McCain: Let Us Remember the Keating Five
Most Americans have a very short political memory, so I thought I would remind you about one of the biggest scandals in American politics, ever. One of the players? You guessed it. John Sidney McCain III.
I borrowed this passage from Wikipedia:
The Keating Five (or Keating Five Scandal) refers to a Congressional scandal related to the collapse of most of the Savings and Loan institutions in the United States in the late 1980s. McCain was one of five senators who met at least twice in 1987 with Ed Gray, chairman of the Federal Home Loan Bank Board, seeking to prevent the government's seizure of Lincoln Savings and Loan, a subsidiary of Charles H. Keating's American Continental Corporation. Between 1982-1987, McCain received approximately $112,000 in political contributions from Keating and his associates.
In addition, McCain's wife and her father had invested $359,100 in a Keating shopping center in April 1986, a year before McCain met with the regulators. McCain, his family and baby-sitter made at least nine trips at Keating's expense, sometimes aboard the American Continental jet. After learning Keating was in trouble over Lincoln, McCain paid for the air trips totalling $13,433.[46] Federal regulators ultimately filed a $1.1 billion civil racketeering and fraud suit against Keating, accusing him of siphoning Lincoln's deposits to his family and into political campaigns. McCain received a rebuke from the Ethics Committee for exercising poor judgment for intervening with the federal regulators on behalf of Keating. On his Keating Five experience, McCain said: "The appearance of it was wrong. It's a wrong appearance when a group of senators appear in a meeting with a group of regulators, because it conveys the impression of undue and improper influence. And it was the wrong thing to do."
posted by Claire @ 3/04/2007 11:30:00 AM
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