Charles Keating
Charles Keating | |
---|---|
Born | Charles Humphrey Keating Jr. December 4, 1923 Savings and loan scandal Keating Five |
Spouse | Mary Elaine Fette |
Children | 6 |
Charles Humphrey Keating Jr. (December 4, 1923 – March 31, 2014) was an American sportsman, lawyer, real estate developer, banker, financier, conservative activist, and convicted felon best known for his role in the
Keating was a champion swimmer for the
In the 1980s, Keating ran American Continental Corporation and the Lincoln Savings and Loan Association, and took advantage of loosened restrictions on banking investments. His enterprises began to suffer financial problems and were investigated by federal regulators. His financial contributions to, and requests for regulatory intervention from, five sitting U.S. senators led to those legislators being dubbed the "Keating Five".
When Lincoln failed in 1989 it cost the federal government over $3 billion and about 23,000 customers were left with worthless bonds. In the early 1990s, Keating was convicted in both
Early life and military service
Keating was born on December 4, 1923, in
His younger brother William was born in 1927. Their father came from Kentucky and managed a dairy.[3] Charles Keating Sr. lost a leg in a hunting accident, and then fell into a long decline from Parkinson's disease around 1931, and was nursed by his wife until his death in 1964.[3]
Keating began
In swimming he led the team to three
After one semester at the
During
Education and swimming
Keating was ready to return to college after finishing his Navy service in 1945. His abilities as a swimmer made him an attractive recruit, despite his having dropped out earlier.[10] He cut a deal with the University of Cincinnati wherein it would accept for academic credit much of his Navy service,[11] then he would take six months of liberal arts courses before entering its law school.[10]
Keating won the 200-yard
This was the first ever national championship in any sport for the University of Cincinnati.
Keating received his law degree from the University of Cincinnati College of Law in 1948, and would later be named a member of the university's Athletic Hall of Fame.[6]
Charles Keating was a long-time supporter of U.S. swimming and beginning in 1969 he and his brother
Marriage and family
Keating married Mary Elaine Fette in 1949. She was an athletically minded Catholic from an established Cincinnati family.[20] They had six children: daughters Kathleen, Mary, Maureen, Elaine, and Elizabeth, and a son, Charles Keating III.
His daughter Mary married Gary Hall, who would go on to swim in the 1968, 1972, and 1976 Summer Olympics, winning a medal in each one. Charles Keating III swam in the 1976 Summer Olympics, finishing fifth in the 200-meter breaststroke. Keating's grandson Gary Hall Jr. competed in the 1996, 2000, and 2004 Summer Olympics as a swimmer and won ten medals overall.[5][8]
Another Keating grandson,
Early legal and business career
After law school graduation, Keating did spot legal work for the
In 1952, along with his brother,
In 1960, Lindner and Keating created
Anti-pornography activism
In 1956, Keating joined a priest leading a group of Catholics in Cincinnati who were concerned about the dangers of
Keating founded Citizens for Decent Literature (CDL) in 1958 (later renamed a number of times, the best known of which is Citizens for Decency through Law),[15] which advocated reading classics not "smut."[33] It would grow to 300 chapters and 100,000 members nationwide and become the largest anti-pornography organization in the nation.[33] It absorbed some other groups, such as National Citizens for Decent Literature and the Pittsburgh National Better Magazines Council.[32] The structure of CDL was initially decentralized, but Keating grew frustrated with some local chapters taking aggressive actions he did not approve of, and so he gave it a more controlled focus with a national magazine, film production, and a greater role in legal actions.[34]
Over the next two decades, CDL mailed some 40 million letters on behalf of its position and filed a series of
In 1964–65, Keating produced Perversion for Profit, a film featuring announcer George Putnam. It was a survey of then-available prurient and obscene materials, and asserted that pornography led to moral decay.[37] It, along with two lesser-known films produced or distributed by CDL, was screened frequently throughout the country and remained in print for a long time.[38]
In 1969, Keating's national reputation on the issue led President Nixon to appoint him to the President's Commission on Obscenity and Pornography, which had been begun under Nixon's predecessor, Lyndon B. Johnson.[30][39] The majority on the commission issued a report which concluded that pornography does not degrade the morals of adults or cause crime and recommended that all federal, state, and local laws preventing consenting adults from obtaining pornographic materials be repealed. Keating, Nixon's only appointee on the 18-person commission, was the leading commission dissenter from the report.[39][40]
In September 1970, Keating was granted a temporary restraining order from the D.C. Federal District Court to delay publication of the report, stating that he needed access to all the report's backing materials and time to write a dissent.[40] Several days later, Keating was given the desired materials and two weeks to write his report by the committee.[41]
Keating filed his dissent, saying, "At a time when the spread of pornography has reached epidemic proportions in our country and when the moral fiber of our nation seems to be rapidly unravelling, the desperate need is for enlightenment and intelligent control of the poisons which threaten us – not the declaration of moral bankruptcy inherent in the repeal of the laws which have been the defense of decent people against the pornographer for profit."[42] Keating wrote, "One can consult all the experts he chooses, can write reports, make studies, etc., but the fact that obscenity corrupts lies within the common sense, the reason, and the logic of every man."[43]
The Nixon administration tacitly supported Keating's legal efforts,[39] and Counsellor to the President John Ehrlichman assigned White House speechwriter Pat Buchanan to help draft the dissenting report.[44] The commission's majority report was denounced by congressional leaders of both parties as well as by the administration.[44]
The commission involvement earned Keating further national attention, which he used to push towards stringent behavior in Cincinnati.
In 1970, Keating tried to block a closed-circuit showing of the musical
Citizens for Decent Literature and Keating often warned about homosexuality as an example of what they saw as perverse behavior.[51] The film Perversion for Profit had included a claim that homosexuals had a slogan saying that "today's conquest is tomorrow's competition";[51] in a 1977 speech in Miami, Keating repeated this phrase, concluding from it that homosexuality represented an endless "seduction of the innocent".[52]
In 1975,
American Financial Corporation
While officially an outside lawyer, Keating functioned as a public face for Carl Lindner and
Keating left his law practice in 1972 and formally joined American Financial Corporation, by now a $1 billion enterprise, as executive vice president.
In 1975 and 1976, several stockholder lawsuits were filed against American Financial, and Keating was under fire for aspects involving unsecured loans, stock warrants, and the sale of the Enquirer.
American Continental Corporation
Keating moved to
Keating reaped benefits from the move to Arizona, a wide-open territory in both a physical and business sense that allowed someone a fresh start.[66] He turned the now-renamed American Continental Corporation around, adding various operations and divisions in a structure somewhat reminiscent of American Financial. As chairman and controlling stockholder, Keating relied heavily upon family members, employing his son and four of his sons-in-law in prominent positions.[16][30] Charles Keating III had a fast career rise within the company.[9][16]
In 1979, Keating served as head of fundraising in the Southwest for
Having won the 1980 election, President
By the early 1980s, American Continental's profits were in the millions
A devout Catholic, Keating became a heavy donor to charity when he moved to Phoenix, donating $100,000 to the Society of Saint Vincent de Paul, more than $1 million to Covenant House, and another more than $1 million to Mother Teresa's operations, including lending her his helicopter when she was in Arizona so that she could visit remote Indian reservations in the state.[9][16] Covenant House's Father Bruce Ritter said of Keating, "He makes you believe in Providence."[9] In 1983, Keating and his companies made legal but unusually large campaign donations in races for the Phoenix City Council, who were responsible for approving his building projects[9][16] including water usage for residential developments built around artificial ponds.[72] The scale of donations represented a change from past practice in local Phoenix politics; some council figures opposed the trend, while others readily asked for the funds.[9][16]
Lincoln Savings and the Keating Five
In 1984, American Continental Corporation bought
Over the next four years Lincoln's assets increased from $1.1 billion to $5.5 billion.
Beginning in 1985 the Federal Home Loan Bank Board (FHLBB) feared that the savings industry's risky investment practices were exposing the government's insurance funds to huge losses.[76] It instituted a rule whereby savings associations could hold no more than 10 percent of their assets in "direct investments",[76] and were thus prohibited from taking ownership positions in certain financial entities and instruments.[78] Lincoln had become burdened with bad debt resulting from its past aggressiveness, and by early 1986 its investment practices were being investigated and audited by the San Francisco office of the FHLBB:[76] in particular whether it had violated these direct investment rules; Lincoln had directed accounts insured by the Federal Deposit Insurance Corporation into commercial real estate ventures.[79] By the end of 1986, that office of the FHLBB had found that Lincoln had $135 million in unreported losses and had surpassed the regulated direct investments limit by $600 million.[76]
Keating believed that the regulators were against him because he opposed their rules.[80] He also told his staff that some of the San Francisco regulators were likely "homos" who were "out to get him" for his strong moral views.[80][81] Keating took measures to oppose the FHLBB, including recruiting a study from then-private economist Alan Greenspan saying that direct investments were not harmful,[76] trying to hire FHLBB members or their wives,[64] and getting President Ronald Reagan to make a recess appointment of a Keating ally, real estate developer Lee H. Henkel Jr., to the FHLBB.[76] By March 1987, however, the ally had resigned upon news of his having large loans due to Lincoln.[76] It appeared as though the government might seize Lincoln for being insolvent.[78]
Starting in January 1987, Keating looked for help from what would become known as "the
Keating asked that Lincoln be given a lenient judgment by the FHLBB, so it could limit its high risk investments and get into the relatively safe
Failure of Lincoln and American Continental
Lincoln stayed in business; from mid-1987 to April 1989, its assets grew from $3.91 billion to $5.46 billion.[76] Following Keating's past practices with Lindner, American Continental amassed a large collection of confusingly connected subsidiaries in real estate, banking, and insurance businesses; these numbered at least 54, and there were some overseas ones that auditors were not aware of.[90] Keating was triumphant in having defeated the regulators, whom he despised as useless relics from an outmoded financial past, and defended his high salary and business practices.[64][91] He spent about $500,000 on radio advertisements in the Phoenix area to improve his public image; the commercials stressed his real estate projects and his family-oriented values. A 1988 Los Angeles Times profile assessed Keating as "a businessman without apparent peer in Arizona in terms of riches, clout and color."[9] While Keating had taken Citizens for Decency through Law with him,[16] he had generally de-emphasized his anti-pornography work when he moved to Arizona.[11] Nevertheless, X-rated movies and Playboy magazine were banned from his hotels.[16]
In October 1988, Keating opened his most extravagant real estate project ever, the 250-acre (1.0 km2), 600-room The
Asked in an interview if he ever worried about going broke, Keating responded, "All the time, every day. I come into the office with this hollow feeling in my stomach lots of time.... You get trapped almost. You get too many responsibilities. It's a bellyfull to carry. It's risky. Dangerous. There's the possibility of failure with it every day and every night. But in a way, it's a challenge. It's invigorating. There isn't any point in not being a player – you're here.... It's not only the money. It's the disgrace, yourself, your manhood. I'm not sure I'd have a big problem with that. On the other hand I'm not sure I wouldn't."[64]
As Lincoln grew, money was siphoned from Lincoln to the parent American Continental Corporation under a variety of schemes, and American Continental spent lavishly on speculative investments and personal expenses.
A December 1988 audit by the FHLBB found Lincoln in violation of many regulations and in danger of default.
American Continental went bankrupt in April 1989, and Lincoln was seized by the FHLBB.[79] About 23,000 customers were left with worthless bonds.[97] Many investors, often ones living in California retirement communities, lost their life savings, and later claimed to have suffered emotional trauma for having been duped on top of their financial devastation.[94][98] The total bondholder loss came to between $250 million and $288 million.[97][99]
The federal government was eventually liable for $3.4 billion to cover Lincoln's losses when it seized the institution.[100] In talking to reporters in April 1989, Keating maintained that he was the victim of a federal government that had spent years trying to destroy him,[101] and then said, "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."[102]
In September 1989, Keating was hit with a $1.1 billion fraud and racketeering action, filed against him by the regulators.[103] He proclaimed that, "We've lost everything in this thing, my wife and I. It's devastating."[104] In November 1989, Keating was subpoenaed to testify before the House Banking Committee, but refused to answer questions, invoking his right against self-incrimination under the Fifth Amendment.[105] Also in November, his Phoenician Resort was seized by the FBI; under their operation it became known as "Club Fed" before later being sold to a Kuwaiti group.[16][93][106] The vastly ambitious Estrella project would remain deserted[16] and was sold in 1993 to an investment group.[107]
By November 1989, the estimated cost of the overall
Legal consequences
Keating blamed government regulators for the failure of Lincoln Savings and sued for control over the bank. The suit was dismissed in August 1990, with the judge calling the seizure fully justified.[111] Keating's legal fees were running at $1 million per month.[16]
In September 1990, Keating and his associates were
In May 1992, Keating's son-in-law,
In January 1993, a federal conviction followed, on 73 counts of fraud, racketeering and conspiracy.[116] In July 1993, Keating was given a 121⁄2 year sentence.[116] The judge ordered Keating to pay restitution of $122 million to the government, but Keating said he was $10 million in debt and had no assets to sell.[116]
One case filed by the U.S. Securities and Exchange Commission was settled in 1994: Keating said he was bankrupt but agreed to repay millions should any hidden assets be discovered.[117] A third case filed by the Resolution Trust Corporation resulted in a summary judgment of $4.3 billion against Keating and his wife in 1994,[118] the largest judgment ever against a private person.[15] The judgment was overturned on appeal in 1999, on grounds that Keating could not be held personally liable to the government without a specific criminal conviction or some other decision at trial.[119] Throughout his incarceration, Keating maintained his innocence, saying he was a "political prisoner" of the U.S. government and a scapegoat for the largest banking scandal in the nation's history.[8]
In April 1996, the
In April 1999, on the eve of the retrial of the federal case, Keating entered a
In October 2000, the
Final years and death
Following his release from prison, Keating separated from his wife Mary.[126] He moved in with his daughter Mary and son-in-law Gary Hall Sr. in the Phoenix suburb of Paradise Valley.[126][127]
During the 2000s, Keating worked as a business consultant[127] and as of 2008 was involved in some successful real estate developments in the Phoenix market.[15][128] He kept a low profile in his business operations,[15] and declined comment during John McCain's 2008 presidential campaign when the Keating Five scandal was brought up again by the press.[127] During his final years, Keating maintained good physical shape through swimming and walking and was able to go out in public without being recognized.[122]
Charles Keating died in a Phoenix hospital on March 31, 2014, at age 90, after an undisclosed illness of several weeks.[122]
Legacy
The Chicago Tribune's lengthy profile of Keating in 1990 said in summary:
To say that Charles Keating is a complex man seems a gross understatement. Some see him as an aggressive man who got desperate when the real estate market bottomed out and crossed the line between "business as usual" and fraud. Others see him as a con artist who finally got caught, a hypocrite who masked his greed with phony piety.[16]
Michael Binstein and Charles Bowden's 1993 book, Trust Me: Charles Keating and the Missing Billions, also presents Keating as a complex individual with contradictory tendencies, and concludes:
Charlie Keating built things, and, at some level that haunts anyone who looks over his records, he thought his schemes would work. He did not simply rob a bank. He broke a bank with his dreams. If he is simply a thief, why did he put the money into deals and projects instead of into his own pocket? If he is just a hardworking businessman simply trying to make a profit and create jobs, why the need for jets, fancy meals, big paychecks to his family? If he is such a devout communicant of his faith, why did he peddle hundreds of millions of dollars' worth of junk bonds to old people when he knew his empire was in serious jeopardy?[129]
Keating steadfastly maintained that it was not his mistakes or criminal deeds but regulators' actions that were responsible for the major losses.[15]
Some of Keating's 1980s judgment as a developer was later vindicated. The Phoenician became a successful hotel in the luxury segment,[93][106] and the Estrella project achieved at least some of Keating's vision and was acquired again in 2005.[130][131]
In popular culture
In the novel Myron, author Gore Vidal uses the names of various anti-pornography crusaders to take the place of swear words. One of the names is "keating", which is used many times throughout the book as a synonym for "shit".
Keating, portrayed by James Cromwell, appeared in Miloš Forman's 1996 film The People vs. Larry Flynt, leading a Citizens for Decent Literature charge against Flynt's Hustler Magazine.[132]
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