Remember Lincoln Savings S&L scandal in '80's?
NARRATION: All of this corporate influence should remind you a bit of a previous tale in the McCain saga, his involvement with the Keating 5. Charles Keating was a sort of mentor of John McCain, donating vast sums of money to his senate campaigns.
DAVID DONNELLY: Charles Keating helped out Senator McCain a lot in the early part of his career. … Senator McCain was the closest of any of the Keating Five to Charles Keating.
NARRATION: But Keating was in trouble. His company, Lincoln Savings and Loan, was making a lot of risky investments, and the government was investigating.
ANDREA MITCHELL: Keating raised $1.3 million for them. They challenged regulators who were investigating his operations.
NARRATION: So Keating called some of his old pals in the Senate to put a little pressure on the government regulator and get them off his back. McCain accepted.
NARRATION: Lincoln collapsed, leading to a bailout of $2.8 billion in taxpayer money. Keating went to prison for four years. McCain was only chastised on the Senate floor.
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