Thursday, March 27, 2008

The Keating Five... More McCain Straight Talk

Many conservatives that only weeks ago considered McCain totally unelectable and the very antithesis of their beliefs have wasted no time flip flopping. Yes, we are looking at you Rush, Hannity, Laura Ingram, and all the others.

Thankfully, we aren't the only conservatives that think that John "Manchurian" McCandidate is wrong for America. And yes, more wrong than Hillary or B. Hussein Obama that can each be kept in check by voting for a Republican led House and Senate. Thanks to Bob McCarty, we found this blogger who feels much the same way. "Let the McCain mutiny begin," she decries.

We could go on and on about McCandidate's war mongering, anti-American globalist agendas, and the growing evidence of his senility, but we won't. Instead we'll take a look back at one of the biggest banking scandals in U.S. history and how Senator McCain was at the very heart of it.

We were reminded of the savings and loan scandal amid talk of the growing subprime mortgage crisis. It wasn't long before the Keating Five emerged from the darkest holes of our memories.


The Keating Five were five U.S. senators that were condemned for "questionable conduct" for improperly aiding Charles Keating, Jr., chairman of the Lincoln Savings and Loan Association. The five senators involved received a total of $300,000 in campaign donations from Keating. In return, they lobbied the Federal Home Loan Banking Board to drop an investigation on Keating and his savings and loan bank.

The investigation consisted over concerns that the bank used depositors' funds to make risky commercial real estate purchases. The poor investments led to the collapse of the Lincoln Savings and Loan, which is said to have cost taxpayers $3.4 billion.

In addition, to the campaign contributions reporters uncovered evidence that McCain's wife and her father had invested nearly $360,000 in a Keating shopping center.

It was also discovered that McCain and his daughter took three all expense paid trips by Mr. Keating to his vacation home in the Bahamas, in clear violation of senate ethics rules. Years after the trips, when McCain learned Keating was going to be caught up in the S&L scandal, he paid back Keating for the trips.

In the end it was determined that all five senators acted improperly. Today, McCain is the only member of the Keating Five to remain in the Senate.

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