McCain Tied to Last Two Financial Meltdowns
TPM:
One story that needs to be told by the MSM and hammered on by Obama is McCain direct connections, through close personal friends and associates, to the last two serious financial meltdowns in the US economy.
The first time was the Savings and Loan Crisis in the 80's & 90's, when McCain was implicated in the Keating scandal for influence peddling. The failure of Keating's Lincoln S&L meant the loss of life savingsfor the 21,000 depositors, many of them elderly, who were swindled byLincoln. McCain's close buddy, Charles Keating, was convicted of fraud and sent to prison. Keating was a close personal friend of McCain's and McCain took unreported (until he was caught) vacations at Keatings luxury vacation homes. The S&L crisis contributed directly to the recession of the late 80's / early 90's and the government was required to bailout the bad decisions of McCain and his friends.
More recently, McCain is directly tied to the current US financial meltdown. Until last month the Chairman of McCain's campaign was none other than Phil Gramm, the former Texas Senator, Vice-Chairman of banking giant UBS and chief proponent of financial deregulation when he was in the Senate (Gramm stepped down from the campaign after calling the US a nation of whiners). UBS, not coincidentally, was one of the largest promoters of sub-primemortagage backed securities that have played such a significant role inthe recent financial meltdown.
One story that needs to be told by the MSM and hammered on by Obama is McCain direct connections, through close personal friends and associates, to the last two serious financial meltdowns in the US economy.
The first time was the Savings and Loan Crisis in the 80's & 90's, when McCain was implicated in the Keating scandal for influence peddling. The failure of Keating's Lincoln S&L meant the loss of life savingsfor the 21,000 depositors, many of them elderly, who were swindled byLincoln. McCain's close buddy, Charles Keating, was convicted of fraud and sent to prison. Keating was a close personal friend of McCain's and McCain took unreported (until he was caught) vacations at Keatings luxury vacation homes. The S&L crisis contributed directly to the recession of the late 80's / early 90's and the government was required to bailout the bad decisions of McCain and his friends.
More recently, McCain is directly tied to the current US financial meltdown. Until last month the Chairman of McCain's campaign was none other than Phil Gramm, the former Texas Senator, Vice-Chairman of banking giant UBS and chief proponent of financial deregulation when he was in the Senate (Gramm stepped down from the campaign after calling the US a nation of whiners). UBS, not coincidentally, was one of the largest promoters of sub-primemortagage backed securities that have played such a significant role inthe recent financial meltdown.
posted by Cecily Friday at 9:59 AM
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