Charles H. Keating :: essays research papers

Charles H. Keating Jr. has been the focus of criminal investigations by the Federal Bureau of Investigation, the innate Revenue Service, the Justice Depart manpowert, The Securities and Exchange Commission, and the House Banking Committee for a six-year tail end of the nations biggest savings-and add debacle. The federal government proclaims that he fraudulently managed Californias Lincoln Savings into its closure, and in the process profited for himself and his family an estimated xxxiv one thousand million dollars. Consequently, taxpayers may suffer a loss of two one million million million dollars. The federal government is suing Keating, his family and associates for one billion dollars. Despite Keatings abnegation to the charges, evidence proves that his misconduct began since the early 1980s. Shockingly, Charles Keating change stateed for an comprehended amount of time without be investigated or caught. Keating did not stupefy a very credible background, which shoul d fill led to some suspicion. About a decade ago, many incidents should have foreshadowed Keatings malicious intentions. At that point Keating was under the leadership of Carl Lindner at American fiscal Corp., a city conglomerate with interests in damages and banking. In 1979 SEC, better known as the Security & Exchange Commission, cited Keating and other(a) officials of the American Exchange Commission for failure to reveal particular loan transactions with their employer. Keating, a national championship swimmer, attended the University of Cincinnati on an athletic scholarship and continued in law school. Along with help from his brother, Charles Keating founded the heavy(p) Cincinnati law firm of Keating, Muething and Klekamp. In 1972 Keating abandoned the profession of law, turning to work for the publicity-shy multimillionaire Carl Linder. Lindner served as a guide and mentor in the life of Mr. Keating. more similarities can be traced between the business style of these t wo men preeminently they both built their empires on savings and loans.1 Charles Keating exceeded Mr. Lindners expectations, which persuaded Mr. Lindner to extend an offer to the forty-eight year-old lawyer a position with American Financial in 1972 as the executive vice-president. Under Lindners supervision at American Financial in the mid-1970s, Keating found a resourceful schema to raise money from the public without the interference of the Wall Street underwriters. The achievement of this strategy resulted from sharp decline in profits that Lindners play along was experiencing. Keatings success revolved around him raising fifty million dollars for American Financial from the public without using an underwriting syndicate.