Charles Keating, disgraced financier and savings-and-loan collapse villain, is dead at age 90

Arizona Republic/Twitter

Charles Keating, disgraced financier and savings-and-loan collapse villain, is dead at age 90
(Image credit: Arizona Republic/Twitter)

Charles H. Keating Jr., the infamous financier behind the biggest savings and loan disaster of the 1980s, died Tuesday. He was 90.

Keating ran the Phoenix-based American Continental Corp., in addition its subsidiary Lincoln Savings & Loan. Many of the depositors at Lincoln Savings & Loan, especially older savers and naive investors, were persuaded to cash in their federally insured deposits for $256 million worth of uninsured American Continental junk bonds. Keating was convicted in 1993 of swindling those customers and raiding the thrift. The failure of Lincoln Savings & Loan cost the government $3.4 billion.

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