McCain and Keating Economics

iVillage Member
Registered: 09-09-2008
McCain and Keating Economics
19
Mon, 10-06-2008 - 1:56pm

It would do well for everyone to remember that this scandal did not happen too long ago.  Watch and learn.


http://www.keatingeconomics.com/?source=sem-pm-google&gclid=CKTO8reVk5YCFQRfagodgWLRFA


The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.


John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association. The bipartisan Senate Ethics Committee launched investigations and formally reprimanded Senator McCain for his role in the scandal -- the first such Senator to receive a major party nomination for president.


At the heart of the scandal was Keating's Lincoln Savings and Loan Association, which took advantage of deregulation in the 1980s to make risky investments with its depositors' money. McCain intervened on behalf of Charles Keating with federal regulators tasked with preventing banking fraud, and championed legislation to delay regulation of the savings and loan industry -- actions that allowed Keating to continue his fraud at an incredible cost to taxpayers.


When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion.


The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history.




Edited 10/6/2008 1:57 pm ET by sistah_w

Pages

iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 9:35pm
Keating was the guilty party here, as were Cranston, DeConcini, and Riegle. To say that McCain and Glenn were chastised...care to provide a link where that is stated? I certainly can't find anything that says that.


You must not know where to look, apparently - here you go:

In the end, the committee criticized McCain's "poor judgment." And he has often expressed remorse.

On the campaign trail in 1999, for example, McCain said, "I could argue with you 'til I'm blue in the face that I did nothing wrong in the Keating affair, which might be technically true. But I know that I did wrong by attending that meeting with four other senators and a group of regulators." It's a more self-critical view than his campaign now admits.

McCain fared better than most of the others in the Keating Five. Sen. John Glenn of Ohio was chastised, like McCain, and resumed his Senate career. But Dennis DeConcini of Arizona and Don Riegle of Michigan, who were chastised, declined to seek re-election when their terms ended. And Alan Cranston of California, who was reprimanded, retired in 1991.


To quote someone from the Daily KO's just isn't wise. That rag is only good for lining the kitty box.


It isn't available in a print form. You put your computer in the kitty box? Well....that would explain the....ah....fragrance of some of the stuff you've posted. ;o)

iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 9:38pm
Again I have a spouse that was employed by the feds for 2 years and great friends with a high ranking federal agent. Sorry but you don't hold a candle to these men.


No need to be nasty for no reason.

My brother-in-law is a high-ranking CT analyst at the FBI, and wouldn't vote for McCain if you waterboarded him. I don't tend to mention him, though, or how chummy we are....or say things to folks like you such as "you don't hold a candle to these men."

iVillage Member
Registered: 03-25-2007
Mon, 10-06-2008 - 9:39pm
Ohearto, you can never, never question McCain's POW experience.

Sopal

<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" />

iVillage Member
Registered: 01-18-2006
Mon, 10-06-2008 - 9:40pm
Sorry but again I wouldn't know.

 

iVillage Member
Registered: 01-18-2006
Mon, 10-06-2008 - 9:41pm

<<You must not know where to look, apparently - here you go: >>


You failed again!

 

iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 9:45pm
Where does it say that McCain was CHASTISED???


Seriously? Do you not even READ the stuff I link to?

One more time, now:

Sen. John Glenn of Ohio was CHASTISED, LIKE MCCAIN, and resumed his Senate career. But Dennis DeConcini of Arizona and Don Riegle of Michigan, who were CHASTISED, declined to seek re-election when their terms ended. And Alan Cranston of California, who was REPRIMANDED, retired in 1991.

iVillage Member
Registered: 09-26-2008
Mon, 10-06-2008 - 9:47pm

Please - c'mon


Keating Five:Keating Economics,Obama Slams McCain - Keating Five/Keating 5 scandal is back in the news.Obama will be unveiling a documentary highlighting McCain’s contribution in the savings-and-loan scandal on the following website www.keatingeconomics.com.McCain took $112,000 in campaign contributions, gifts, and trips from Charles Keating,who was a close friend back in the 80’s. Keating went to prison while McCain was rebuked by the Senate Ethics Committee for his “poor judgment” in the scandal.

iVillage Member
Registered: 03-30-2007
Mon, 10-06-2008 - 9:50pm
Yeah.....McCain's POW breaking is seldom talked about by the conservatives.
iVillage Member
Registered: 01-18-2006
Mon, 10-06-2008 - 9:50pm

1. Sorry I didn't see the word chastised.


2. NPR?

 

iVillage Member
Registered: 03-30-2007
Mon, 10-06-2008 - 9:51pm
Rut-row.

Pages