Exact(5)
The 5-to-4 decision in Lampf v. Gilbertson immediately raised concern among some lawmakers, who feared it would enable savings and loan operators like Charles H. Keating Jr., who operated one of largest failed savings institutions, to get investors' lawsuits against them dismissed.
There is also the increasing number of online Internet payday loan operators, where loan fees are even higher, to offset the expenses of customer acquisition and higher rate of default.
Detroit's auto credit subsidiaries are feeling the heat, as are second-mortgage lenders and personal loan operators.
Keating and other savings and loan operators took advantage of this deregulation.
Savings and loan associations had been deregulated in the early 1980s, allowing them to make high-risk investments with their depositors' money, a change of which Keating and other savings and loan operators took advantage.
Similar(53)
"He could be the next Charles Keating," a reference to the savings and loan operator who pleaded guilty to fraud in the 1989 failure of Lincoln Savings and Loan.
Additional money was raised by another powerful Phoenix businessman who served as a big benefactor, Charles H. Keating Jr., the corrupt savings and loan operator whose ties to Mr. McCain continue to haunt the senator.
In addition, many of Mr. Gore's backers said that if he faced Mr. McCain in a general election, the senator's efforts to attack on campaign finance could be neutralized by his having been one of the Keating Five, a group of senators who at various times made inquiries of federal regulators on behalf of Charles H. Keating Jr., a corrupt savings and loan operator.
He rose to political prominence as a standard-issue conservative Sun Belt Republican, and in the most searing experience of his public life saw his reputation damaged by being counted among the "Keating five" -- a group of senators who met with regulators on behalf of Charles Keating, a savings and loan operator.
1991 -- The ethics committee rebukes Senator Alan Cranston, a California Democrat, for interceding with regulators on behalf of the former savings-and-loan operator Charles H. Keating Jr. in exchange for campaign contributions.
At the height of the 1980's art boom, Sotheby's sold it privately for over $13.2 million to David L. Paul, a Florida savings-and-loan operator who was later convicted of 97 counts of fraud and racketeering.
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