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Keating Five
File:AlanCranston.jpg, Alan Cranston (D-CA) File:Dennis DeConcini.jpg, File:John Glenn Low Res.jpg, John Glenn (D-OH) File:John McCain.jpg, John McCain (R-AZ) File:Riegle2.jpg, Donald Riegle (D-MI) The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger savings and loan crisis of the late 1980s and early 1990s. The five senators—Alan Cranston (Democrat of California), Dennis DeConcini (Democrat of Arizona), John Glenn (Democrat of Ohio), John McCain (Republican of Arizona), and Donald W. Riegle, Jr. (Democrat of Michigan)—were accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., Chairman of the Lincoln Savings and Loan Association, which was the target of a regulatory investigation by the Federal Home Loan Bank Board (FHLBB). The FHLBB subsequently backed off taking action against Lincoln. Lincoln Savings and Loan collapsed in 1989, at a cost of $3.4 billion to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alan Cranston
Alan MacGregor Cranston (June 19, 1914 – December 31, 2000) was an American politician and journalist who served as a United States Senator from California from 1969 to 1993, and as a President of the World Federalist Association from 1949 to 1952. Born in Palo Alto, California, Cranston worked as a journalist after graduating from Stanford University. After serving as California State Controller, he was elected to the Senate in 1968. He served as the Senate Democratic Whip from 1977 to 1991. In 1984, Cranston sought the Democratic presidential nomination, advocating a nuclear freeze during the later stages of the Cold War. He dropped out after the first set of primaries. In 1991, the Senate Ethics Committee reprimanded Cranston for his role in the savings and loan crisis as a member of the Keating Five. After being diagnosed with prostate cancer, he decided not to run for a fifth term. After his retirement from the Senate, he served as president of the Global Security Institu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lincoln Savings And Loan Association
Lincoln most commonly refers to: * Lincoln (president), Abraham Lincoln (1809–1865), the sixteenth president of the United States * Lincoln, England, cathedral city and county town of Lincolnshire, England * Lincoln, Nebraska, the capital of Nebraska, U.S. * Lincoln (name), a surname and given name * Lincoln Motor Company, a Ford brand Lincoln may also refer to: Places Canada * Lincoln, Alberta * Lincoln, New Brunswick * Lincoln Parish, New Brunswick * Lincoln, Ontario ** Lincoln (electoral district) (former), Ontario ** Lincoln (provincial electoral district) (former), Ontario United Kingdom * Lincoln, England ** Lincoln (UK Parliament constituency) * Lincoln Green, Leeds United States * Lincoln, Alabama * Lincoln, Arkansas * Lincoln, California, in Placer County * Lincoln, former name of Clinton, California, in Amador County * Lincoln, Delaware * Lincoln, Idaho * Lincoln, Illinois * Lincoln, Indiana * Lincoln, Iowa * Lincoln Center, Kansas * Lincoln Parish, Louisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national " newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Continental Corporation
American Continental Corporation was a Phoenix, Arizona-based p. 108. real estate company of the 1970s and 1980s. History The company was created in 1978 pp. 161–163. as a spin-off of American Financial Group, meant to do residential home construction. Its chairman was Charles Keating, who moved to Phoenix to run it. By 1981, Keating had two thousand employees on his payroll and was one of the largest land developers in Arizona, benefiting from a home building boom in the state. In February 1984, American Continental Corporation acquired the underperforming Lincoln Savings and Loan Association for $51 million. Much of American Continental's assets were in the form of Arizona real estate, junk bonds, and mortgage-backed securities. Lincoln Savings expanded into aggressive, risky land development deals and financial arrangements, including loans due to American Continental. For most of 1987, American Continental was profitable, but by 1988, losses mounted, due to financial trou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irvine, California
Irvine () is a Planned community, master-planned city in South Orange County, California, United States, in the Los Angeles metropolitan area. The Irvine Company started developing the area in the 1960s and the city was formally incorporated on December 28, 1971. The city had a population of 307,670 at the 2020 United States Census, 2020 census. A number of corporations, particularly in the technology and semiconductor sectors, have their national or international headquarters in Irvine. Irvine is also home to several higher education institutions including the University of California, Irvine (UCI), Concordia University Irvine, Concordia University, Irvine Valley College, the Orange County Center of the University of Southern California (USC), and campuses of California State University Fullerton (CSUF), University of La Verne, and Pepperdine University. History The Gabrieleño indigenous group inhabited Irvine about 2,000 years ago. Gaspar de Portolà, a Spanish explorer, cam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations (or "thrifts"). Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. In 2022, Fannie Mae was ranked number 33 on the ''Fortune'' 500 rankings of the largest United States corporations by total revenue. __TOC__ History Background and early decades Historically, most housing loans in the early 1900s in the United States were s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale Anthropogenic hazard, anthropogenic or natural disaster (e.g. a pandemic). In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as monetary policy, incr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Accountability Office
The U.S. Government Accountability Office (GAO) is a legislative branch government agency that provides auditing, evaluative, and investigative services for the United States Congress. It is the supreme audit institution of the federal government of the United States. It identifies its core "mission values" as: accountability, integrity, and reliability. It is also known as the "congressional watchdog". Powers of GAO The work of the GAO is done at the request of congressional committees or subcommittees or is mandated by public laws or committee reports. It also undertakes research under the authority of the Comptroller General. It supports congressional oversight by: * auditing agency operations to determine whether federal funds are being spent efficiently and effectively; * investigating allegations of illegal and improper activities; * reporting on how well government programs and policies are meeting their objectives; * performing policy analyses and outlining options for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings And Loan Association
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20percent of their lending ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 United States Presidential Election
The 2008 United States presidential election was the 56th quadrennial presidential election, held on Tuesday, November 4, 2008. The Democratic ticket of Barack Obama, the junior senator from Illinois, and Joe Biden, the senior senator from Delaware, defeated the Republican ticket of John McCain, the senior senator from Arizona, and Sarah Palin, the governor of Alaska. Obama became the first African American to be elected to the presidency, as well as being only the third sitting United States senator elected president, joining Warren G. Harding and John F. Kennedy. Meanwhile, Biden became the first senator running mate of a senator elected president since Lyndon B. Johnson (who was Kennedy's running mate) in the 1960 election. Incumbent Republican President George W. Bush was ineligible to pursue a third term due to the term limits established by the 22nd Amendment. McCain secured the Republican nomination by March 2008, defeating former governors Mitt Romney, Mike Hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
President Of The United States
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces. The power of the presidency has grown substantially since the first president, George Washington, took office in 1789. While presidential power has ebbed and flowed over time, the presidency has played an increasingly strong role in American political life since the beginning of the 20th century, with a notable expansion during the presidency of Franklin D. Roosevelt. In contemporary times, the president is also looked upon as one of the world's most powerful political figures as the leader of the only remaining global superpower. As the leader of the nation with the largest economy by nominal GDP, the president possesses significant domestic and international hard and soft power. Article II of the Constitution establ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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