McCain , the savings and loan failure and the keating five

evince

Truthmatters
http://en.wikipedia.org/wiki/John_McCain_III#Keating_Five

Why does this never get brought up?


McCain became enmeshed in a scandal during the 1980s when he was part of the so-called "Keating Five" - five United States Senators tied to the Savings and Loan crisis of that decade.[77] Between 1982 and 1987, McCain had received approximately $112,000 in political contributions from Charles Keating Jr. and his associates at Lincoln Savings and Loan Association, along with trips on Keating's jets.[77] Subsequently, in 1987, McCain was one of five Senators whom Keating contacted in order to prevent the government’s seizure of Lincoln, which was by then insolvent and being investigated for making questionable efforts to regain solvency; at Keating's request, McCain met at least twice in 1987 with federal regulators to discuss the government's investigation of Lincoln.[77]




Federal regulators ultimately filed a $1.1 billion civil racketeering and fraud suit against Keating. The five senators came under investigation for attempting to influence the regulators. In the end, none of the senators were charged with any crime, although McCain was rebuked by the Senate Ethics Committee for exercising "poor judgment" in intervening with the federal regulators on Keating's behalf.[78] In his 1992 re-election bid, the Keating Five affair did not dominate discussion,[79][80] and he won handily, gaining 56 percent of the vote to defeat Democratic community and civil rights activist Claire Sargent and independent former Governor Evan Mecham.
 
McCain was rebuked by the Senate Ethics Committee for exercising "poor judgment" in intervening with the federal regulators on Keating's behalf
 
It did say McSame used very poor judgement in pulling strings though.
And to me it also is an insight into his character.

ahh great minds think alike Desh :)
 
[ame]http://en.wikipedia.org/wiki/Keating_Five[/ame]


Following the deregulation of the banking industry in the 1980s, savings and loan associations (also known as thrifts) were given the flexibility to invest their depositors' funds in commercial real estate. (Previously, they had been restricted to investing in residential real estate.) Many savings and loan associations began making risky investments. As a result, the Federal Home Loan Bank Board, the federal agency that regulates the industry, tried to clamp down on the trend. In so doing, however, the FHLBB clashed with the Reagan administration, whose policy was deregulation of many industries, including the thrift industry. The administration declined to submit budgets to Congress that would request more funding for the FHLBB's regulatory efforts.

In 1989, the Lincoln Savings and Loan Association of Irvine, Calif., collapsed. Lincoln's chairman, Charles H. Keating Jr., was faulted for the thrift's failure. Keating, however, told the House Banking Committee that the FHLBB and its former chief Edwin J. Gray were pursuing a vendetta against him.

Then he hires to advise him on the economy a guy who deregulated some more and caused another fiasco.

I think McCain has a reason he keeps claiming he is no good with economics.
 
It did say McSame used very poor judgement in pulling strings though.
And to me it also is an insight into his character.

ahh great minds think alike Desh :)
True, and we often learn from mistakes.

Again, I'm not likely voting for him, unless he suddenly starts supporting the revocation of the War Powers Act and shows a strong determination for not going to war without a formal declaration, but seriously.

This was investigated and found he used poor judgment, but unlike the Keating Five, he did not break the law.
 
No he was not judged to have broken the law, just violeated the trust placed in a public official doing his job in a fair and just manner.
 
No he was not judged to have broken the law, just violeated the trust placed in a public official doing his job in a fair and just manner.
Now, the question I had upon reading it was whether he had learned from his mistake. Did his actions change?

Since that time he began a campaign to reform campaign financing, to the point that he hacked off people in his own party...

It seems that he backed up his mistake with a bit of learning. While there was "no evidence found" against him. At least according to the Special Investigator, Bennett (Best known for representing Bill Clinton during Monicagate). He still became an advocate for reform.
 
Desh I brought it up a couple weeks ago. that and his marital situation better keep Mcfossil from playing any moral superiority cards.
 
intervening with the federal regulators on Keating's behalf

what an upstanding guy.

He recieved like 100,000 from this guy and his minions
 
It says alot about the dem party.

They may not be perfect but they know their rank and file will revolt at these types of tactics if they try to use them.

Republicans..... well...... not so much.
 
Dems have less blind loyalty to their party and do tend to chuck corrupt ones out more than Republicans do.

but then the demoncrats in congress are becoming more republicanized all the time. The result of corporate interests buying our government.

Seems like McSames campaign reform bill made that a bit easier too.
that combined with rescinding the fairness doctrine.
 
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