cometcomma
Banned
What are some of the biggest instances of political corruption/scams/scandals in the USA
Written Aug 30, 2012
The Keating Five and Lincoln Savings and Loan (1989-1991)
During the S&L crisis of the late 80's/early 90's five U.S. Senators were either formally reprimanded or accused of acting with "poor judgement" in their dealings with Charles Keating, Lincoln S&L chairman. Those senators were:
•John McCain (politician) (R-Ariz.)
•John Glenn (D-Ohio)
•Alan Cranston (D-Calif.)
•Dennis DeConcini (D-Ariz.)
•Donald W. Riegle (D-Mich.)
Keating made ~$1.3 million in political contributions to Senators in exchange for help deterring regulators from acting on Lincoln. When Lincoln eventually collapsed in 1989 the government liability was over $3 billion (~$5B in 2010 dollars) and affected over 23,000 investors and bond holders.
Three of the Senators chose not to run for re-election following their reprimands. The other two, Glenn, a former Astronaut and first American to orbit the Earth, and McCain, a decorated Vietnam Veteran and naval aviator, went on to win re-election. In 1998 Glenn became the oldest person to ever fly into space aboard Space Shuttle Discovery's STS-95. McCain unsuccessfully ran for President in 2008 as the Republican candidate and received 45.7% of the national popular vote.
The Teapot Dome Scandal
The 1922-1923 scandal over the Teapot Dome oil reserves was a notorious example of political and financial corruption, leading to the first conviction and imprisonment of a cabinet officer. In 1921, President Warren G. Harding ordered transfer of several naval fuel reserve oil fields to the Department of Interior. Interior Secretary Albert B. Fall leased, on very favorable terms, the Teapot Dome field and two others to private firms without competitive bidding (which was legal under a 1920 law.) Fall was found to have taken no-interest permanent loans, gifts and favors (about $6.5 million in 2012 dollars) from the oilmen. In 1927, on appeal to the U.S. Supreme Court, the leases were ruled to have been corruptly (fraudulently) obtained and the court invalidated them.
The Iran-Contra Scandal, 1985-1987
Under the Reagan administration, weapons were sold to Iran, which was subject to an arms embargo as a state sponsor of terrorism. Arms were sold to secure the release of American hostages, and money used to fund the right-wing Contra militias in Nicagragua, which was also prohibited by law.
Reagan himself escaped indictment over the Iran-Contra affair, denying that he had direct knowledge of these policies. Many members of his administration were indicted, including Caspar Weinberger, the secretary of defense, and William Casey, head of the CIA, although most were pardoned by George H.W. Bush when he was president.
Written Aug 30, 2012
The Keating Five and Lincoln Savings and Loan (1989-1991)
During the S&L crisis of the late 80's/early 90's five U.S. Senators were either formally reprimanded or accused of acting with "poor judgement" in their dealings with Charles Keating, Lincoln S&L chairman. Those senators were:
•John McCain (politician) (R-Ariz.)
•John Glenn (D-Ohio)
•Alan Cranston (D-Calif.)
•Dennis DeConcini (D-Ariz.)
•Donald W. Riegle (D-Mich.)
Keating made ~$1.3 million in political contributions to Senators in exchange for help deterring regulators from acting on Lincoln. When Lincoln eventually collapsed in 1989 the government liability was over $3 billion (~$5B in 2010 dollars) and affected over 23,000 investors and bond holders.
Three of the Senators chose not to run for re-election following their reprimands. The other two, Glenn, a former Astronaut and first American to orbit the Earth, and McCain, a decorated Vietnam Veteran and naval aviator, went on to win re-election. In 1998 Glenn became the oldest person to ever fly into space aboard Space Shuttle Discovery's STS-95. McCain unsuccessfully ran for President in 2008 as the Republican candidate and received 45.7% of the national popular vote.
The Teapot Dome Scandal
The 1922-1923 scandal over the Teapot Dome oil reserves was a notorious example of political and financial corruption, leading to the first conviction and imprisonment of a cabinet officer. In 1921, President Warren G. Harding ordered transfer of several naval fuel reserve oil fields to the Department of Interior. Interior Secretary Albert B. Fall leased, on very favorable terms, the Teapot Dome field and two others to private firms without competitive bidding (which was legal under a 1920 law.) Fall was found to have taken no-interest permanent loans, gifts and favors (about $6.5 million in 2012 dollars) from the oilmen. In 1927, on appeal to the U.S. Supreme Court, the leases were ruled to have been corruptly (fraudulently) obtained and the court invalidated them.
The Iran-Contra Scandal, 1985-1987
Under the Reagan administration, weapons were sold to Iran, which was subject to an arms embargo as a state sponsor of terrorism. Arms were sold to secure the release of American hostages, and money used to fund the right-wing Contra militias in Nicagragua, which was also prohibited by law.
Reagan himself escaped indictment over the Iran-Contra affair, denying that he had direct knowledge of these policies. Many members of his administration were indicted, including Caspar Weinberger, the secretary of defense, and William Casey, head of the CIA, although most were pardoned by George H.W. Bush when he was president.
