Charles Keating Trials: 1991-99

Keating's downfall had repercussions at the highest levels of government. During the height of his power, Keating contributed heavily to the political campaigns and causes of U.S. Senators Alan Cranston, Dennis DeConcini, John Glenn, John McCain, and Donald W. Riegle, Jr. These senators intervened on Keating's behalf several times with federal regulators in the late 1980s to allay growing suspicions about Keating's activities. Cranston was the largest beneficiary, receiving roughly $850,000 in contributions from Keating. When Keating's empire collapsed and the senators' involvement was revealed, they were labeled the "Keating Five" by the press. After an investigation of several months by the Senate Ethics Committee, the committee voted on November 19, 1991, to rebuke Cranston for improper conduct, but did not recommend formal censure by the full U.S. Senate. The other Senators received nothing but minor chastisement.

In reality, the connection between Charles Keating and the senators did little to hurt their political careers. By 2000, the press hardly mentioned John McCain's involvement with the "Keating Five" when the Arizona senator ran for the Republican presidential nomination.