Opening Activity

Charles Keating was born on December 4, 1923. He was an American athlete, a lawyer, real estate developer, banker, and financier. He was also a champion swimmer for the University of Cincinnati in 1940. He ran American Continental Corporation and the Lincoln Savings and Loan association. Soon his enterprises started suffering from financial problems because he took advantage of the loosened restrictions on bank investments. When Lincoln Savings and Loan association fail, it costed the government $3 billion. Later on, he was convicted with fraud, racketeering, and conspiracy. So he served four and a half years in prison.