Monday, October 06, 2008

Keating Five Scandal and John McCain

While we're talking about the close relationship between William Ayers and Barack Obama, I guess it's fair to review the last major banking scandal involving John McCain. There is now a website www.keatingeconomics.com with a documentary that will be made available at noon today.

The Keating Five Scandal was not guilt by association. Money was paid to McCain in an attempt to influence regulators. It also seems that the Keating Five banking scandal is somewhat relevant to today's economic problems.

Personally, I don't see the need to bring up the Keating Five Scandal. John McCain's association with George W. Bush over the last 4 years should be damning enough.

2 comments:

TF said...

Hi PCS
The video has current significance because it draws a strong correlation between the 1990 deregulation of his bank that Charles Keating fraudulently received and the contemporary environment of financial deregulation that McCain has always supported. If you support the notion that lack of real meaningful regulation is key to explaining the current crisis it is faulty McCain/Bush type hands off, free market logic that got us here.

Anonymous said...

"After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston, Dennis DeConcini, and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings, with Cranston receiving a formal reprimand. Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised "poor judgment"."

Notice the 4 democrats as well as McCain and the findings of the ethics committee