Charles Snr: Banks used to be set up by gentlemen, for gentlemen. But a couple of Keatings and Madoffs behave unscrupulously, and now the personal touch, the respect, is gone. Banks have become businesses without souls.
Chuck: I'm pretty sure banks never had souls, Dad.
Charles Humphrey Keating, Jr. (December 4, 1923 – March 31, 2014) was an American athlete, lawyer, real estate developer, banker, financier, and activist best known for his role in the savings and loan scandal of the late 1980s. Keating was a champion swimmer for the University of Cincinnati in the 1940s. From the late 1950s through the 1970s, he was a noted anti-pornography activist, founding the organization Citizens for Decent Literature and serving as a member on the 1969 President's Commission on Obscenity and Pornography. In the 1980s, Keating ran American Continental Corporation and the Lincoln Savings and Loan Association, and took advantage of loosened restrictions on banking investments. His enterprises began to suffer financial problems and were investigated by federal regulators. His financial contributions to, and requests for regulatory intervention from five sitting U.S. senators led to those legislators being dubbed the "Keating Five". When Lincoln failed in 1989 it cost the federal government over $3 billion and about 23,000 customers were left with worthless bonds. In the early 1990s, Keating was convicted in both federal and state courts of many counts of fraud, racketeering and conspiracy. He served four and a half years in prison before those convictions were overturned in 1996. In 1999, he pleaded guilty to a more limited set of wire fraud and bankruptcy fraudcounts, and was sentenced to the time he had already served. Keating spent his final years in low-profile real estate activities until his death in 2014.
Bernard Lawrence Madoff (born April 29, 1938) is an American former market maker, investment advisor, financier, fraudster, and convicted felon, who is currently serving a federal prison sentence for offenses related to a massive Ponzi scheme. He is the former non-executive chairman of the NASDAQ stock market, the confessed operator of the largest Ponzi scheme in world history, and the largest financial fraud in U.S. history. Prosecutors estimated the fraud to be worth $64.8 billion based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008.