Savings and Loan Debacle
During the 1980s, a string of bad business decisions triggered more than 1,000 U.S. savings and loans institutions to fail. Total S & L income was $781 million in 1980; the next year it fell to -$4.6 billion.Charles Keating, left, a major player in the scandal, took advantage of small investors in the company, Lincoln Savings and Loan, and made risky investments under the protection of the Keating Five - involving five senators who had received $300,000 from Keating during that time.
During the 1980s, a string of bad business decisions triggered more than 1,000 U.S. savings and loans institutions to fail. Total S & L income was $781 million in 1980; the next year it fell to -$4.6 billion.Charles Keating, left, a major player in the scandal, took advantage of small investors in the company, Lincoln Savings and Loan, and made risky investments under the protection of the Keating Five - involving five senators who had received $300,000 from Keating during that time.
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