John McCain is one of the Keating Five - Brad_MyWallSt's Blogs

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Oct
08

John McCain is one of the Keating Five

Posted: 17 month(s) and 17 days(s) ago |

5 Comment(s) | Rating: 0

Posted by: Brad_MyWallSt

The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., chairman of the Lincoln Savings and Loan Association, which was the target of a regulatory investigation by the Federal Home Loan Bank Board (FHLBB). The FHLBB subsequently backed off taking action against Lincoln.

Lincoln Savings and Loan collapsed in 1989, at a cost of $2 billion to the federal government. Some 23,000 Lincoln bondholders were defrauded and many elderly investors lost their life savings. The substantial political contributions that Keating had made to each of the senators, totalling $1.3 million, attracted considerable public and media attention. 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".

All five of the senators involved served out their terms. Only Glenn and McCain ran for re-election, and they both succeeded. McCain would go on to become the Republican nominee for president in 2008.

In early 1987, at the beginning of his first Senate term, McCain attended two meetings with federal banking regulators to discuss an investigation into Lincoln Savings and Loan, an Irvine, Calif., thrift owned by Arizona developer Charles Keating. Federal auditors were investigating Keating's banking practices, and Keating, fearful that the government would seize his S&L, sought intervention from a number of U.S. senators.

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As the market continues to tank more than Bush's approval rating we can't elect a president so easily swayed by political contributions.

Some text stolen from http://en.wikipedia.org/wiki/Keating_five

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Member Comments

Oct 08, 2008 21:24:57

ChicagoStock1 Says:

So easy to give up your country to Islam because you want to be politically correct.

Oh yea, Keating Five??

Same people who ran AIG, are NOW OBAMA'S FINANCIAL ADVISORS.

SOME CHANGE.

Having Franklin Raines as a financial advisor to BO is like having the captain of the Titanic as an advisor on shipping. Raines walked from the doomed mortgage giant with a cool 50 Mil. It is alleged that Fannie Mae CEO's cooked the books for years to show a fake profit which would boost their yearly bonuses. Will we see a senate investigation? The chairman of the senate banking committee democrat Chris Dodd is the numero uno recipient of Fannie Mae political contributions. The second highest recipient was ...guess who...first term senator Obama. Oh yeah, another one of Obama's top advisors, Jim Johnson is also a former CEO of Fannie Mae who walked off with about 35 Mil.

OBAMA HAS CONSISTENTLY THROWN HIS FRIENDS, RELATIVES AND ASSOCIATES UNDER THE BUS FOR HIS OWN PERSONAL GAIN.

And if you say, he is not Muslim, sure he is not, who would admit to being one when they are running for office?

Anyone who has ties with a former terrorist of the United States (Ayers) would be voted against. But in the case of BO, no matter how many facts stack up against him, they do not stick. The media has already made him a winner, what is the point of this election.

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Greenspan's Warning

The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''

What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.

But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0

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Spencer: Obama Wages War on Freedom of Speech

http://www.jihadwatch.org/archives/023015.php#more

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