John McCain is no claiming he is in favor of regulation now. What happened in the 80’s when he met with regulators and told them to lay off his vaction buddy, Charles Keating? His pleas for them not to regulate his buddy led to the biggest financial disaster in American History. After the Keating 5 scandal should we be able to trust mcCain to protect our finances from greedy corporations? Isn’t that like letting R. Kelly teach home economics at Junior High school?
John McCain received 112,000 dollars in contribuitions from Charlies Keating. Mr. Keating threw fundraisers for McCain, got Cindy McCain a shopping center, flew McCain around the country in his private jets and paid for his private vacations in the Bahamas. McCain and Keating were very close personally, and had strong ties financially.
When regulators began investigating Keating, McCain met four other senators who also received contribuitions from Keating. They were known as the Keating 5. McCain attended two meetings with regulators at Keating’s request. McCain’s said that he was seeking information on behalf of a constituent who was an important employer in his state. In 1991, McCain was found guilty by the Senate Ethics Committee of using poor judgement for attending meeting with regulators on behalf of Keating. The bailout of Keating’s Savings and Loan cost the U.S. taxpayer 3.4 billlion dollars.
With Enron, Tyco, Bear Stearns, Fannie Mae-Freddie Mac all costing the tax payer millions can we really afford to have McCain who has consistently put corporate buddies before taxpayers, in charge of our nation’s finances. Can we elect a man who many say had an affair with a lobbyist and spent an excessive amount of time with her, and then used his political position to act in her interest. How can McCain bring us out of corporate bailouts when he acts on behalf of the very men who cause them?
Related: McCain Defends Enron Loophole
