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Big Banks Banking On McCain

Employees of many of the major banks and other financial institutions that will benefit the most from the $700 billion dollar bailout package that John McCain voted for are also among his biggest campaign contributors by far according to FEC records.

And even though the U.S. Justice Department has opened an investigation into any possible financial fraud that may have caused at least part of the huge financial crisis, major banks and other big money Wall Street contributors may be counting on a weaker Justice Department under McCain rule to go easy on any wrongdoing investigations by investing millions of dollars in his campaign.

So far employees at Merrill Lynch & Co., Citigroup, Inc., Morgan Stanley, J.P., Goldman Sachs Group and Morgan Chase & Co., have consistently been among the top fives groups of donors to the McCain Campaign according to FEC records. These same five large financial groups are also five of the largest firms to benefit the most from the $700 billion dollar bailout package that John McCain voted for.

While John McCain and his running mate continue to claim to be "reformers" or "mavericks" to crowds along the campaign trail, the fact of the matter is that these campaign appearances are largely funded with campaign donations from many of the same Wall Street firms that will most benefit from McCain's vote on the bailout bill. Rather than being a "reformer" in any real sense of the word, McCain is simply just another example of a long-time, 26 year Washington insider politician who is kept in office by large donors who also stand to benefit the most from his continued support and votes in Washington.

McCain's involvement with convicted racketeer Charles Keating and the $126 billion dollar savings and loan crisis during the 1980's where McCain and his wife accepted many jet trips to a resort built by Keating from stolen bank funds as gifts, and then approached federal banking regulators to go easy on any investigation of banking fraud of Keating seems to have an eerie similarity to McCain's current bankrolling by some big Wall Street donors who might find themselves subjects of federal Justice Department investigations that McCain might also be able to calm down as president by appointments of Justice officials who will ignore major examples of wrongdoing. It is just another example of appointing the fox to guard the hen house.

The reality is that it will take a microscope to find any real evidence of John McCain as any type of meaningful "reformer" of any real substance. All signs are that the big donors who benefit the most from John McCain's support in Washington donate the most to his campaign efforts, and any firms that could potentially be the subject of any Justice Department investigations may also benefit the most by electing a McCain government which could tone down or circumvent any investigations into financial wrongdoing investigations.

For McCain, it's simply business as usual back in Washington. And for any average citizen who votes for McCain, well they get to pay the $700 billion dollar bill to bail out his big donor pals on Wall Street.

Note: Wizbang Blue is now closed and our authors have moved on. Paul Hooson can now be found at Wizbang Pop!. Please come see him there!

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Comments (3)


I guess most, if not all, elected critters feel that they can do anything they want, and have the supporters to back them, and make sure the Average American Taxpayer pays the bill.

It's time to vote all critters out and get new ones in there. But the new ones would probably end up the same as the old ones, crooked.

Hi Allen, that's unfortunately the nature of Washington. When some long-time politician like a John McCain spends 26 years in Washington, he makes plenty of big money economic alliances and manages to look out for their best interests while they keep rascals like McCain in office forever. Look at the Ted Stevens case. That's like the John McCain story all over again.

When McCain got caught in the middle of the Keating mess after accepting free paid vacation after free vacation from Keating, and approached federal banking regulators to not investigate Lincoln Savings & Loan fraud and Keating, McCain then supposedly "transformed" himself into some sort of a phony "reformer" so he could remain in Washington and do business as usual. McCain managed to play on his war hero image for years to get him out of any problem more than anyone would use a "get out of jail free" card playing monopoly.

McCain votes for $700 billion in welfare for Wall Street firms whose own bad judgment and greed helped to cause much of their own problems, then these same firms reward McCain with big campaign contributions. It's the same old Washington story.

Mr Hooson,

Some links documenting your statements would be helpful.

It would also be helpful for you to at least admit that the large donors to Sen. McCain's campaign also donate generously to Sen. Obama.

Here is one I found on the first page of a Google search. There are more. My impression is that Sen. Obama has received more money than Sen. McCain from these banks and their employees -- and that's before you start adding in money from the employees of Fannie Mae and Freddie Mac.

You do not mention that Sen. Obama voted for the same $700 billion bailout plan that makes you so suspicious of Sen. McCain.

You also do not mention that the bailout plan passed well after Sen. McCain received the nomination and public funding, meaning that those corporate donors you have such suspicions about cannot contribute to the McCain campaign. The Obama campaign, by comparison, is under no such restriction.

To say that your piece is incomplete is inarguable.

To say that it is deceptive is certainly plausible, unless you want to take the time to revise and extend your remarks and hold your candidate to the same standard as his opponent.


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Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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