I’m surprised no one has brought this up yet. Remember ‘The Keating Five’? – Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn
(D-OH), John McCain (R-AZ), Donald Riegle (D-MI).
Considering John McCain’s comment that ‘the economy isn’t his strong suit’, I thought it was a good time to review one of his biggest career
blunders … which just so happens to be in the area of economics.
In the end, he was accused of ‘using poor judgment’.
He says now that no one should even give the appearance of something illegal.
He now strongly campaigns against special interests, etc.
Is he just trying to convince people he has changed, or has he really changed?
In my opinion, it should have ended his senate career.
One story here
Put the way-back machine to 1987. Charles H Keating Jr., was a major developer (some called him ‘The Godfather of Developing in Arizona’) with a
problem. The government set to seize Lincoln Savings and Loan, which was a subsidiary of Keating's American Continental Corp.
Keating had given Sen. Dennis DeConcini, D-Ariz. thousands in campaign contributions. John McCain, another senator who Keating gave contributions to,
was tapped to help since he had already known Keating since 1981. Alan Cranston, D-California and John Glenn, D-Ohio were also involved. Ed Gray,
chairman of the Federal Home Loan Bank Board, was in on the meetings. Gray offered to set up a meeting between the senators and the San Francisco
regulators.
Others involved were Sen. Don Riegle, D-Mich. and William Black, then deputy director of the Federal Savings and Loan Insurance Corp., James Cirona,
president of the Federal Home Loan Bank of San Francisco, and Michael Patriarca, director of agency functions at the FSLIC.
During the meetings, McCain expressed severe reservations and he eventually backed out. However, that doesn’t excuse him. Keating accomplished his
goal. He had bought some time.
There is a lot to this such as McCain accepting gifts and free vacations from Keating. And of course the biggest part is the massive amount of money
this cost the American tax payer. I have read the figure to be anywhere from $2.6 to $3.4 billion. Not to mention all that was lost to those who
had their money in the Savings and Loan. Another sad note – two ‘American Heroes’ were involved in this – John Glenn and John McCain.
Wikipedia – Keating Five I know – this isn’t the best source. But it does have some
good information.
Free Republic blog
Is John McCain a Crook?
[edit on 4/17/2008 by FlyersFan]
