This is the subject John McCain would like many to forget about, but since it concerns the financial markets, which recently caved, the matter of the "Keating Five" scandal comes front and center in the election campaign.
The "Keating Five" scandal consists of five elected officials, four Democrats, none of them active anymore and one Republican -- John McCain. McCain had a close relationship with Charles Keating, the CEO of Lincoln Financial. Keating gave each official, including McCain well over $300,000 to have them hold off the Federal Government from checking into allegations of fraud. McCain himself got over $100,000, making him the largest benefactor of Charles Keating's fiscal gift.
In turn, McCain held off scrutiny, but was eventually caught. McCain was found guilty by the Senate Ethics Committee of using "poor judgement" in his dealings and relationship with Keating.
Now, the question of what John McCain's learned -- nothing -- comes up again. There's a new website that's focused on this called "Keating Economics" and on October 6th at 12 noon -- that's tommorrow -- a new video on the subject will be released.
Stay Tuned.
Showing posts with label charles keating. Show all posts
Showing posts with label charles keating. Show all posts
Sunday, October 05, 2008
Tuesday, June 03, 2008
Senator John McCain Has Not Overcome Keating Scandal
We hear a lot about the great Senator and Presidential Candidate John McCain and how he's beyond the point where he can be "bhttp://www.blogger.com/img/gl.link.gifought" by lobbyists and hasn't taken an earmark. We also get very little information on Senator McCain and the Keating Five Scandal, I think in part because four of the five people involved were Democrats of otherwise great stature. But still, it's a part of history, and of the Keating Five, only John McCain is still in office.
What was the Keating Scandal?
The Keating Scandel is named for Charles Keating, who, during the 1980s was the Chairman of the Lincoln Savings and Loan Association of Irvine, Calif., and a big political donor. So much so that five Senators -- Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), Donald W. Riegle (D-MI) -- received $300,000 in contributions from him and McCain himself received $112,000 by 1987 from Keating.
This power enabled Charles Keating to buy their influnce such that when the Federal Home Loan Bank Board (FHLBB) -- which regulated savings and loan association activities -- worked to curb the 80s trend toward risky investments, which caused the collapse of the Lincoln Savings and Loan Association, which Keating ran. When the FHLBB and its head, Chairman Ed Gray, moved to investigate the Lincoln matter, McCain and the other four Senators asked Gray to step back from any meaningful study of Lincoln.
When that news was revealed by Grey it set off a round of connect-the-dots inquiries, all of which found that:
In October 1989 The Arizona Republic reported that in addition to campaign contributions, 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. The paper also reported that the McCains, sometimes accompanied by their daughter and baby-sitter, had made at least nine trips at Keating's expense, sometimes aboard the American Continental Corporation (parent of Lincoln) jet. Three of the trips were made during vacations to Keating's opulent Bahamas retreat at Cat Cay. McCain also did not pay Keating for some of the trips until years after they were taken, after he learned that Keating was in trouble over Lincoln. [3] Lincoln Savings and Loan's collapse is said to have cost taxpayers $3.4 billion
The final outcome was that investigator deemed McCain's involvement to me "minimal." But as we've recently learned The Keating Five matter has not really altered John McCains' close association with people who are major contributors to his campaign, partcularly Federal lobbyists.
This video shows that McCain has had as many as 59 lobbyists raising money for his Presidential campaign including Vicki Iseman, with whom it was rumored he had a "relationship" and the now famous Charlie Black:
What does all of this mean? It means that McCain is still to this day in a great position to be directed to shape government policy by corporate interests in much the same way as he was in the events that lead up to the Keating Five scandal.
What was the Keating Scandal?
The Keating Scandel is named for Charles Keating, who, during the 1980s was the Chairman of the Lincoln Savings and Loan Association of Irvine, Calif., and a big political donor. So much so that five Senators -- Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), Donald W. Riegle (D-MI) -- received $300,000 in contributions from him and McCain himself received $112,000 by 1987 from Keating.
This power enabled Charles Keating to buy their influnce such that when the Federal Home Loan Bank Board (FHLBB) -- which regulated savings and loan association activities -- worked to curb the 80s trend toward risky investments, which caused the collapse of the Lincoln Savings and Loan Association, which Keating ran. When the FHLBB and its head, Chairman Ed Gray, moved to investigate the Lincoln matter, McCain and the other four Senators asked Gray to step back from any meaningful study of Lincoln.
When that news was revealed by Grey it set off a round of connect-the-dots inquiries, all of which found that:
In October 1989 The Arizona Republic reported that in addition to campaign contributions, 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. The paper also reported that the McCains, sometimes accompanied by their daughter and baby-sitter, had made at least nine trips at Keating's expense, sometimes aboard the American Continental Corporation (parent of Lincoln) jet. Three of the trips were made during vacations to Keating's opulent Bahamas retreat at Cat Cay. McCain also did not pay Keating for some of the trips until years after they were taken, after he learned that Keating was in trouble over Lincoln. [3] Lincoln Savings and Loan's collapse is said to have cost taxpayers $3.4 billion
The final outcome was that investigator deemed McCain's involvement to me "minimal." But as we've recently learned The Keating Five matter has not really altered John McCains' close association with people who are major contributors to his campaign, partcularly Federal lobbyists.
This video shows that McCain has had as many as 59 lobbyists raising money for his Presidential campaign including Vicki Iseman, with whom it was rumored he had a "relationship" and the now famous Charlie Black:
What does all of this mean? It means that McCain is still to this day in a great position to be directed to shape government policy by corporate interests in much the same way as he was in the events that lead up to the Keating Five scandal.
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