Keating was an icon of the Old Testament morality that defines American culture.
Religion is the sigh of the oppressed creature, the heart of a heartless world, just as it is the spirit of a spiritless situation. It is the opium of the people. The abolition of religion as the illusory happiness of the people is required for their real happiness. – Karl Marx
The Economist‘s obit is a must-read.
Mr Keating was so doughty in this holy war that Richard Nixon appointed him in 1969 to the national commission on obscenity. When the commission produced a feeble report, Mr Keating dissented. He wrote that “Never in Rome, Greece or the most debauched nation in history has such utter filth been projected to all parts of a nation.” At meetings of his 300-chapter organisation, Citizens for Decency through Law, he would stride round with a big red Bible in his hand. Sundays saw him devoutly at Mass, with thousands of dollars given to Catholic causes. Such was his local influence that when the Supreme Court ruled that obscenity should be judged by “community standards”, every adult theatre in Cincinnati closed down.
Strange, then, that this knight on a white charger—as he saw himself—was also the man who bilked 23,000 investors out of their savings. The total loss was $250m-288m, and the cost to the taxpayer $3.4 billion. In 1984 he had bought Lincoln Savings, a savings and loan association based in Irvine, California, and turned it into a piggy bank for his own American Continental Corporation. He persuaded Lincoln investors to swap their secured bonds for ACC’s junk ones, claiming that these too were backed by the government. Then he speculated freely in foreign exchange, risky development and tracts of raw cactus desert. Staff were exhorted to prey on “the weak, meek and ignorant”.