Primer on John McCain's Keating 5 Scandal (Remember that Pesky Savings and Loan Debacle???) Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Primer on John McCain's Keating 5 Scandal (Remember that Pesky Savings and Loan Debacle???)
 


2 March 2008 at 2:59:47 PM
salon

Isn't it funny how proud Rick (39 percent) Perry is to be seen with ethically challenged McCain?

Black, a senior federal savings and loan regulator at the time, attended a meeting at which he felt McCain and four other senators pressured federal regulators to back off from investigating the troubled Lincoln Savings and Loan.

"I remain very upset that what they did caused such damage," said Black, now a professor at the University of Missouri at Kansas City, recalling how Lincoln's bankruptcy cost the government $3 billion. Moreover, he said he believes McCain intervened partly because his wife had invested money with Lincoln chairman Charles Keating, a campaign contributor who let the McCains use his home in the Bahamas.

The story of how the "Keating Five" senators allegedly pressured regulators to lay off a failing Arizona S&L became a major scandal, and marked a turning point in McCain's life - the near-death of his political career followed by his eventual rebirth as a crusader for campaign finance reform.

The events of 1987, when McCain met with regulators, and 1991, when the Senate Ethics Committee concluded that he used "poor judgment" in the matter, are only dimly remembered by many.

But maybe before thinking about electing Old Man McCain to be president, those *dimly remembered* ethics scandals ought to be read and thought about... again. Because WE the taxpayers are STILL on the hook for that S&L baillout.


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