Do you remember the "Keating Five"? You know, the S&L scandal from the late 80's. The one that cost investors and tax payers billions? The one where a crooked businessman got rather cozy with some Senators so all could gain personally? As it turns out there's one of those five Senators who is running for President. Yep, that would be one straight-talking John McCain.
The last thing we need is another corrupt Republican Administration hot on the heals of the Jack Abramoff scandals. But the same, ahem, poor judgment that got Jack and certain corrupt Republicans jail time is similar to the, ahem, poor judgment Senator McCain used when taking over $100K in contributions from Charles Keating and enjoying more than $10,000 in trips from the same Mr. Keating.
Despite his rather impressive lack of judgment, McCain may be getting a free pass. Why? I have no idea. But here are some brilliant thoughts on why
"That was a really long time ago," said Gretchen Jacobs, a lobbyist with the Greenberg Traurig LLP law firm.-- OR --
"Political campaigns are truly a free-market system. If Sen. McCain's opponents thought there was value in bringing up Charles Keating, they'd be doing it," [Jay] Thorne said.
Well, I think it's worth it. So, without further ado, here are some lowlights to refresh your memory about an ugly financial and influence scandal involving Republican Presidential candidate John McCain.
http://www.slate.com/id/1004633/
The Lincoln bailout cost taxpayers $2.6 billion, making it the biggest of the S&L scandals. In addition, 17,000 Lincoln investors lost $190 million.
http://www.nationalreview.com/contributors/levin040501.shtml
McCain was the only Republican implicated in the Keating Five scandal, yet today he lectures his party and his president about "the corrupting influence" of money in politics. He rails against the so-called "wealthy special interests" and their ability to buy access to elected officials, yet this is precisely what the Keating Five scandal was all about.
The Keating Five became synonymous for the kind of political influence that money can buy. As the S&L failure deepened, the sheer magnitude of the losses hit the press. Billions of dollars had been squandered. The five senators were linked as the gang who shilled for an S&L bandit.
http://www.slate.com/id/1004633/
...[McCain] and his family made at least nine trips at Keating's expense, three of which were to Keating's Bahamas retreat. McCain did not disclose the trips (as he was required to under House rules)...
http://www.azcentral.com/news/specials/mccain/articles/0301mccainbio-chapter7.html
Charlie Keating always took care of his friends, especially those in politics. McCain was no exception.[...]
By 1987, McCain had received about $112,000 in political contributions from Keating and his associates.
http://www.azcentral.com/news/specials/mccain/articles/0301mccainbio-chapter7.html
While in the House, McCain, along with a majority of representatives, co-sponsored a resolution to delay new regulations designed to curb risky investments by thrifts such as Lincoln.
http://www.azcentral.com/news/specials/mccain/articles/0301mccainbio-chapter7.html
In the end, McCain received only a mild rebuke from the Ethics Committee for exercising "poor judgment" for intervening with the federal regulators on behalf of Keating.
Great, huh? A vote for McCain is a vote for more of the same.
By LIBBY QUAID
OSHKOSH, Wis. (AP) - Republican Sen. John McCain admonished Democratic Sen. Barack Obama for hedging on whether he would accept public funding as promised if he wins his party's nomination or use his prolific fundraising operation.
"I made the commitment to the American people that if I were the nominee of my party, I would accept public financing," McCain said Friday in Oshkosh, Wis. "I expect Senator Obama to keep his word to the American people as well. This is all about a commitment that we made to the American people.
"I am going to keep my commitment," he said. "The American people have every reason to expect him to keep his commitment."
Mc
http://apnews.excite.com/artic...
McCain is one straight 'ole hypocrite
Obama is very vulnerable to much more serious attacks related to his relationships with Tony Rezko. I suspect that his supporters here at RK would be the first ones to yell "foul" if McCain's supporters used a smear attack like this on him.
Shame on you, Eric.
If Obama has questionable dealings then I'm sure McCain's team will be addressing them. In fact, I'd gladly welcome that as opposed to the despicable attacks that McCain surrogates will be conducting (you know, "He's black!", "Barack Osama", and so on).
Or perhaps we should forget about the S&L scandal because it was 20 years ago? Not a chance - McCain wasn't some teenager making this sort of mistake. If he made questionable character decisions 20 years ago as a Representative and Senator, then it's certainly fair game today.
Sure, McCain has dirty baggage. All politicians do. However, remember that Obama was neck-in-neck with Clinton until Billary went negative in South Carolina. That's when Obama surged. McCain is viewed by many in this country as a war hero with genuine integrity. Sliming him is guaranteed to back-fire.