taxpayer and then they economy did go into recession in one thousand nine hundred ninety one but here's another phrase another quote that could be straight from what donald trump said when he was just a candidate trump keating was hit with a one point one billion dollar fraud and racketeering action filed against him by the regulators in talking to reporters in april keating said quote one question among many raised in recent weeks had to do with whether my financial support in any way influenced several political figures to take up my cause i want to say in the most forceful way i can i certainly hope so. right another legacy of the s.t.l. crisis was the beginning of the american oligarch class because remember the hundreds of billions of dollars worth of bu

jail because after the savings and loan crisis from the one nine hundred eighty nine period the laws were changed to make that particular type of fraud legal essentially yes the lincoln savings and loans crisis was one of seven hundred forty seven s n l's that collapsed it cost in total it cost one hundred sixty point one billion dollars of that one hundred twenty four point six billion was paid by the u.s. taxpayer and then the economy did go into recession in one thousand nine hundred ninety one but here's another phrase another quote that could be straight from what donald trump said when he was just a candidate trump keating was hit with a one point one billion dollar fraud and racketeering action filed against him by the regulators. in talking to reporters in april keating said quote one question among many raised in recent weeks had to do with whether my financial support in any way influenced several political figures to take up my cause i want to say in the most forceful way i can i certainly hope so. right another legacy of the s.t.l. crisis was the beginning of the american oligarch class because remember of the hundreds of billions of dollars worth of bust

jail because after the savings and loan crisis from the one nine hundred eighty nine period the laws were changed to make that particular type of fraud legal essentially yes the lincoln savings and loans crisis was one of seven hundred forty seven s n l's that collapsed it cost that in total it cost one hundred sixty point one billion dollars of that one hundred.

sham transactions and extending loans which were absolutely bogus and they were cooking the books and it was -- it all came tumbling down. 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

. >> charles keating was the owner of the failed lincoln savings and loan association. as also a contributor to john mccain's campaign and a partner of cindy mccain on an arizona real estate deal. >> we will now proceed to hear from senator mccain. >> when regulators were investigating keating and his s&l's collapse, mccain along with four other senators met with 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 mo

lincoln savings & loan. >> charles keating was a very big builder. he was probably at that time the biggest in arizona. he also was very patriotic andiking 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 still tells me when he walked in the door of that meeting that had been arranged for this he knew that this