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McCain

The Real Keating Five and John McCain – UPDATED

This is a MUST VISIT website…

http://www.keatingeconomics.com/

No wonder John McCain says he doesn’t understand the economy.  He was in cahoots with the Charles Keating where 20,000 Americans lost their savings when the Savings and Loan failed.  John McCain pushed for deregulation then and he continues to push for deregulation now.  And speaking of now, the taxpayers were presented with another bailout to the tune of $700 billion.  John McCain still supports deregulation and he wants to deregulate health care and he wants people under the age of 55 to put their Social Security money in a failing stock market.

John McCain, bad for the economy.

Shorter video below:

UPDATE:  John McCain and Charles Keating:

(excerpt from Rolling Stone – referencing John McCain’s first run for Congress)

To finance his campaign, McCain dipped into the Hensley family fortune. He secured an endorsement from his mentor, Sen. Tower, who tapped his vast donor network in Texas to give McCain a much-needed boost. And he began an unethical relationship with a high-flying and corrupt financier that would come to characterize his cozy dealings with major donors and lobbyists over the years.

Charlie Keating, the banker and anti-pornography crusader, would ultimately be convicted on 73 counts of fraud and racketeering for his role in the savings-and-loan scandal of the 1980s. That crisis, much like today’s subprime-mortgage meltdown, resulted from misbegotten banking deregulation, and ultimately left taxpayers to pick up a tab of more than $124 billion. Keating, who raised more than $100,000 for McCain’s race, lavished the first-term congressman with the kind of political favors that would make Jack Abramoff blush. McCain and his family took at least nine free trips at Keating’s expense, and vacationed nearly every year at the mogul’s estate in the Bahamas. There they would spend the days yachting and snorkeling and attending extravagant parties in a world McCain referred to as “Charlie Keating’s Shangri-La.” Keating also invited Cindy McCain and her father to invest in a real estate venture for which he promised a 26 percent return on investment. They plunked down more than $350,000.

Video link here…(wait for the commercial to end)

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Government McCain Politics Republicans

The Keating Five…. Fair Game…

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When asked if McCain’s entanglement with the Keating Five will be “Fair Game” this fall, Obama told reporters that the issue was within limits for discussion.

“Congressmen DeFazio delivered a speech that wasn’t my speech,” he said. “I don’t think there is any doubt John McCain‘s public record about issues that he has apologized for or written about are not germane to the presidency. I was just asked previously about a whole host of associations that are a lot more flimsy than John McCain’s relationship to Keating Five and what I have said is that I can’t quarrel with the American people wanting to know more about that and me having to answer questions about it.”
DeFazio, an Oregon superdelegate who has endorsed Obama, told a crowd Friday in Albany, Ore.: “John McCain has already told us he doesn’t know much about economics. He says we need less regulation. Hello? Wall Street, mortgage meltdown, Bear Stearns, taxpayer bailout, Enron. But I guess maybe for a guy who was up to his neck in the Keating Five, and savings and loan scandal, less regulation is better for his friends. No, that is not good for the American people.”

Excerpt from Ben Smith Politico

John McCain is the last remaining Senator that was a member of the “Keating Five” which was connected to the Savings and Loan crises of the late 1980’s. For more information on the “Keating Five”, click here.

John McCain doesn’t want to discuss how he discouraged Congressional investigation into Charles H. Keating Jr.’s involvement in the collapse of the Lincoln Savings and Loan Association of Irvine, CA. Perhaps he doesn’t want the voters to be reminded about this:

McCain received $112,000 by 1987 from Keating and Keating’s relatives and employees to McCain’s Senate campaign, more than any of the other Senators.

With more investigation, I’m sure there will be more skeletons falling out of McCain’s closet. I’ve already begun searching for the skeleton key.

UPDATE: Don’t let McCain tell you that Keating was just a constituent. John McCain and Keating go back to 1981 and they were friends. Slate has the story and the details.