Sunday, November 25, 2012
The Keating Five
A blog reader sent me this and I think it is highly relevant. The Keating five refers to five US senators, four Democrat, one Republican, who were in a conflict of interest pressuring regulators to go easy on one of their large campaign contributors who was involved with committing fraud. If you read the Wikipedia article on Charles Keating, do a control “f” search for “fraud.” You’ll see what I mean. This is tied to the Saving and loans crisis that incurred a massive tax payer bailout based on fraud and the politicians who helped cover it up because they were given political contributions.
So here we have the S&L crisis, fraud, and tax payer bailout tied to political corruption. Yes, I am going somewhere with this. For now I just want to throw out the name Keating five since it’s the silver anniversary of that scandal and ask readers to think about it and read up on it. It ties in with other things and we will soon connect the dots. My point is, it wasn’t just a matter of banks failing because they took on high risk mortgages. It was about investment fraud that resulted from deregulation. Obama bringing up the Keating Five is as ironic as Romney bringing up Operation Fast and Furious.