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John McCain's Role In The $160.1 Billion Lincoln Savings & Loan Collapse

This morning in Green Bay, Wisconsin, John McCain, a former major figure in the 1989 Lincoln Savings & Loan Scandal and the $160.1 billion dollar collapse, with his running mate, Sarah Palin, under her own ethics investigation in her state of Alaska by the legislature over "Troopergate", gave an absurd and disingenuous speech calling for firings of some public officials and indictments for some other corrupt persons in business.

Yet it is exactly these same sort of a personalities that McCain would either fire or indict that he was himself back in 1989 during the savings and loan collapse scandal that cost the American taxpayer $124.6 billion.

While the Senate Ethics Committee may have found McCain "not guilty" of any criminal conduct and only guilty of "bad judgment", McCain was the most personally involved of any of the "Keating Five" U.S. senators with Charles H. Keating, Jr., by far. Keating was eventually convicted of racketeering and other serious crimes and sent to federal prison for his trail of financial corruption in the scandal that bankrupted Lincoln Savings & Loan.

Interestingly, prior to his conviction as one of the worst white collar criminals in American history, Keating was best known as an anti-pornography crusader, most likely to mislead many that he was some sort of moral figure by fighting against dirty books, while being the most dirty businessman ever himself. But Keating's phony moral crusading was just part of his phony ruse to conceal all of his theft and corrupt financial dealings with crooked senators like McCain and the other "Keating Five" members.

Keating, and other close business associates hoped to use corrupt senators like John McCain to influence banking regulators, and had given McCain no less than $112,000 in political contributions over the five year period leading up to 1987. McCain's own wife, Cindy McCain and her father, Jim Hensley, were also involved in a shopping center business arrangement with Keating in 1986, in which they invested $359,100 in the business deal.

In addition, the McCains had made no less than nine vacation trips at Keating's expense, often on Keating's own jet to a resort he built in the Bahamas. All of this acceptance of vacations, jet plane trips and McCain family business dealings with Keating led up to McCain and four other corrupt senators meeting federal banking regulators to hold off any federal regulators from a probe into Keating's conduct as head of Lincoln Savings & Loan using this company as his own personal piggy bank to fund his billionaire lifestyle. Only after Keating fell into legal problems did Senator John McCain make any attempt to repay Keating for all the vacations trips he and his family accepted from Keating, obviously intended to keep banking regulators from acting against Keating.

"Not indicted" or "not guilty" of any crime isn't really a very high standard to prove that McCain is an honest man. If anything, McCain's dealings with convicted savings and loan racketeer Keatings prove entirely the opposite.

Electing someone with a corrupt history of accepting Bahamas vacations on some criminals own jet plane in a resort paid for with money stolen from a business that McCain sought to protect from government regulators is like electing a fox to watch over the hen house.

John McCain is a perfect symbol of old time Washington corruption. And all of his phony rhetoric about being some sort of a government "reformer" is just pure political B.S. that McCain adopted after he nearly lost his seat in the senate because of his corrupt business dealings with racketeer Charles Keating. For a fact, McCain is part of the Washington problem, not part of the solution. Anyone who thinks the opposite is true is just not dealing with reality.

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Comments (2)

bacaangel[TypeKey Profile Page]:

McCain's hiding Sarah Palin away from answering any questions from the media so that the American people will be able to make an informed choice, is the reason why we cannot trust him in this financial crisis. It is not our fault that McCain made a unwise choice in his V.P. pick but the American people should not have to pay the price for his misjudgment. The Townhall Meeting she participated in was Staged, Republicans only crowd! There is something deceptive in that action of hiding her away, it is not honest and it is not truthful and it is a lack of integrity! Furthermore, McCain lacks credibility when he spits in the face of the legal system and does not allow Palin and her husband to honor subpoenas, again engaging in a above-the-law mentallity. We have had enough of that self-centered behaviour.

America we cannot afford, nor can we trust, nor can we have any confidence that McCain and the Country Club Boys First Club will fix our failed and crumbling economic system, when at heart their allegiance is to the Country Club Boys first and not to the American people. Their fixing will be a partial measure of change and a band aid -- looked to assuage a worried public but will do nothing to bring the radical change and upheaval needed to get America truly back to being fiscally sound and thriving again! It will be short turn and to their advantage.

McCain can Run, McCain can Pretend, McCain can Deceive but McCain cannot Hide from his past -- the S&L Scandal and the Keating 5! To trust these Country Club Boys again to make fair and sound changes on behalf of the people, would be to do so at your own risk and detriment! When you see and hear McCain speak think, Wizard of Oz! America we must pull back the curtain and expose the deceit and deceptions of the country-club boys and get off the Yellow Brick Road! It is somehow sinister to hear McCain now pretend to get a Heart -- Courage -- and Brain while he deceptively talks about regulation and transparency when he has been against it his whole political career. McCain cannot change the Old Guard because he is part of the Old Guard, but the new kid on the block, Barack Obama can.

Republican Good Old Boy Government Says:

"We don't have ENOUGH MONEY to fix Social Security
We don't have ENOUGH MONEY to fix Medicare
We don't have ENOUGH MONEY to provide health care to ALL Americans
We don't have ENOUGH MONEY to help out Americans losing their homes
We don't have ENOUGH MONEY to help all our veterans returning from war
We DO HAVE ENOUGH MONEY to bail out Fannie Mae and Freddie Mac
We DO HAVE ENOUGH MONEY to bail out Bears Stearns
We DO HAVE ENOUGH MONEY to pay for an unnecessary TRILLION DOLLAR war
When the LITTLE GUY needs help, they scornfully say, "GET A JOB!"
But when one of their BIG GUY CRONIES from the COUNTRY CLUB FIRST need a bailout, what do they say?



Well said, Bacaangel. Well said.


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