KEATING 5 MCCAIN’S ETHICAL BLUNDER THAT COSTS THE AMERICAN TAXPAYERS BILLIONS;
MCCAIN'S GETS SOCIAL SECURITY, MILITARY PAY IS WORTH $100m+ AND HAS NEVER REPAID THOSE AMERICANS WHO LOST EVERYTHING CAUSED BY HIS INVOLVEMENT IN THE "KEATING 5"
By Mark Nickolos, July 28, 2008-07-28
“Keating 5 “Mirror to Enron” with Phil Gramm, MCCAIN’S TOP ECONOMIC ADVISOR LOBBYISTS, his wife and friends making a Bundle and Employees Lost Everything
Almost exactly 20 years ago -- in the middle of the saving and loan crisis -- federal regulators seized Lincoln Savings and Loan Association of Irvine, California. The takeover took place more than a year after five United States senators had tried to hold-off a government investigation by the Federal Home Loan Bank Board into Lincoln's risky loan practices regarding home loans.
Those five senators included Sen. John McCain (R-AZ) and the chairman of Lincoln was Charles Keating -- who was not only a top McCain donor but was Cindy McCain's business partner in a real estate deal in Arizona (as I detailed earlier this year). This scandal -- known as The Keating 5 -- remains an albatross for McCain's political career.
As a result of Lincoln's collapse, American taxpayers lost more than $2 billion on the bailout and more than 21,000 Mostly Elderly Investors Lost Their Life Savings as a result of bankruptcy of Lincoln's parent company.
In 1991, the Senate Ethics Committee rebuked McCain, finding that he had "exercised poor judgment in intervening with the regulators." The net effect of the actions of the Keating 5 senators was to Prevent Federal Regulations from Intervening a year earlier and Limiting the amount of Exposure to Taxpayers and Investors.
Why is this relevant?
Well, 20 years later, we're back in the middle of another banking crisis and federal regulators have already begun seizing insolvent banks, and this advisory ran on the wires over the weekend:
Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver State Bank, announced today that Andrew K. McCain submitted his resignation today as a director on the Boards of Directors of Silver State Bancorp and Silver State Bank, citing personal reasons.
Andrew is none other than the son of John McCain.
Already this morning, Silver State (SSBX) is down another 10 percent.
JANICE, OR (Sent Saturday, August 23, 2008 12:27 PM) |
