The S&L mess not only had the Republicans up to it in their tonsils, but also the Democrats of our time.
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This allegation set off a series of investigations by the California government, the United States Department of Justice, and the Senate Ethics Committee. The ethics committee's investigation focused on five senators: Alan MacG. Cranston (D-Calif.); Dennis W. DeConcini (D-Ariz.); John H. Glenn Jr. (D-Ohio); John S. McCain III (R-Ariz.); and Donald W. Riegle Jr. (D-Mich), who became known as the Keating Five.
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http://en.wikipedia.org/wiki/Keating_fiveAs a side note there was also a problem with House Members and Senators floating checks at the Congressional Post Office. The impression that the media was giving at the time was that everybody was crooked.
The BCCI was being investigated by a young Senator named John Kerry. This was being portrayed by media as a Senator Kerry looking for something that was not there and he is wasting every bodies time. This did not help the Democrats at the time. That time would be 1992, thus helping Mr. Bill Clinton to office.
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In 1992, United States Senators John Kerry and Senator Hank Brown co-authored a report on BCCI which was delivered to the Committee on Foreign Relations.
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http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_InternationalHere is a link of the report
http://www.fas.org/irp/congress/1992_rpt/bcci/The Iran Contra report did not come out until 1993 just in time for Mr. George Bush Sr. to pardon everyone involved just as he was leaving office. Although the scandal was known of in 1988 a) It was very difficult for U.S. citizens to believe b) Up to the time of the report most of the media played it off as muck raking and at the time of the report this was old news that the media more or less gave a cursory passing to.
Here is a link of the report
http://www.fas.org/irp/offdocs/walsh/Further note, Mr. Bush Jr. by executive order has buried all of the executive government papers concerning these matters with an executive order. I forget which one, there were so many.
As a side some of the persons involed in the Iran Contra are employed by Mr. Bush Jr. at this time.