Monday, December 05, 2005

Why John McCain Should Not Be Trusted

In 1989, the Lincoln Savings and Loan Association of Irvine, Calif., collapsed. Charles H. Keating Jr., an American lawyer and banker was convicted of fraud in the ensuing Savings and Loan scandal.

Lincoln S&L had come under regulatory scrutiny in 1987, but four prominent, Democrat Senators, Dennis DeConcini, Alan Cranston, John Glenn, and Donald Riegle and one R.I.N.O., John McCain, all of whom had received $1.3 million (collective total) in campaign contributions from Keating., questioned the appropriateness of the investigation. These unsavory politicians became known as the "Keating Five."

The subsequent Lincoln failure is estimated to have cost the taxpayers over $2 billion (per FDIC). McCain owes taxpayers about $400 million for his participation (i.e. 1/5th) of the resulting S&L collapse. Details: The S&L Crisis: A Chrono-Bibliography

Sen. John S. McCain III of Arizona, is an opponent of tax cuts and proponent of the flawed McCain-Feingold (D) campaign finance "reform" that bashes the First Amendment. John McCain calls himself a Republican, but deports himself as Democrat. As an Independent, I and many others, consider this behavior deceptive, at best.

Exercise extreme caution in considering his candidacy for any national elected office.


At 08 December, 2005 21:53, Blogger GDAEman said...

According to the book, "Who Robbed America?" McCain's wife and father-in-law were investors with Keating in an Arizona shopping mall. The Senator and his wife took three trips to Keating's mansion in the Bahamas.

Given the record-breaking run up in housing prices recently, one can be almost certain that another "S&L Crisis" is now in the making.

A team of Stanford economists estimated that we the tax payers will be paying off the cost of the S&L scandal until 2030 at a total cost of about $1.37 Trillion with a "T"


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